Americans Think Their Time Is Worth $240 An Hour

A new survey finds that Americans think their time very valuable and Millennials think it is worth the most.

Financial services firm Empower released a survey that puts that figure at $240 for the average American.

That would put their worth at almost $500,000 annually for a 40-hour work week. That's more than eight times the average U.S. salary of $59,852.

Millennials value their time at $328.84 an hour and 1 in 4 of them value their time at over $500 an hour.

In contrast, Baby Boomers value their time at just $137.19 an hour.

The study questioned 2,204 adults about wealth and happiness.

One in 4 people said they would be willing to take a 15% pay cut to gain more free time. And 30% of Gen Z respondents said they would pay up to $5,000 a year to not have to do everyday tasks such as cleaning and yard work. For Millennials, 36% would be willing to pay up to $10,000 for someone to do the chores and cooking.

It found that half of Americans think they're running out of time to save for retirement but 48% say they would rather have a longer retirement with less money than retire later in life.

Empower said the average 401(k) balance is around $290,000. The number is more than $580,000 for workers in their 50s.