I've heard this is why time seems to pass faster as we age as well. Not because we experience time as passing faster, just that fewer things are novel as we have more experiences.
In other words, fewer memorable things happen to a 40 year old than to a 10 year old... unless that 40 year old is about to be hit by a bus.
Interesting consequence: If one wants to have the subjective perception of a longer lifespan, one should do more and more novel things more often as they age.
Time really pass faster when you get older, subjectively speaking; When you are 2 years old, the last year amounted to 50% of your whole life. The year between 40 to 41 is 2% and from 80 to 81 only 1%.
In other words, fewer memorable things happen to a 40 year old than to a 10 year old... unless that 40 year old is about to be hit by a bus.