There have been studies that show that our sense of time changes with situations and with age. This is a study done where people were dropped from a height:
Stetson and co believe that people lay down richer, denser memories when they experience shocking events. These ‘flashbulb memories’ include emotional content, which involves the brain’s emotional centre – the amygdala. As these memories are played back, their unusual richness could fool the brain into thinking that the recorded events took up more time than was actually the case.
You can also check out more from one of the authors on time perception.
Also, from another article about Eagleman:
One of the seats of emotion and memory
in the brain is the amygdala, he
explained. When something threatens
your life, this area seems to kick
into overdrive, recording every last
detail of the experience. The more
detailed the memory, the longer the
moment seems to last. “This explains
why we think that time speeds up when
we grow older,” Eagleman said—why
childhood summers seem to go on
forever, while old age slips by while
we’re dozing. The more familiar the
world becomes, the less information
your brain writes down, and the more
quickly time seems to pass.