Long-term
Psychologists assert that time seems to go faster with age, but the literature on this age-related perception of time remains controversial. One day to an eleven-year-old would be approximately 1/4,000 of their life, while one day to a 55-year-old would be approximately 1/20,000 of their life. This is perhaps why a day would appear much longer to a young child than to an adult. In an experiment comparing a group of subjects aged between 19 and 24 and a group between 60 and 80 asked to estimate when they thought 3 minutes had passed, it was found that the younger group's estimate was on average 3 minutes and 3 seconds, while the older group averaged 3 minutes and 40 seconds, indicating a change in the perception of time with age. People tend to recall recent events as occurring further back in time (backward telescoping) and distant events occurring more recently (forward telescoping).
It has also been proposed that the subjective experience of time changes with age due to changes in the individual's biological makeup.
Read more about this topic: Time Perception
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