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A calculator has been created to reveal the monetary value of your free time. By estimating how much free time you have, and adding your own costs for each, the tool provides you with a calculated sum at the end – which could be hundreds of thousands of pounds.
It comes after research found the average Brit reckons an hour of their time is worth £47 – more than twice the national average wage.
Researchers asked 2,000 adults to put a value on the different ways they spend their time – including work, socialising, looking after children, housework, and helping others.
It shows that while the nation earns an average of £22 an hour, they value their free time much higher, at £56.
Time spent with children is the most valuable of all, with people typically putting the value of this at £106 for 60 minutes.
However, when it comes to friends or neighbours in need, time is not an issue, as 80 percent would happily help out for free.
It also emerged adults reckon they waste 11 hours of their time a week waiting around for things – or just doing nothing in particular – costing up to £517.
The research was commissioned by over-50’s life insurance company, Cover Today, whose spokesman said: “Time is the one thing you can’t buy or earn more of, so invest it in what truly matters.
“Many people say the true wealth of a person is measured by how they invest their time in relationships, and pursuits that bring them happiness.
“It seems millions are squandering some of their valuable time on nothing in particular – which we’re all guilty of.”
The research also found over a quarter of adults (26 percent) admitted they are guilty of under-valuing their time – while 72 percent value their personal time far more than that which they spend at work.
More than half (56 percent) said this is because you can’t put a price on freedom – while 54 percent blame it on work being something they have to do, not something they want to do.
Two-thirds of adults polled, via OnePoll, also hate having to wait around for things, and the same number believe we now live in a time where having to wait a long period for something is “unacceptable”.
The spokesman from Cover Today, which claims to be the only over-50’s life insurance provider to offer immediate protection for death by any cause, added: “Time is precious, and waiting can be a real test of one’s patience.
“In a world where everything moves at lightning speed, waiting is the last thing anyone wants to do – so finding ways to cut how much you need to wait is a smart way to live, which will give you time to do the things you really want to do.”
