That's been a personal theory of mine. Though I phrase it more like, the sense of time passing correlates with the number of mind-blowing or life-changing or non-routine experiences that happen during the given time span. You have a lot more of those, the younger and less experienced you are. So it's somewhat related to age, but not directly.

Never have been able to get into the whole meditation thing though, so I always figured the only way was to just find ever newer things to do. But then that would put you on the 'hedonic treadmill' as it were...