“Time is Money,” but recent survey shows many Americans have neither

July 13, 2020

Time is Money

You’ve probably heard the saying, “Time is money,” but never before has it been so accurate. Compare.com recently conducted a survey of 2,000 American adults and the results were conclusive, with over 80% agreeing with the age-old saying of time is money. But that doesn’t mean that most Americans have access to either one.

More than two-thirds of people surveyed said they have tight budgets, with a similar number admitting to living paycheck-to-paycheck. These adults – our family, friends, coworkers, and neighbors – wish they could save more for the future, but they simply don’t have the time or money to spare.

When it comes down to it, the average adult would need to spend some serious time in order save the money they need for big ticket purchases. In fact, survey respondents estimated it would take them almost nine months to save up $1,000 without changing their spending habits.

These men and women know their time is valuable. The average survey respondent valued their time at over $15 per hour – more than twice the minimum wage. Still, with less and less free time as more Americans are looking for second jobs and side hustles to make ends meet, they said they’d have to save over $100 in order to make it worth spending an hour looking for the best price on a big ticket item like a cell phone, TV, computer, or car.

How much do Americans think their time is worth?

That simply isn’t possible for a growing number of people. In the age of monthly subscription services like Netflix, Amazon Prime and Xbox Live, it’s easy to lose sight of exactly how much you’re paying each month in recurring expenses, and when many Americans are running on limited free time, it makes it even more difficult to keep track of all your bills.

Nearly a quarter of the population admits to taking at least six months to evaluate their recurring expenses. Almost one in ten never even revisit them. The average person thinks they could save over $200 if they sought out the best deals for all their recurring expenses, but hardly any actually take the time.

But why is that? With the average household income hovering around $60,000 a year, that $200 is a serious chunk of change for many Americans.

Ignorance is Bliss

Let’s use car insurance as an example. According to our survey, the average person has had their current car insurance for well over five years. More than four out of ten people haven’t even taken the time to shop around in more than a year, and over a quarter admitted to not even knowing how much they are currently paying.

Is it that Americans seem content with what they have? Three-quarters of survey respondents believe they currently have the best possible deal on their policy. It may seem to be the case, but we’d argue the opposite.

Diving a bit deeper, it all boils down to a lack of time on our hands. Almost half of those surveyed said they’d spend no more than an hour of their time shopping around for the best rate, yet the average person admitted they could probably save over $175 annually if they did so.

Of the 29% who do not have car insurance, nearly half pointed to not having the time to shop and sign up for a policy as the main reason why.

Seeing is Saving

Luckily, there are tools out there that can save customers both time and money. We’ve all seen the commercials for companies like Travelocity, Kayak and Hotels.com, but vacations and travel are a luxury for most Americans. These tools, while valuable, don’t affect those of us who are living paycheck-to-paycheck, working multiple jobs just to make ends meet.

Compare.com, on the other hand, helps customers potentially save hundreds of dollars on something nearly every American is required to purchase – car insurance.

The average American only expects to be able to choose from 12 difference car insurance brands, but little do they know that number is just the tip of the iceberg. Compare.com works with well over 60 of the nation’s top insurance companies to help customers find major savings in just minutes.

Over two-thirds of adults want better car insurance, but they think it will be a lot of work to find a better deal. By using Compare.com, you be able to compare quotes from the companies best suited to serve you and your individual needs within just minutes, saving you some serious cash on your monthly bill.

Don’t believe us? Simply enter your ZIP code below to get started! Trust us, both you and your wallet will be happy you did.

At Compare.com, seeing is saving.

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