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CONSUMER
PSYCHOLOGY
Journal of Consumer Psychology 21 (2011) 126 – 130

Research Dialogue
If money does not make you happy, consider time☆
Jennifer L. Aaker a,⁎, Melanie Rudd a , Cassie Mogilner b
a
Graduate School of Business, Stanford University, 518 Memorial Way, Stanford, CA 94305-5015, USA
b
Wharton Marketing Department, University of Pennsylvania, 766 Jon M. Hunstman Hall, 3730 Walnut Street, Philadelphia, PA19104-6340, USA

Received 13 August 2010

Abstract

Although a substantial amount of research has examined the link between money and happiness, far less has examined the link between time
and happiness. This paper argues, however, that time plays a critical role in understanding happiness, and it complements the money-spending
happiness principles in Dunn, Gilbert, and Wilson (2011) by offering five time-spending happiness principles: 1) spend time with the right people;
2) spend time on the right activities; 3) enjoy the experience without spending the time; 4) expand your time; and 5) be aware that happiness
changes over time.
© 2011 Society for Consumer Psychology. Published by Elsevier Inc. All rights reserved.

Dost thou love life? Then do not squander time, for that's more aligned with Dunn et al.'s (2011) principles tend to report
the stuff life is made of. higher levels of happiness (Veenhoven, 2010). Just look at such
-Benjamin Franklin anecdotal evidence as Italy, where savoring an espresso and
playing bocce ball defines happy Sundays (Weiner, 2008), or
Psychologists have found a surprisingly small relationship
Costa Rica, where social networks are tight, allowing
between money and happiness (Diener & Biswas-Diener, 2002;
individuals to feel happy with their lot—regardless of financial
Frey & Stutzer, 2002; Krueger, Schkade, Schwarz, & Stone,
success (Diener, Ng, Harter, & Arora, 2010).
2006), and economists have found Americans’ happiness levels to
However, although Americans’ misguided spending deci-
have remained largely constant despite increases in the country's
sions fail to provide the logical benefits afforded by money,
financial wealth over the same time period (Easterlin, 1995). Why
money itself might also be part of the problem. A growing
does a whole lot more money not make us a whole lot more happy?
number of studies show that simply thinking about money
One answer is that people are just not spending it right
fosters behaviors that are misaligned with happiness. The mere
(Dunn, Gilbert, and Wilson, 2011). For example, people often
mention of money leads individuals to be less likely to help
spend their money on objects (rather than experiences), on the
others (Vohs, Meade, & Goode, 2006), donate to charity (Liu &
self (rather than others), and on big luxuries (rather than small
Aaker, 2008), and socialize with friends and family (Mogilner,
pleasures)—expenditures that are not conducive to long-term
2011)—behaviors that are tied to personal happiness (Lyubo-
happiness. Indeed, cultures where consumption practices are
mirsky, Sheldon, & Schkade, 2005). Priming money also
motivates individuals to work more (Mogilner, 2011), which—
☆
Jennifer L. Aaker, General Atlantic Professor of Marketing, Stanford although productive—tends to be associated with the least
University, Graduate School of Business. Melanie Rudd is a PhD student at happy part of one's day (Kahneman, Krueger, Schkade,
Stanford University. Cassie Mogilner is an Assistant Professor of Marketing at Schwarz, & Stone, 2004). Finally, subtle reminders of wealth
the Wharton School of the University of Pennsylvania. The authors would like impair people's ability to savor everyday experiences (Quoidbach,
to thank Kathleen Vohs for her helpful feedback and suggestions during this
Dunn, Petrides, & Miklajczak, 2010; Notorious B.I.G., 1997),
project.
⁎ Corresponding author. Fax: +1 650 725 6152. which is disconcerting in light of research showing that small
E-mail addresses: aaker_jennifer@gsb.stanford.edu (J.L. Aaker), pleasures (like a cold beer on a warm day) constitute some of life's
mogilner@wharton.upenn.edu (C. Mogilner). most salient instances of happiness (Gilbert, 2006). So, to what
1057-7408/$ - see front matter © 2011 Society for Consumer Psychology. Published by Elsevier Inc. All rights reserved.
doi:10.1016/j.jcps.2011.01.004
 J.L. Aaker et al. / Journal of Consumer Psychology 21 (2011) 126–130 127

degree might a focus on money be obfuscating our vision of what ships and workplace goals such that colleagues become friends
really makes us happy? Although correcting how we spend our and time spent at work becomes happier?
money is likely to lead us closer to the holy grail of happiness, we Indeed, two of the biggest predictors of people's general
might get even further with a consideration of our other principle happiness are whether they have a “best friend” at work (Rath &
resource—time. Harter, 2010) and whether they like their boss (Crabtree, 2004).
Why might a focus on time move us closer to the elusive goal Greater attention, therefore, needs to be paid to how such
of improving happiness? One reason is because time, relative to workplace relationships form and grow. For example, work-
money, tends to be laden with personal meaning (Mogilner & place friendships progress through three transitions: co-worker-
Aaker, 2009; Reed, Aquino, & Levy, 2007). Another reason is to-friend, friend-to-close friend, and close-friend-to-almost-
that time fosters interpersonal connection (Mogilner, 2011). best-friend (Sias & Cahill, 1998). With each transition, the
Since both personal meaning and social connection are critical communication between the individuals becomes more inti-
to happiness (e.g., Cacioppo, et al. 2008; Ryan & Deci, 2001), a mate, less cautious, and less superficial, which is important
consideration of time (specifically, how individuals spend their given that more substantive conversations (and less small talk)
time) may be important in our effort to solve the happiness over the course of one's day is related to greater happiness
puzzle. (Mehl, Vazire, Holleran, & Clark, 2010). As the quality of
One caveat, however. Time versus money is somewhat of a workplace friendships increase, so does workplace happiness
false dichotomy. Although both are resources that people must (Winstead, Derlega, Montgomery, & Pilkington, 1995) and
decide how to spend and save, a clean comparison is difficult productivity (Rath & Harter, 2010). Thankfully, certain
because of the many confounds between the two constructs and behavioral norms in the workplace can help foster these
the psychologically distinct characteristics that impact each friendships. For example, social lubricants, such as smiling,
one's allocation (e.g., Leclerc, Schmitt, & Dubé, 1995; Okada help ease the migration across transitions (e.g., Kraut &
& Hoch, 2004; Saini & Monga, 2008; Zauberman & Lynch, Johnston, 1979; Laird, 1984). So, once you've warmed up
2005). Therefore, we are not looking to directly compare time your friend at work with a smile, you might consider initiating a
and money here. Rather, we are examining ways to spend the substantive (non-work related) conversation.
resource of time that would increase personal meaning and
social connection. Principle 2: Spend your time on the right activities
Thus, with a goal to complement the eight principles of
happiness-maximizing ways to spend money (Dunn et al., 2011), Investigations into people's activities and emotions over the
this paper offers five principles for happiness-maximizing ways to course of their day revealed that socially connecting activities
spend time. (such as hanging out with friends and family) comprise the
happiest parts of the day, whereas working and commuting
Principle 1: Spend your time with the right people make for particularly unhappy portions of the day (Csikszent-
mihalyi & Hunter, 2003; Kahneman et al., 2004). However, for
There is a clear relationship between happiness and the some, spending time with one's mother will likely produce
amount of satisfaction a person derives from a leisure more anxiety and frustration than happiness,1 and for others
experience (Van Praag, Frijters, & Ferrer-i-Carbonell, 2003), whose professions are particularly fulfilling, an hour at work
and social leisure activities contribute more to happiness than could be as rewarding as an hour socializing (Mogilner, Aaker,
solitary ones (Reyes-Garcia et al., 2009). Furthermore, people & Vohs, 2011).
who frequently engage in social activities experience higher Perhaps for an individual to determine the happiest way to
levels of happiness than people who participate in social spend his or her own time, it would be useful to consider the
activities less often (Lloyd & Auld, 2002), and being with following questions: How you are spending your time right
others typically improves the quality of an experience (whereas now? And what are the chances that the value of that temporal
being alone makes most people lonely, sad, or both; expenditure will increase over time (like any good investment)?
Csikszentmihalyi & Larson, 1984; Lewinsohn, Sullivan, & In other words, to what degree is the content of that experience
Grosscup, 1982). “evergreen”—perennially fresh and enduring? Dunn et al.
However, it is not only whether you spend your time with (2011) address these questions by honing in on the power of
others that influences your happiness, but also who you spend memories, assessing the degree to which the current experience
your time with. Interaction partners associated with the greatest will remain sticky over the long run. Indeed, sticky experiences
happiness levels include friends, family, and significant others, are more valuable because they temporally extend the pleasure
whereas bosses and co-workers tend to be associated with the of a single moment.
least happiness (Kahneman et al., 2004). Why, then, do we In addition, when deciding how to spend the next hour,
continue to spend so much time with people who are associated simply asking yourself the question, “Will what I do right now
with lower levels of happiness? One answer is money. The become more valuable over time?” could increase your
culprit once again rears its ugly head, encouraging us to spend likelihood to behave in ways that more clearly map onto what
time in ways that are suboptimal (i.e., at work!). For most
people, work subsumes the majority of one's waking hours,
1
which raises the question: Is there a way to reframe relation- This is not the case with any of the authors of this paper.
128 J.L. Aaker et al. / Journal of Consumer Psychology 21 (2011) 126–130

will really make you happy. Note that this question is slightly done, but also perceived their day to be longer (Rudd & Aaker,
different than asking, “What is better for me in the long run?” 2011). People can also expand their time by spending time
or, “What will lead to greater long-term happiness?” — two doing something meaningful, like helping another (Chance,
questions that often cause a tinge of guilt or moral dilemma. Mogilner, & Norton, 2011). Even though feeling time-
This particular question focuses less on perceived trade-offs constrained makes people less likely to take the time to help
between short and long-term happiness, and more on maximiz- someone, spending time on someone else (vs. on oneself and vs.
ing the value of the present moment. For example, we know that getting time) subsequently makes people feel like they have
volunteering makes people happy (Borgonovi, 2008; Thoits & more spare time and that their future is more expansive.
Hewitt, 2001). Unfortunately, people tend to “under-help”— In general, having a sense of control over one's life makes a
possibly because the idea of helping others as a way to achieve person happier (Duncan-Myers & Huebner, 2000; Perlmutter &
happiness is not salient, whereas the pressing, logistical Monty, 1977; Veenhoven, 1984; Peterson, 1999), less de-
concerns of one's daily schedule are hard to not think about pressed (Abramson, Metalsky, & Alloy, 1989), and physically
(Trope & Liberman, 2003). Considering how valuable the next healthier (Pulkkinen, Kokkonen, & Mäkiaho, 1998; Marmot,
hour will be (beyond that hour) might increase the chance that 2004). Therefore, having (or perceiving) greater control over
one engages in happy (prosocial) behaviors. how time is spent should have similarly positive effects. For
instance, freely chosen activities increase happiness, whereas
Principle 3: Enjoy the experience without spending the time obligatory activities lower it (Csikszentmihalyi & Hunter,
2003). Furthermore, having spare time and perceiving control
Research in the field of neuroscience has shown that the part over how to spend that time (i.e. discretionary time) has been
of the brain responsible for feeling pleasure, the mesolimbic shown to have a strong and consistent effect on life satisfaction
dopamine system, can be activated when merely thinking about and happiness, even controlling for the actual amount of free
something pleasurable, such as drinking one's favorite brand of time one has (Eriksson, Rice, & Goodin, 2007; Goodin, Rice,
beer (McClure et al., 2004) or driving one's favorite type of Parpo, & Eriksson, 2008). Conversely, a lack of control should
sports car (Erk, Spitzer, Wunderlich, Galley, & Walter, 2002). have a negative effect. Indeed, “Overworked Americans”
In fact, the brain sometimes enjoys anticipating a reward more complain of being in a “time bind,” not only because they are
than receiving the reward (Loewenstein, 1987; Berns, McClure, busy but also because they are not in control of how busy they
Pagnoni, & Montague, 2001). Thus, the pleasure derived from are (Schor, 1993). Therefore, increase your discretionary time,
window shopping for a dress may exceed the pleasure from even if it requires monetary resources. And if you cannot afford
actually acquiring the dress. Similarly, reading guidebooks to to, focus on the present moment, breathe more slowly, and
plan for a big vacation, anticipating the pleasure associated with spend the little time that you have in meaningful ways.
the food and activities on the vacation, and then cancelling or
postponing the vacation until next year could actually give you Principle 5: Be aware that happiness changes over time
more pleasure than going on the vacation as originally planned
(particularly since the logistical stresses of finding a cat-sitter, Happiness is dynamic over the course of life: age influences
getting the necessary vaccines, and taking the days off from both how happy one feels and how one feels happy.
work mount as the vacation draws near; Liberman & Trope, Specifically, recent research found that overall well-being
1998; Mogilner, Aaker, & Pennington, 2008). In short, this increases after the age of 50 (Stone, Schwartz, Broderick, &
research suggests that we might be just as well off, or even Deaton, 2010). In addition, the way individuals experience
better off, if we imagine experiences, but not have them. happiness shifts over the life course (Mogilner, Kamvar, &
Aaker, forthcoming). For example, younger people are more
Principle 4: Expand your time likely to associate happiness with excitement, whereas older
individuals are more likely to experience happiness as feeling
Unlike money, time is inherently scarce. No one gets more peaceful (Mogilner et al., forthcoming). The amount of
than 24 hours per day, rendering time an oft-desired resource. In enjoyment derived from various social connections also
fact there is a bi-directional relationship between the scarcity of changes with age. We know, for instance, that the value of
time and its value: not only does having little time make it feel spending time with interesting new acquaintances decreases as
more valuable, but when time is more valuable, it is perceived one gets older, while the value of spending time with familiar
as more scarce (DeVoe & Pfeffer, forthcoming). friends and family increases (Fredrickson & Carstensen, 1990;
To increase happiness, many advocate focusing on “the here Carstensen, 2006). Therefore, what (and who) makes you the
and now” (e.g., Dunn et al., 2011). Why? One possible benefit most happy right now will likely not be what makes you the
of being present-focused is that thinking about the present most happy a few years from now (irrespective of adaptation).
moment (vs. the future) slows down the perceived passage of Although the meaning of happiness shifts in dramatic and
time, allowing people to feel less rushed and hurried (Rudd & significant ways, it does so in predictable patterns. Therefore it
Aaker, 2011). Similar effects accrue when individuals simply is possible to anticipate such changes and refrain from basing
breathe more deeply. In one study, subjects who were instructed future decisions on our current perceptions of happiness. This
to take long and slow breaths (vs. short and quick ones) for 5 insight is particularly useful as it can be similarly applied to
minutes not only felt there was more time available to get things decisions regarding time commitments. For example, people
 J.L. Aaker et al. / Journal of Consumer Psychology 21 (2011) 126–130 129

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