Time more valuable than money - study

Ticking clock
Time is something we all seem to lack. Photo credit: Getty

Ever feel like there aren't enough hours in the day? Consider paying someone to do your chores - science says it'll make you happier.

And it doesn't matter if you're rich or not - any dollars you can swap for time are dollars well spent.

"Despite rising incomes, people around the world are feeling increasingly pressed for time, undermining wellbeing," the study, published in journal Proceedings of the National Academy of Sciences, said.

"The time famine of modern life can be reduced by using money to buy time."

More than 6000 people from four countries were surveyed for the study. What they found was people who report spending money to save time are generally happier than those who don't.

Income or wealth had no effect - everyone felt better, the more time they bought for themselves.

This was backed up in an experiment the researchers ran in Canada. Participants were asked to spend $40 on something that would save them time, and $40 on something material. On the weekend they bought time, rather than an object, they reported being less stressed.

Few participants realised beforehand that buying time would make them feel better - only 2 percent said they'd spend $40 on buying time, given the choice.

And only half of 818 millionaires questioned in the study said they spend money to save time.

"Despite the potential benefits of buying time, many respondents allocated no discretionary income to buying time, even when they could afford it," the study said.