I have absolutely seen this effect on my life.
When I was younger, the only time that I paid any attention too was when I needed to be a specific place at a specific time. Plus, I was always looking to get off work or get away from tasks to go and have fun. This meant for me that time dragged.
Today, time seems to be going so fast as children grow up so quick, I have to be places and I lose track of time due to me being focused on a task that I lost track of that time.
For me, I look down and then realize 'wow' where did the time go!

Speed of time is about perception of time.