Happy...

 

In a recent study, more than 1,000 students graduating from the University of British Columbia completed an assessment measuring whether they tend to value time over money or money over time. The majority of students reported prioritizing time but not by much. Nearly 40% reported prioritizing money.

To find out how this choice correlated with their cognitive and emotional well-being, the students’ level of happiness was measured both prior to graduation and a year down the line.   Among other measures, they were asked to report on their life satisfaction by answering the question, “Taking all things together, how happy would you say you are?” on a scale from 0-10, with 0 = not at all and 10 = extremely.

The researchers found that the students who prioritized money ended up less happy a year after graduation, compared to their classmates who chose to prioritize time. The results remained the same even after controlling for their happiness before graduation and accounting for their various socioeconomic backgrounds.

Of course that doesn’t mean that you should turn down the next raise you’re offered. A mountain of evidence shows that, on average, wealthier people are happier. But making lots of money will not inevitably boost your happiness. How you spend, save, and think about money shapes how much joy you get from it.