Apparently, "way" was a contraction of "away". It took on an adverbial meaning in the early 1900s: In the 19th century, “‘way” was also used for “away” in the sense of a great distance: “way towards Tupper’s Lake” (1849); “He sat ‘way under the mantle” (1888); “way below cost” (1890); “mere specks, ‘way down the road” (1927), and so on. (Note that some writers used an apostrophe to show the “a” had been dropped from “away.”) In addition, since the 19th century both “away” and “way” have been used as adverbs to add emphasis. These usages are heard chiefly in the US, the OED notes, though it includes some British citations. Here are some “away” citations: “away up in Canada” (1818); “away down east” (1825); “away back in 1840″ (1882); “away up in price” (1903); “away behind” (1906); “I’m away wrong” (1910); and “away down in the list” (1858). And here are some “way” citations: “way over yonder” (1850); “way down south” (1851); “way down East” (1854); “‘way down amongst the roots” (1866); and “sick of it way through” (1908). Finally, we come to the usage you’re talking about, and here’s where “way” and “away” part company. This is the adverbial use of “way” to mean “much” or “far.” Way can be used as an adverb, but it is very informal. According to this entry: — adv informal a. at a considerable distance or extent: way over yonder b. very far: they're way up the mountain informal by far; considerably: way better slang truly; genuinely: they have a way cool site It is not incorrect to say that something is way better or that you have way more of something, but it is not formal. It has also been in adverbial use for long enough that 80 year olds should accept it.