Sorina Faier: More time or more money?

Time and money are both valuable resources, but they hold different meanings for each person, and even more so, priorities related to money and time differ from generation to generation. There are five basic objections that people usually raise when it comes to their preferences between money and time: cost, risk, time, fear, and ego.

By Sorina Faier, Elite Searchers

Cost is a significant factor when it comes to employees’ preference for money or time. Generally, people who prioritize money over time are okay with paying a cost to gain more income. In contrast, people who value time over money are willing to spend money to save their time. For example, the younger generation – the Millennials and Generation Z – are more likely to prefer time over money. They prioritize work-life balance and are willing to give up higher salaries for a more flexible work schedule.

Risk is another key factor in understanding people’s preferences between money and time. People who value money tend to take more significant risks to achieve their financial goals. They may prefer high-risk, high-reward investments or take jobs that pay more but require a lot of work. On the other hand, people who value time are often more risk-averse. They may choose a stable and secure job over one that pays more but offers less stability. Generation X, born between 1965 and 1980, is a good example of a generation that tends to value money more than time due to the significant financial challenges and uncertainty they faced.

Time is another major factor when it comes to people choosing between money or time. People who value money prioritize their time differently than those who value time. They are often willing to work more hours to earn extra income, even if this means sacrificing their personal time. Those who value time, however, tend to be more protective of their time, and they are less likely to work overtime or take work home. Baby Boomers, born between 1946 and 1964, are an example of a generation that values money more than time, as many of them were raised in a time where the traditional workweek demanded a lot of hours.

Fear is another objection that people often raise when deciding between money and time. Those who prefer money over time often fear being left behind if they don’t take advantage of their earning potential. Those who value time, on the other hand, often fear missing out on opportunities to spend time with family, friends, or pursuing their hobbies and passions. Gen Xers are a generation that tends to favor money over time due to the financial insecurity they witnessed in their youth.

Ego is the last objection that affects people’s preferences between money and time. Those who value money may believe that a high salary and the status it brings define success. In contrast, those who value time believe that the ability to spend quality time with loved ones is a more significant indicator of success. The younger Generation Y, also known as Millennials, and Gen Z who heavily prioritize work-life balance and value purposeful work show their preference for time over money based on this objection.

In the modern workforce, there is a noticeable divide among generations with regards to their preferred compensation: some prioritize financial remuneration above all else, while others value their time more highly. Studies suggest that younger generations, such as Millennials and Gen Z, tend to place a greater emphasis on work-life balance and personal time, seeing time as their most valuable resource. On the other hand, older generations, such as Baby Boomers and Gen X, may prioritize financial security and aim to accumulate wealth throughout their careers.

My recommendation for employers and companies is to take into account these characteristics of each generation when proposing or discussing salary packages and work schedules. Of course, all of these vary from person to person, and priorities can even change throughout one’s career. For example, an individual may value money more at a certain stage of their career at the expense of time, but once they have established a family, this priority can shift, and they may be more interested in having more time available.