Polls / August 10, 2011

If you could afford it, would you hire a cleaner for your home?

eZonomics poll respondents are divided over whether they would hire a cleaner for their home if they could afford to. Overall, 57% of the respondents say they would and 43% say they would not.

How much is my time worth?
When deciding whether to hire a cleaner or do-it-yourself, several factors come into play. The value – or “hourly rate” – an individual puts on their time is one. Financial education website LearnVest has come up with a calculator that estimates the worth of an hour of the user’s time. It makes the calculation based on the person’s income, their amount of free time and other factors. If a person is cash-rich but time-poor, the option to hire a cleaner is likely to be more popular. Such thinking tools can be used in a wide range of situations, including whether to order in or cook at home or and buy a flight with a stopover or go on a more expensive, direct route.

Do you appreciate things more if you do-it-yourself?
In behavioural economics, the “IKEA effect” argues that we get attached to things we create. This may also be a factor when deciding whether to hire a cleaner.
An earlier eZonomics poll details how the IKEA effect is used to describe the way people tend to give a higher value to things they have done or made.
Professor and author Dan Ariely explains the effect in a video on his website – giving the examples of people highly valuing IKEA furniture they have made, homes they have painted themselves, gardens cared for by hand and food cooked at home.

HousingBiasDan ariely

eZonomics team
.(JavaScript must be enabled to view this email address)

Have your say

Should banks incentivise you more to boost your savings?