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The Joint Effect of Social Comparison and Social Distance on Evaluation of Intertemporal Choice Outcomes in Event-related Potential Studies
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Does Life Satisfaction Vary with Time and Income? Investigating the Relationship Among Free Time, Income, and Life

Yuta J Masuda1, Jason R Williams2, Heather Tallis3

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More free time and higher income are linked to greater life satisfaction. The study reveals distinct subgroups based on time and income, highlighting that time is a crucial factor for well-being beyond financial resources.

Keywords:
IncomeLife satisfactionPovertyTime

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Area of Science:

  • Social Sciences
  • Psychology
  • Economics

Background:

  • Life satisfaction is crucial for overall well-being.
  • Both time and income are recognized as vital resources.
  • Limited research exists on the combined impact of time and income on life satisfaction.

Purpose of the Study:

  • To investigate the relationship between time, income, and life satisfaction.
  • To determine if increased levels of both time and income correlate with higher life satisfaction.
  • To identify distinct population subgroups based on their time and income levels and their impact on well-being.

Main Methods:

  • Utilized data from the American Time Use Survey (ATUS) and its well-being module.
  • Analyzed a nationally representative sample of over 5000 US respondents aged 15 and older.
  • Employed a three-dimensional analysis to visualize the interplay of time, income, and life satisfaction.

Main Results:

  • Individuals with similar incomes but less free time reported lower life satisfaction.
  • Identified four distinct subpopulations based on time and income, with one group exhibiting high well-being and three with low well-being.
  • Demographic analysis revealed specific characteristics for subgroups, such as "doubly poor" (low income, low time) being more prevalent among females with young children and less education.

Conclusions:

  • Free time significantly contributes to life satisfaction, offering insights beyond income alone.
  • Time management and availability are critical factors in understanding and improving human well-being.
  • Future research and policy initiatives should integrate time as a key variable alongside income when assessing life satisfaction.