Connect with us

Money

How Different Age Groups View the Trade-Off Between Time and Money

Published

on

This Chart Shows Google's True Dominance on the Web

The Trade-Off Between Time and Money

The Chart of the Week is a weekly Visual Capitalist feature on Fridays.

Every individual person has their own unique set of values when it comes to how they approach their lifestyle and career.

Generally speaking, however, 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, which gave people the option to choose whether they valued:

  1. Time vs. Money
  2. Experiences vs. Possessions

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.

Generational Differences

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 GroupTime > Money (% agree)Experiences > Possessions (% agree)
15-19 years24%46%
20-29 years38%59%
30-39 years38%57%
40-49 years27%53%
50-59 years26%47%
60+ years20%52%

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.

International Differences

How do people from different countries approach the same survey questions?

Time and money by country

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.

Subscribe to Visual Capitalist
Click for Comments

Economy

Charted: Public Trust in the Federal Reserve

Public trust in the Federal Reserve chair has hit its lowest point in 20 years. Get the details in this infographic.

Published

on

The Briefing

  • Gallup conducts an annual poll to gauge the U.S. public’s trust in the Federal Reserve
  • After rising during the COVID-19 pandemic, public trust has fallen to a 20-year low

 

Charted: Public Trust in the Federal Reserve

Each year, Gallup conducts a survey of American adults on various economic topics, including the country’s central bank, the Federal Reserve.

More specifically, respondents are asked how much confidence they have in the current Fed chairman to do or recommend the right thing for the U.S. economy. We’ve visualized these results from 2001 to 2023 to see how confidence levels have changed over time.

Methodology and Results

The data used in this infographic is also listed in the table below. Percentages reflect the share of respondents that have either a “great deal” or “fair amount” of confidence.

YearFed chair% Great deal or Fair amount
2023Jerome Powell36%
2022Jerome Powell43%
2021Jerome Powell55%
2020Jerome Powell58%
2019Jerome Powell50%
2018Jerome Powell45%
2017Janet Yellen45%
2016Janet Yellen38%
2015Janet Yellen42%
2014Janet Yellen37%
2013Ben Bernanke42%
2012Ben Bernanke39%
2011Ben Bernanke41%
2010Ben Bernanke44%
2009Ben Bernanke49%
2008Ben Bernanke47%
2007Ben Bernanke50%
2006Ben Bernanke41%
2005Alan Greenspan56%
2004Alan Greenspan61%
2003Alan Greenspan65%
2002Alan Greenspan69%
2001Alan Greenspan74%

Data for 2023 collected April 3-25, with this statement put to respondents: “Please tell me how much confidence you have [in the Fed chair] to recommend the right thing for the economy.”

We can see that trust in the Federal Reserve has fluctuated significantly in recent years.

For example, under Alan Greenspan, trust was initially high due to the relative stability of the economy. The burst of the dotcom bubble—which some attribute to Greenspan’s easy credit policies—resulted in a sharp decline.

On the flip side, public confidence spiked during the COVID-19 pandemic. This was likely due to Jerome Powell’s decisive actions to provide support to the U.S. economy throughout the crisis.

Measures implemented by the Fed include bringing interest rates to near zero, quantitative easing (buying government bonds with newly-printed money), and emergency lending programs to businesses.

Confidence Now on the Decline

After peaking at 58%, those with a “great deal” or “fair amount” of trust in the Fed chair have tumbled to 36%, the lowest number in 20 years.

This is likely due to Powell’s hard stance on fighting post-pandemic inflation, which has involved raising interest rates at an incredible speed. While these rate hikes may be necessary, they also have many adverse effects:

  • Negative impact on the stock market
  • Increases the burden for those with variable-rate debts
  • Makes mortgages and home buying less affordable

Higher rates have also prompted many U.S. tech companies to shrink their workforces, and have been a factor in the regional banking crisis, including the collapse of Silicon Valley Bank.

Where does this data come from?

Source: Gallup (2023)

Data Notes: Results are based on telephone interviews conducted April 3-25, 2023, with a random sample of –1,013—adults, ages 18+, living in all 50 U.S. states and the District of Columbia. For results based on this sample of national adults, the margin of sampling error is ±4 percentage points at the 95% confidence level. See source for details.

Continue Reading

Subscribe

Popular