- Men value their free-time at £27.80 an hour, 25% higher than women (£22.30);
- Women are more likely than men to give-up an hour of their time for free;
- 32% of people feel that they do not have enough money or free-time
New research has revealed a 25% gender pay gap between how men and women value an hour of their own free-time. On average men would charge their free-time out at £27.80 an hour while women would charge nearly a quarter less (£22.30).
The survey commissioned by Gocompare.com, questioned 2,000 UK adults about their attitudes to time and money and the value they put on their free-time. The survey revealed that on average people would charge £25.00 if they had to give up an hour of their free-time, but:
- Men would charge £27.50 compared with £22.30 for women;
- 25 to 34 year olds would charge the most (£29.90) and 18 to 24 year olds the least (£18.70);
- more women (18%) than men (11%) would give up an hour of their time for free;
- 13% of respondents said that they wouldn’t give up their free-time for any amount of money.
When asked which was more important - time or money, most (68%) people valued time over money (22%). Interestingly, one in ten couldn’t decide how to answer this question. Despite putting a lower monetary value on an hour’s worth of their free-time, women (70%) value their time more than men (65%). More men (26%) than women (19%) opted for money over time.
‘Cash rich’ but ‘Time poor’?
- 18% of respondents think that they are ‘Cash rich’ but ‘Time poor’ – i.e. they have enough money but not enough free-time;
- Just under a third (32%) of respondents feel that they do not have enough money or free-time;
- 29% think that they do not have enough money, but have lots of free-time;
- 21% said they have enough money and lots of free-time.
Commenting on the research, Ella Hastings from Gocompare.com said, “Finding the balance between time and money is an age-old conundrum – only around a fifth of people taking part in our survey felt that they had the balance right.
“How much your time is worth is ultimately a very personal and inexact number. But, it was surprising to see that the women taking part in our survey put a lower value on their hourly free-time rate than their male counterparts, especially by such a large amount.
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Notes to editors:
*On 2-5th October 2015, Bilendi conducted an online survey among 2,000 randomly selected British adults who are Maximiles UK panelists and homeowners. The margin of error – which measures sampling variability – is +/-2.2%. The results have been statistically weighted according to the most current education, age, gender and regional data to ensure samples representative of the entire adult population of the United Kingdom. Discrepancies in or between totals are due to rounding.