The Economist explores the question:
Part of this is a perception problem. On average, people in rich countries have more leisure time than they used to. This is particularly true in Europe, but even in America leisure time has been inching up since 1965, when formal national time-use surveys began. American men toil for pay nearly 12 hours less per week, on average, than they did 40 years ago—a fall that includes all work-related activities, such as commuting and water-cooler breaks. Women’s paid work has risen a lot over this period, but their time in unpaid work, like cooking and cleaning, has fallen even more dramatically, thanks in part to dishwashers, washing machines, microwaves and other modern conveniences, and also to the fact that men shift themselves a little more around the house than they used to.
The problem, then, is less how much time people have than how they see it. Ever since a clock was first used to synchronise labour in the 18th century, time has been understood in relation to money. Once hours are financially quantified, people worry more about wasting, saving or using them profitably. When economies grow and incomes rise, everyone’s time becomes more valuable. And the more valuable something becomes, the scarcer it seems.