I think time is relative in the sense that our perception of time differs depending on what we're doing, who we're with and our mental state at the time. Hours spent with friends drinking whilst on holiday will no doubt have a certain positive feel to them; hours spent listening to the driest speech ever given by a dusty old politician will send you to sleep and be rated as dull, boring and negative! The holiday good times will pass quickly, the monotonous speech very slowly.
'The older you get the quicker time passes.' This is a bit of a cliche but the research tends to make this a general trueism. At 20 you don't care about time, the future is way ahead of you. You're too busy with sex and booze and rocknroll. At 30 time becomes distorted as you sink into familyhood and respnsibility. At 40 a grey hair or two may convince you that time is speeding up and at 50 you take deep breaths as another decade flashes past and you say to yourself 'where the hell did that go!' At 60 you're resigned to the fact that time has increasingly less time for you! It's spending time elsewhere and only visits you occasionally, when you're already puzzled about its accelerating! Talk about going downhill!
Sorry, got carried away. No more time!