What's Your Free Time Worth?
A new calculator has been developed to help individuals determine the monetary value of their free time. By factoring in the amount of free time one has and assigning personal costs to each activity, the calculator provides an estimated sum that could be worth hundreds of thousands of pounds.
Brits Value Their Time
Recent research has shown that the average Brit believes an hour of their time is worth £47, which is more than double the average wage. In a survey of 2,000 adults, respondents were asked to assign a value to various activities such as work, socializing, childcare, housework, and helping others. While the average hourly wage is £22, individuals placed a higher value of £56 on their free time.
The Most Valuable Time
According to the survey, the most highly valued time is spent with children, with the average value of one hour reaching £106. However, when it comes to helping friends and neighbors in need, time is considered priceless, as 80% of respondents said they would gladly assist without charge.
The Cost of Waiting
The research also found that adults waste an average of 11 hours per week waiting around for various things or simply doing nothing in particular. This can cost up to £517. The study, which was commissioned by Cover Today, a life insurance company for individuals over 50, highlights the importance of investing time in what truly matters.
Valuing Personal Time
Furthermore, the survey revealed that 26% of adults admit to undervaluing their time, while 72% place a higher value on their personal time compared to time spent at work. Over half of respondents (56%) believe that the freedom associated with personal time cannot be quantified, while 54% consider work as an obligation rather than a choice.
Impatience in the Digital Age
The survey also uncovered that two-thirds of adults dislike having to wait for things, and the same percentage believe that waiting for an extended period of time is now considered "unacceptable." Cover Today emphasizes the importance of finding ways to minimize waiting time, allowing individuals to focus on the activities they truly enjoy.
Conclusion
Time is a precious resource that cannot be bought or earned. This new calculator serves as a reminder to invest our time in relationships and pursuits that bring happiness. By valuing our free time and minimizing waiting, we can make the most of every moment.
How much Brits estimate an hour is worth:
- Their time in general: £47
- Their time at work: £22
- Their free time: £56
- Time with children: £106
- Time with partner: £100
- Socializing time: £48
- Time doing housework: £31
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