In an experiment, individuals reported greater happiness if they used £30 ($40) to save time – such as by paying for chores to be done – rather than spending the money on material goods.
Psychologists say stress over lack of time causes lower well-being and contributes to anxiety and insomnia.
Yet, they say even the very wealthy are often reluctant to pay people to do the jobs they dislike.
“In a series of surveys we find that people who spend money to buy themselves more free time are happier – that is they have higher life satisfaction,” said Dr Elizabeth Dunn, a psychologist professor at the University of British Columbia, Canada.
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