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Using money to increase valuable time is linked to increased happiness, according to a study by Dr Elizabeth Dunn, a psychology professor at the University of British Columbia, Canada.
During the experiment, participants were asked to spend £30 over the course of a weekend on something that would save them time. For example, paying for someone else to do their chores instead of them spending money on material goods.
Psychologists say that stress induced by lack of time causes lower well-being and can contribute to anxiety and insomnia.
“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.
To read more about this study, click here.