Orlando, Fla. (Ivanhoe Newswire) — Time flies! We never run out of it, but never seem to have enough of it. During our lifetime, Americans will spend on average 15 years and three months working and just 14 years relaxing. Seven years is spent on doing chores and six years caring for children. So out of all those hours, how much is each hour really worth to you?
Financial planning firm Empower asked thousands of people what they thought and on average, Americans valued their time at $240 an hour.
That means if you work 40 hours a week, your income should be more than 499 thousand dollars a year, who put their highest price on their time? Millennials! Saying an hour of work was worth $328.
Time is so precious that in the poll, 26 percent of Americans said they’d take a 15 percent pay cut for more free time. Americans say they would also pay someone to do things for them to regain time, 36 percent said it worth paying more to get items like food delivered. Two out of five people say outsourcing chores like yard work, cooking and cleaning improved work-life balance.
Interestingly, in the poll, 63 percent of people said wealth isn’t just about what’s in their bank account. They feel wealthy if they have enough time to spend with family and friends.
Contributors to this news report include: Marsha Lewis, Producer; Bob Walko, Editor
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Sources:
https://www.deputy.com/blog/how-americans-spend-their-time
https://www.empower.com/the-currency/money/time-is-money-study
