Every individual person has their own unique set of values when it comes to how they approach their lifestyle and career…Most people have a viewpoint on the inherent trade-off between time and money, as well as whether these precious resources should be used to seek out experiences or buy possessions. Today’s chart uses data from a global survey of 22,000 internet users in 17 different countries by GfK Global. We’ll first look at the U.S. data with a focus on generational differences, and then we’ll present the international data on how this trade-off between time and money manifests itself between countries.
The original article has been edited here for length (…) and clarity ([ ]) to provide a fast & easy read
Judging by age alone, one might guess that younger generations would prefer to “take the money and run”. After all, millennials are often stereotyped as a cash-strapped generation. Interestingly, this doesn’t seem to be the case at all, at least according to U.S. data:
|Age Group||Time > Money (% agree)||Experiences > Possessions (% agree)|
When it comes to time and money, 38% of both the 20-29 year and 30-39 year ranges prefer to choose time over money. This is a significantly higher portion than those of other age groups. Surprisingly, only 20% of people in the 60+ group clearly had a preference for time over money.
As for experiences and possessions, it was a similar case, with the 20-29 year and 30-39 year groups having the highest preference for experiences. This is not surprising, and it’s a widely known millennial attribute to seek powerful experiences like travel, music festivals, sports, and live events over buying new material possessions such as furniture or a new car.
How do people from different countries approach the same survey questions?
The international chart reveals some interesting differences about the perceived value of time and money.
- One very stark one lies between two Asian nations in close proximity. Folks surveyed from China had the highest preference for time over money (41% agreeing), while across the East China Sea, in Japan, the results show the lowest preference for time over money (11% agreeing).
- Another interesting cultural difference: countries in Latin America tend to see experiences as far more important than the rest of the globe. Mexico (57%), Argentina (53%), and Brazil (49%) all were well above the global average of 44% for choosing experiences over possessions.