Money can buy happiness – if you spend it on freeing up your time

Forget what they say – money really can buy happiness, new research has shown.

The contentment comes from paying others to take on chores such as cleaning, cooking and gardening.

In this way, happiness can be bought in the form of free time, scientists said.

Psychology professor Elizabeth Dunn, from the University of British Columbia, Canada, co-led the study.

She said: “The benefits of buying time aren’t just for wealthy people.

“We thought the effects might only hold up for people with quite a bit of disposable income, but to our surprise, we found the same effects across the income spectrum.”

The scientists conducted a poll of 6,000 adults in the US, Canada, Denmark and the Netherlands.

Participants were questioned about the extent to which they spent money to buy themselves more free time each month.

They also rated their levels of happiness, or life satisfaction, and were quizzed about time stress.

People who spent money on time-saving turned out to be more satisfied with their lives than those who did not, irrespective of income.

In another part of the study 60 adults were randomly given £30 to spend on either a time-saving or material purchase.

They reported feeling happier when their spending secured them more free time.