Money and Happiness

A recent study by researchers from Stanford and the University of Toronto found that there is a stronger tie between pay rate and happiness for hourly wage-earners than there is for salaried employees. They believe that this is because being paid hourly forces you to see the valuation placed upon your time. Thinking of time in terms of money strengthens the connection between happiness and money. Salaried employees who did the calculation to convert their income to an hourly rate also more strongly correlated income to happiness. They also infer that how people tend to see and treat their time at the workplace doesn't typically change when they are off of the clock. This Blind Bambi is not really sure what this means, though. This seems to imply that well-paid hourly workers might more efficiently manage their time (both on the job and at home) - they fully understand the valuation of their time. Those who don't make very much, though, may be happier as a salaried employee that doesn't try to figure out how little he or she is being paid on a time interval basis.