diff --git a/test/functional/mempool_persist.py b/test/functional/mempool_persist.py
--- a/test/functional/mempool_persist.py
+++ b/test/functional/mempool_persist.py
@@ -37,12 +37,14 @@
 """
 from decimal import Decimal
 import os
+import time
 
 from test_framework.test_framework import BitcoinTestFramework
 from test_framework.util import (
     assert_equal,
+    assert_greater_than_or_equal,
     assert_raises_rpc_error,
-    wait_until
+    wait_until,
 )
 
 
@@ -55,19 +57,14 @@
         self.skip_if_no_wallet()
 
     def run_test(self):
-        chain_height = self.nodes[0].getblockcount()
-        assert_equal(chain_height, 200)
-
-        self.log.debug("Mine a single block to get out of IBD")
-        self.nodes[0].generate(1)
-        self.sync_all()
-
         self.log.debug("Send 5 transactions from node2 (to its own address)")
+        tx_creation_time_lower = int(time.time())
         for i in range(5):
             last_txid = self.nodes[2].sendtoaddress(
                 self.nodes[2].getnewaddress(), Decimal("10"))
         node2_balance = self.nodes[2].getbalance()
         self.sync_all()
+        tx_creation_time_higher = int(time.time())
 
         self.log.debug(
             "Verify that node0 and node1 have 5 transactions in their mempools")
@@ -81,6 +78,11 @@
         fees = self.nodes[0].getmempoolentry(txid=last_txid)['fees']
         assert_equal(fees['base'] + Decimal('0.00001000'), fees['modified'])
 
+        tx_creation_time = self.nodes[0].getmempoolentry(txid=last_txid)[
+            'time']
+        assert_greater_than_or_equal(tx_creation_time, tx_creation_time_lower)
+        assert_greater_than_or_equal(tx_creation_time_higher, tx_creation_time)
+
         self.log.debug("Stop-start the nodes. Verify that node0 has the "
                        "transactions in its mempool and node1 does not. "
                        "Verify that node2 calculates its balance correctly "
@@ -104,6 +106,12 @@
         fees = self.nodes[0].getmempoolentry(txid=last_txid)['fees']
         assert_equal(fees['base'] + Decimal('0.00001000'), fees['modified'])
 
+        self.log.debug('Verify time is loaded correctly')
+        assert_equal(
+            tx_creation_time,
+            self.nodes[0].getmempoolentry(
+                txid=last_txid)['time'])
+
         # Verify accounting of mempool transactions after restart is correct
         # Flush mempool to wallet
         self.nodes[2].syncwithvalidationinterfacequeue()