Most of us believe that if we were to become wealthy, we would have much more leisure time.
Those already wealthy, it is assumed, have more time to refrain from work. Those views are incorrect on both counts.
Evidence reveals that the well-to-do take less time off than the poor. What are the explanations for this behaviour?
Clearly, over the past century working hours have fallen for most. Work on Saturdays was commonplace. Hours were much longer for those in industry, farming and homemakers. The latter lacked household appliances, so their working time extended for many hours.
In a surprising turn of events, now the wealthy have started to work for longer hours in one form or another. Surveys reveal that university-educated men who tend to be richer had eight hours less leisure in a week than high school graduates.
According to the U.S. Time Use Survey, those with a university degree work a startling two hours more each day than with those without a high school diploma. The moneyed no longer are the leisure class.
Economist call this the “substitution effect.” If one were earning perhaps $2,000 a week, foregoing work “costs” $2,000 in lost earnings, obviously a very expensive deterrent. Hence, higher income individuals often consider lost income as a reason for continuing to work.
There are additional explanations for affluent individuals to keep on working when earning money is not the motivation. They usually have interesting, prestigious jobs that are far more enjoyable than staying at home or maybe playing golf. Their work often is knowledge-intensive, far more satisfying that ordinary careers.
Also, the wealthy can put in more time for philanthropy and “good deeds.” This columnist knows a surgeon who uses his spare time working for Doctors Without Borders helping those overseas in need, free of charge. Higher incomes mean that individuals more easily can satisfy their material wishes, frequently inflated by misleading advertising.
It should be noted that often the wealthy fail to appreciate things other than work, such as family time, cultural activities or a really satisfying leisure.
Probably, the rich, always busy, should not be a source of jealousy.
The leisure time for some, the less educated, certainly in many instances, is involuntary. It reflects poor employment prospects, which explains why many have dropped out of the labour market. Given the right opportunities, more work would be their primary goal.
Many of the wealthy seem always busy and fail to realize what constitutes a successful (worthwhile?) life.
Certainly, the rich should not be envied.