Last year Justin was on the brink of a major life decision: Where should he work after graduation? He had two great offers. The first was a government job in his hometown, a 10-minute bike ride from his apartment. It wouldn’t pay much, but he’d have time to spend with his wife, nephew, and aging parents. The second was a corporate job in the biggest neighboring city. It would pay a lot more, but he’d have to commute four hours a day.
Are New Graduates Happier Making More Money or Having More Time?
Each year across North America, millions of graduates have to make tradeoffs between time and money as they plan their next steps. Despite the importance of these choices, we know surprisingly little about how people navigate major life decisions that involve making more money at the expense of having less time, and vice versa. Researchers asked more than 1,000 graduating college students in Canada whether they generally prioritized time or money. They found that students who prioritized time at graduation were happier and more satisfied with their careers 1-2 years later than those who prioritized money. They explored why that might be, and how factors like financial security and student debt play a role in people’s decision making and happiness.