Time is Money: Americans say the price is $240 per hour, according to new Empower research
GREENWOOD VILLAGE, Colo., May 1, 2024 /PRNewswire/ -- Time is money, and there's a premium: Americans say their time is worth $240 per hour, on average, according to new research from Empower, a leader in financial planning, investing, and advice. Based on a standard 40-hour week, that puts the perceived value at $499,200 per year – nearly eight times higher than the average U.S. salary of $59,384.1 One third of people set the price at under $50 per hour, though 1 in 4 Millennials value their time at over $500 per hour – the highest of any generation (just 6% of Boomers name that rate).
- Less is more: 1 in 4 people (26%) are willing to take a 15% pay cut to gain more free time.
- More than a third (32%) say they want to start their own business, but don't have the time.
- The Empower "Time is Money" study is based on online survey responses from 2,204 Americans ages 18+ fielded by Morning Consult from March 11-14, 2024.
- The survey is weighted to be nationally representative on the following dimensions: age, gender, education, race and region.