Americans place a premium on their free time, new research has discovered.
In a recent survey of 2,000 U.S. adults, the value of an hour of free time averaged $87. At least 5 percent of respondents said their free time is worth more than $500 an hour.
The majority of respondents also said their hourly pay doesn’t match what their time is worth, according to the survey from personal finance platform FinanceBuzz and Bank of America. The perception of the value of time has led to widespread “convenience” spending on food delivery and other time-saving services, according to the researchers.
“At its core, every convenience purchase has a similar decision-making process behind it: money versus time,” FinanceBuzz said.
The survey also found that 63 percent of consumers pay for food delivery three times a month. Half of people have groceries delivered twice a month, the poll found. The average American tends to opt for pickup once delivery fees reach around $10, pointing to a breaking point for those balancing convenience with cost.
But convenience services may struggle amid a worsening financial landscape. An elevated U.S. inflation rate along with gas prices that are nearly $1.30 higher than a year ago has left many Americans facing tough money decisions.
In some cases, people are putting off car maintenance to free up money for gas. Some are changing their shopping habits. In a recent earnings call, Dollar General CEO Todd Vasos said that people who earn more than $100,000 a year are flocking to the discount store.
Not only are Americans looking for bargains, they’re establishing shopping habits that mirror those in lower-income households.
Despite those pressures, consumers still believe that convenience services like food and grocery delivery are worth it because they maintain a high regard for the value of time.
“As the adage goes, time is money, and if the convenience economy tells us anything, Americans will pay to get their time back,” FinanceBuzz said.
