Time is precious, and Americans know it.
To gauge how precious, financial planning firm Empower asked 2,204 adults between March 11 and 14 how much money they thought an hour of their time was worth.
On average, Americans valued their time at $240 an hour. And based on a standard 40-hour week, that puts their perceived value at $499,200 a year, or nearly eight times higher than the average U.S. salary of $59,384.
Because people value their time so highly, many are willing to spend money to get a little more or achieve a happier life, the survey showed.
“It's a race to find happiness, whether that’s a better work-life balance or a $7 daily cup of coffee,” Empower said.
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How much value you put on time depends on your age, the data showed.
Millennials value their time more because of their sense of lost time, like the 2008 financial crisis when many entered the workforce, or the volatility later caused by the pandemic. Record high levels of student debt and some of the highest inflation and mortgage rates in decades, which millennials say have kept them from buying homes, have also rattled them, Empower said.
Time is so precious that 26% of Americans said they’d take a 15% pay cut for more free time. Millennials (41%) were the most willing to do so, Empower said.
Americans also would pay someone to do things for them to regain time.
Wealth isn’t just about your bank account for most Americans. Sixty-three percent said they “feel wealthy” if they have enough time to spend with family and friends, the survey said.
Nearly one-third feel comfortable taking on debt if it buys more free time or a memorable experience.
Almost 40% of Americans say saving time is more important than saving money, and that figure rises to 52% for millennials, the survey showed.
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Almost half of Americans feel they’re running out of time to save for retirement, even though 44% say they started putting money away early enough, the survey said.
Forty-three percent said they wish they could go back in time to start saving sooner, but nearly half said they’d rather have a longer retirement with less money than retire later in life with more, the survey showed.
Generally, Americans remain “optimistic,” though, and “people may be further along than they think,” the survey said.
The average 401(k) balance is $291,810, and for people in their 50s approaching retirement age, it jumps to $580,259, according to Empower Personal Dashboard data.
Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at [email protected] and subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday.
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