You really can buy happiness! At least according to a recent study published in the Proceedings of the National Academy of Sciences. The Buying Time Promotes Happiness study finds people who spend money on time-saving services report greater life satisfaction.
To examine the relationship between spending habits, time and happiness, researchers at the University of British Columbia and Harvard Business School interviewed more than 6,000 people in the United States, Denmark, Canada and the Netherlands. Participants of the study were asked if and how much they spent each month on time-saving services. In addition, they were asked to rate their life satisfaction and answer questions about the stress they feel regarding time.
“Despite rising incomes, people around the world are feeling increasingly pressed for time, undermining well-being,” said the study authors. “Surveys of large, diverse samples from four countries reveal that spending money on time-saving services is linked to greater life satisfaction.”
In today’s hectic world, it’s no wonder that people are turning to time-saving services—such as help with event and vacation planning, lawn care and grocery shopping—as a way to increase productivity while finding a work-life balance.
While lifestyle services may seem like a luxury for only the rich and famous, the study found that people at any income level reported greater life satisfaction from time-saving services.
“The benefits of buying time aren’t just for wealthy people,” said the study’s senior author Elizabeth Dunn in a press release. “We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum.”
Dunn goes on to say in the press release, “Lots of research has shown that people benefit from buying their way into pleasant experiences, but our research suggests people should also consider buying their way out of unpleasant experiences.”
Why are time-saving services so important? Because your time is valuable. That’s why Capitol Concierge offers a wide range of services that make our clients’ lives more manageable. Our personal concierge services help you liberate yourself from mundane chores, freeing up your time so you can make the most of your day.