Depends on the person.
The time depends on age. As you are older, the time passes faster. (self evident)
The passage of time when young or old does not change, though the psychology of how we perceive the world as we gain experience with age does affect our perception of the rate at which time passes.
The very young have little in the way of past experience upon which to draw and compare what they see now, so it takes them longer, their brains longer to assemble some picture of the world from their sensory data. Thus they experience the process as slowed when compared to an adult with more experience.
The adult having seen more of the world and previously assembled some comprehensible understanding of what their senses provide, relies more heavily on past experience to fill in the details. That use of experience requires less time and effort, thus time is perceived to move faster for the adult.
The first few times a child sees a dog they must see the whole dog to know it is a dog. They must do this with a number of different dogs before they recognize the pattern and are able to know that both a German Shepard and a Poodle are both dogs. An adult having seen many dogs over a great span of time can often recognize a dog from little more than a wagging tail, while the dog itself remains hidden from view.
As adults we fill in much of the world we see around us from memory. To some extent the world becomes what we expect it to be. And time seems to fly by.
There is real wisdom in the old saying, "Stop to smell the roses." As adults we we very often stop even looking for the fine detail of the world around us. This is perhaps one of the reasons "eye witnesses" so often have very different descriptions of events.
But I digress now... Young or old time passes at the same rate. We just tend to experience time differently when we are old than we once did when we were young.
Or maybe it is just the wrinkles of age that mess with time. Children don't have as many wrinkles....