Time versus Money

Despite the complaint that Americans are squeezed for time, when presented with the question -more time or more money? - they opt for the cash. And that's not simply a sign of Americans' renowned materialism. The same choice was made by a majority of people in 30 countries worldwide, according to preliminary results from a survey conducted by RoperASW.

When asked to choose between more money or more time, 56% of Americans chose money, while 35% wanted more time (3% said neither; 6% couldn't decide), mirroring the global average within 2 percentage points, according to the survey that consisted of 30,000 interviews with people age 13 to 65.

'If they can work more hours, they will do that and take the money they gain from that extra work,' said Tom Miller, RoperASW's managing director. 'No one's really pushing for 8 weeks of vacation a year. They'd rather have an $8,000 raise.'

While the number of Americans choosing more money matched the global average, other countries had higher rates: The countries with the greatest desire for more money were Poland, Hungary, Russia, Thailand, and France. The countries most eager for more time were Mexico, Venezuela, China, the Philippines, and India.

While money won the bet, the number of those starved for time is not insignificant. Thirty-five percent of Americans would prefer more time than more money, and almost four in 10 of those polled worldwide hoped for more time. Even when Americans are not asked to choose between time and money, more than half are satisfied with the time they have. In a separate 2002 survey, 53% of Americans said they have enough or too much leisure time compared to 42% who felt that way in 2001.

'There's a direct correlation between how much money you've got and how much you want more time,' Miller said. 'Those at the high end of the income scale right now want more time. People at the low end of the income scale, it's exactly the opposite. That's true in the U.S. and pretty much everywhere. People do get satisfied after a certain point. That's when the premium for time grows significantly.'

The survey's findings do not signal dissatisfaction with current pay but do indicate that consumers have expectations of higher compensation in the future. 'It's more a vision of progress as opposed to a complaint about inequality,' Miller said.'If I'm a 25-year-old today, I want to do better 10, 20, 30 years from now, and I expect to be rewarded for my efforts increasingly over time. Most people in the U.S. and around the world really desire a better standard of living. That's kind of at the core of who we are and what we want to be. A better life for us, a better life for our kids as measured by what money can buy you in the marketplace. It's still very much our governing social principle.'

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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