This calculator reveals the monetary value of your free time

It comes after research found the average Brit reckons an hour of their time is worth £47 - more than twice the average wage.

Researchers asked 2,000 adults to put a value on the different ways they spend their time, to include work, socialising, looking after children, housework and helping others. It shows that while the nation earns an average of £22 an hour, they value their free time much higher at £56.

Time with children is the most valuable of all, with people typically putting the value of that at £106 for 60 minutes. But when friends and neighbours in need are concerned, time is not an issue, as 80 per cent would happily help out for free.

It also emerged adults reckon they waste 11 hours of their time a week waiting around for things – or just doing nothing in particular - costing up to £517.

Time is precious

The research was commissioned by over 50s life insurance company, Cover Today, whose spokesperson said: “Time is the one thing you can't buy or earn more of, so invest it in what truly matters. Many people say the true wealth of a person is measured by how they invest their time in relationships and pursuits that bring them happiness. It seems millions are squandering some of their valuable time on nothing in particular – which we’re all guilty of.”

The research also found 26 per cent of adults admitted they are guilty of under-valuing their time - and 72 per cent value their personal time far more than that which they spend at work.

More than half (56 per cent) said it’s because you can’t put a price on freedom, while 54 per cent blame it on work being something they have to do, not something they want to do.

Two thirds of adults polled, via OnePoll, also hate having to wait around for things, and the same figure believe we now live in a time where having to wait a long period for something is ‘unacceptable’.

A spokesperson from Cover Today, which claims to be the only over 50s life insurance provider to offer immediate protection for death by any cause, added: “Time is precious, and waiting can be a real test of one's patience. In a world where everything moves at lightning speed, waiting is the last thing anyone wants to do. So finding ways to cut how much you need to wait is a smart way to live, which will give you time to do the things you really want to do.”

How much Brits estimate an hour is worth

• Their time in general: £47
• Their time at work: £22
• Their free time: £56
• Time with children: £106
• Time with partner: £100
• Socialising time: £48
• Time doing housework: £31