{"id":32343,"date":"2020-07-22T21:21:00","date_gmt":"2020-07-22T18:21:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/this-is-how-much-money-people-think-their-time-is-worth\/"},"modified":"2020-07-22T21:21:00","modified_gmt":"2020-07-22T18:21:00","slug":"this-is-how-much-money-people-think-their-time-is-worth","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/this-is-how-much-money-people-think-their-time-is-worth\/","title":{"rendered":"#This is how much money people think their time is worth"},"content":{"rendered":"

“#This is how much money people think their time is worth<\/strong>”<\/p>\n

\n
\n
\n

July 22, 2020 |<\/span> 2:21pm <\/p>\n

\n
\n
\n
\n \"\"<\/img><\/p><\/div>\n<\/p><\/div>\n<\/div><\/div>\n
\n The average person thinks their time on a task that feels like work is worth $15.63 an hour \u2012 that\u2019s more than double the federal minimum wage ($7.25 an hour).<\/p>\n

A study of 2,000 Americans over the age of 25 examined how they value their time and four in 10 think \u201ctime is money.\u201d<\/p>\n

Unfortunately, not all tasks earn respondents money \u2014 and even of the 73 percent of respondents who are employed, two-thirds are living paycheck-to-paycheck.<\/p>\n

The survey \u2013 conducted by OnePoll on behalf of Compare.com \u2013 found that might be one of the reasons two in three (65 percent) confessed they get the \u201cbalance blues\u201d after checking their bank statement.<\/p>\n

Seven in 10 wish they could save more for the future, but they don\u2019t have the money to spare. It would take the average respondent eight months to save $1,000 without changing their spending habits.<\/p>\n

\"\"<\/img>
SWNS<\/span><\/figcaption><\/figure>\n

Still, many want to see big returns if they\u2019re going to take the time to research different prices. Compare.com CEO Allie Feakins said this is largely due to consumers having less time on their hands, even though many of them are working tirelessly to make ends meet.<\/p>\n

\u201cMore and more Americans are finding themselves falling behind financially,\u201d Feakins said. \u201cThis is leading to an increasing number of people looking to work multiple jobs or find secondary income elsewhere, which gives consumers even less time on their hands to research big purchases and find the best deals.\u201d<\/p>\n

The average person would have to save more than $100 on a big-ticket item to make it worth spending an hour comparing prices.<\/p>\n

One area many respondents believe they\u2019re leaving money on the table is their recurring expenses and half of those surveyed confessed they haven\u2019t reevaluated their recurring expenses in six months or longer.<\/p>\n

Seven in 10 admitted forgetting to check out those frequent expenses for potentially better deals.<\/p>\n

The average respondent thinks they could save more than $200 if they got the best deals on all their recurring expenses.<\/p>\n

The top expenses respondents suspect they are currently overpaying for include car insurance (38 percent), cable (36 percent), streaming services (34 percent) and cellphone bills (33 percent).<\/p>\n

\u201cConsumers now have more recurring monthly expenses than ever before, but many of them don\u2019t realize how much money they\u2019re leaving on the table\u201d Feakins added.<\/p>\n

Of those respondents with car insurance (71 percent), the average person has had the same insurance for more than five years.<\/p>\n

Over a quarter of respondents who currently have insurance confessed they wouldn\u2019t know how much they\u2019re paying without looking it up.<\/p>\n

Still, two-thirds want to save more on car insurance but think it\u2019s a lot of work to find a better deal.<\/p>\n

The average person thinks they could save more than $175 if they took the time to shop around.<\/p>\n

More than 80 percent would want the shopping process to be quick and said they\u2019d look at insurance options for only 24 hours before purchasing a policy.<\/p>\n

These figures echo those found by United Way in its most recent ALICE report (ALICE is an acronym for Asset Limited, Income Constrained, Employed), which focuses on individuals and families who live above the federal poverty line, but still cannot afford all of their basic living and household necessities each month.<\/p>\n

According to the report, more than 40 percent of American households fall beneath United Way\u2019s ALICE threshold. Compare.com \u2013 who recently joined United Way\u2019s National ALICE Advisory Committee \u2013 has seen the effects of these statistics firsthand, Feakins said.<\/p>\n

\u201cFor these groups of Americans, every dollar can make a difference,\u201d she said, \u201cbut they are either not aware of the money they\u2019re leaving on the table each month or they simply don\u2019t have the time to spend shopping around for the best price.<\/p>\n

\u201cThat\u2019s why comparison platforms and similar tools are so important \u2013 it streamlines the process and allows customers to find the best prices quickly and easily, without forcing them to waste their time or money, or in some cases, both.\u201d<\/p>\n

Tasks that feel like work<\/strong><\/p>\n