Financial services firm Empower's March survey of 2,204 US adults revealed that the definition of wealth and happiness is rapidly shifting from earning money to valuing time. Around 63% of the survey respondents would feel wealthy if they got sufficient time with friends and family, and nearly 40% believe saving time is more important than money. More people recognise wealth as saving time for activities that make them happy.
The survey found that Americans, on average, valued their time at $240 an hour or almost $500,000 annually, considering 40 hours of work per week. However, $240 per hour is over eight times the average US salary of $59,852. Millennials significantly contributed to the high average rate as they expected $328.84 for an hour of their time. Furthermore, 25% of the millennials wanted $500 per hour! Empower thinks millennials value their time more because of the economic downturns they have faced in the last two decades, like the 2008 crisis, record student debt levels and mortgage rates that affected the ability to save and buy homes, pushing back their life goals by several years. The survey also highlighted that almost 41% of millennials were ready to take a solid 15% pay cut if it bought them more free time.
