Psychologically, our perception of time is closely linked to novelty and memory formation. As children, every day is filled with new experiences, making time feel expansive. In adulthood, with routines and familiar patterns dominating, fewer unique memories are created, causing time to seem as if it's accelerating. This 'proportional theory' suggests that one year constitutes a smaller fraction of our overall life as we age, further enhancing the sensation of time speeding up.