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You always knew it, but there is a new study that makes it scientific now. The Society for Personality and Social Psychology  looked at the link between the value placed on time and money and discovered that those who set more store by time are happier.

Six studies of over 4,600 participants were conducted, with an almost "even number of people" who valued either time or money in their daily lives.

"It appears that people have a stable preference for valuing their time over making more money, and prioritizing time is associated with greater happiness," Ashley Whillans, lead researcher of the study, said in a press release.

The participants were almost evenly split. Yet a few more participants said that they valued their time more than money. The older people seemed to be more likely to value their time when compared to the younger ones.

"As people age, they often want to spend time in more meaningful ways than just making money," Whillans said.

The study surveyed a sample of Americans who represented the nation, students from the University of British Columbia and some adult visitors who had dropped into a Vancouver science museum.

Gender and income did not seem to influence their values. People living at the poverty level were omitted.

"Having more free time is likely more important for happiness than having more money," Whillans said. "Even giving up a few hours of a paycheck to volunteer at a food bank may have more bang for your buck in making you feel happier."

The findings were published in the Jan. 7 issue of Social Psychological and Personality Science.