Time with kids is worth almost five times more to Brits than time spent at work

15 November 2023 , 11:06

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Precious time spent with their children or partner is worth almost five times more to Brits – than the time they spend at work, research has found.

In fact, while the typical adult earns £22 an hour in their workplace, this falls far below what they would value some of their other time at – such as their free time (£56 an hour), or time spent doing housework (£31 an hour).

The survey of 2,000 adults found that, on average, they feel 60 minutes of their time in general is worth £47 – while socialising for an hour is worth £48 to them.

But it is family time that means the most – as they typically value an hour with their children at £106, and £100 for the same amount of time enjoyed with their partner.

However, when it comes to helping out a friend or neighbour in need, eight in ten would be happy to do so for free, saying that time is no issue.

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Following the research, commissioned by over-50's life insurance company, Cover Today, a calculator has been created, to help you work out the true monetary value of your free time.

The online tool estimates how much free time you have, and lets you add your own cost for a range of activities that take up your time, before providing you with a calculated sum at the end – which could be hundreds of thousands of pounds.

The research also found that 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.

A spokesman for Cover Today 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%) admitted they are guilty of under-valuing their time – while 72% value their personal time far more than that which they spend at work.

More than half (56%) said this is because you can’t put a price on freedom – while 54% 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.”