The psychological consequence of thinking about time in terms of money

Putting a monetary price on time can have powerful psychological consequences. I review the recent literature examining the psychological consequences of thinking about time in terms of money and the role organizational practices play in highlighting this connection in people's lives. Over a decade of research shows payment practices highlighting the time/money connection have implications for how people make decisions to trade their free time to earn more money, volunteer their time, and socialize with their colleagues off the job. Given the proliferation of hourly payment as well as the larger gig economy, there is a clear need for future research to ascertain the consequences for individual's happiness and the spillover between work and non-work spheres.