Husband who lost his job reluctantly moves family in with mother-in-law. Pure joy ensued.

What does it really mean to be wealthy? Having a hefty bank account and multiple streams of income? A fancy job with an even fancier-sounding name? ("Director" has a nice ring to it, don't you think?) There are a million ways to answer this question, but before you do, ask yourself one more: Will that really make me happy? While many of us would love a few more hours in the day, our actions don't reflect that. Often, we as a society spend an inordinate time dedicated to money: making it and saving it. But what about leisure time or rest? Yes, money is important, but without the time to do things we actually enjoy, what’s the point?

A growing body of research suggests something revolutionary: that a concept called “time affluence” is the true measure of a person's wealth. Rather than nice cars or a corner office in a high-rise building downtown, time affluence is the real key to happiness and well-being. Time affluence refers to the idea that, like money, time is a resource that can be saved, spent, and wasted. According to Ashley V. Whillans, a professor of business administration at Harvard Business School and the author of Time Smart: How to Reclaim Your Time and Live a Happier Life, time affluence is the “feeling of having control and feeling like you have enough time on an everyday basis.” Her research indicates that those who value time over money tend to live happier, more civically engaged lives and are more inclined to pursue activities they’re passionate about.

So, why do so many of us feel like we’re running out of time?

Meet “time poverty”

Time affluence exists on a spectrum, with "time poverty" at the opposite end. While time-affluent people experience increased autonomy, improved moods, and enhanced states of mindfulness, those experiencing time poverty live in a world of constant stress. They remain fixated on work and productivity, feeling perpetually overwhelmed by an endless list of tasks with seemingly insufficient time to complete them. Research shows that time poverty leads to decreased well-being, poor physical health, and reduced productivity—yet why aren't we addressing this crisis? While billions are invested yearly to combat material poverty, while time poverty remains largely ignored and continues to worsen.

Why aren't we addressing this growing crisis?Photo credit: Canva

Our relationship with time reveals a troubling reality. Despite the rise of time-saving technologies in recent decades—from Internet to personal computers—these innovations and productivity tools haven't fundamentally changed how we use our time, nor have they increased our sense of time affluence. A 2010 study found that merely 9% of adults reported "quite often" having free time, while 45% claimed they were almost "never free."

Even Whillans recognized something was wrong when she, a successful Harvard Business School professor on the tenure track, felt chronically short on time. Despite her material wealth—the pay, prestige, and job security—she never allowed herself to rest. Her calendar was filled with meetings, but she left herself no space for leisure or personal pursuits. "Focusing our time is not selfish. It's really about making enough time for ourselves that we're able to have the energy and attention to best serve those that we care about," Whillans explained during a presentation in 2020. "We want to be reframing our time to see leisure as something that's productive and restful, and an end to itself."

The elusive concept of “time affluence”

Here's the paradox: having more money or time doesn't necessarily solve the problem—it can actually make it worse. In a study by Sanford E. DeVoe and Jeffrey Pfeffer in 2011, researchers found that people who placed a higher financial value on time (following the old adage "time is money") reported increased time pressure and showed less patience. Similarly, other research indicates that when people overly focus on time's value, they also experience greater psychological and physiological stress, and are less likely to slow down or enjoy leisure activities.

When it comes to well-being, time does not equal money. Photo credit: Canva

But...too much time can be a problem, too. In a study conducted by Cassie Mogilner Holmes, a psychologist and professor at UCLA’s Anderson School of Management, she looked at the relationship between leisure time and happiness. On one hand, she found that people with less than two hours a day of free time reported decreased levels of happiness. On the other hand, those with more than five hours of free time per day also reported decreased levels of happiness. What’s going on here? It seems that the key to time affluence, which Holmes defines as “feeling confident that you are able to accomplish everything you want to do"—isn’t the abundance of free time or having unlimited hours in the day. “While having some time (i.e. more than two hours) is essential, the positive correlation between time and satisfaction only goes so far,” writes Barnaby Lashbrooke for Forbes. “Being time affluent, then, is less about having an excess of time, and actually about how you use the limited time that you do have.”

How to become time-affluent

So, you want to become time-affluent? Experts suggest the following strategies:

1. Prioritize ruthlessly. With limited hours in each day, it makes sense to tackle the most important tasks first. Some people follow the Ivy Lee Method, which involves writing down your five most important tasks each evening, then completing them one by one the next day. Others prefer the "1-3-5" rule—focusing on one big task, three medium tasks, and five small tasks daily. Whichever method you choose, always ask yourself: What's the most urgent and important task? Start there.
2. Buy back time by outsourcing tasks. While money can't buy happiness directly, it can buy precious time through strategic outsourcing. A few well-spent dollars can free you from tasks you dislike or find draining. Consider hiring a house cleaner or paying more in rent to live closer to work. As Laurie Santos, a psychologist and happiness researcher, says, "Studies show that people who spend money to get more free time are often happier than those who don't." But remember—outsourcing doesn't always require money. You can lean on your community, such as arranging alternating school drop-off schedules with neighbors.
3. Practice “monotasking.” By now, most people know that multitasking isn’t real. It’s a myth—the human mind and brain aren’t sophisticated enough to perform more than two tasks simultaneously. So, do the opposite. Focus on one thing at a time.
4. Be intentional about leisure time. “We want to be reframing our time to see leisure as something that’s productive and restful, and an end to itself,” advises Whillans. “Focusing on time is not selfish. It’s really in making enough time for ourselves that we’re able to have the energy and attention to best serve those that we care about.” Just like an important meeting or appointment, block time off on your calendar to dedicate purely to leisure and rest. By doing so, you are committing to caring about your well-being, and it’s just as essential as work.

In a world that's always demanding “more” of us—earn more, buy more, do more—perhaps what’s most revolutionary is reclaiming our time. And with it, our happiness.