What
is a Time Bank?
A time bank is a way for people to come together and help each other. Participants 'deposit' their time in the bank by giving practical help and support to others and are able to 'withdraw' their time when they need something done themselves. Everyone's time is worth the same and a broker links people up and keeps records. People help each other with everything from making phone calls to sharing meals and giving lifts to the shop - anything that brings them together.
For more information please see our frequently asked questions.
Time Banks originated in the USA in the mid-80s when civil rights lawyer Edgar Cahn piloted the first Time Dollars scheme. There are now over 250 schemes in the USA involving thousands of people of all ages across a wide range of communities.
Giving time
Time banks measure and value all the different kinds of help we can give each other. In a time bank everyone becomes both a giver and a receiver. Participants can use the time credits they earn to 'buy' precious care and support - when and where they need it.
There are many ways for members to give their time and it's always fun...
help when you need it ~
DIY ~ help with the kids ~ trips out ~ exercise ~ making friends ~ shopping ~ new grandparents ~ talking on the phone ~ having a break ~ gaining new skills ~ crafts ~ going to the park ~ cooking ~ getting to know your neighbours
What kind of skills are exchanged through a time bank?
Time banks can:
- meet local needs
- develop skills and resources in the community
- build networks between people and organisations for wider community benefit
- catalyse local community activities
a) Meeting local needs
Time banks measure and value equally an extraordinary variety of skills that people and organizations share. These are often skills which are undervalued in our society, and that are often not valued by the market economy:
A helping hand when needed; DIY; A companion for exercise; Gardening; A trip to the shops; Painting and decorating; Listening; Dog walking; Befriending; Arts and Crafts; Sports; Music; Collecting a prescription.
The market economy provides few of these services. They make a big
difference to peoples quality of life. A time bank rewards people for the time they spend participating in these activities, and encourages other people to do the same. It recognizes and rewards the time that they spend, building community. As time banks are predominantly set up in areas of social and economic deprivation, the time bank provides a way for those most in need to access assistance and services, and to share their own skills.
b) Develop skills and resources within the community
A time bank can also provide services that have more quantifiable benefits, and which bring together the diversity of a community:
Practicing a new language through conversation; learning new skills; teaching what you enjoy; building social networks through get-togethers; organising community events; learning about IT and computers; work placements with local organizations; job skills such as letter writing and attending interviews.
In this way a time bank can provide a continuum from the softer
confidence building activities to firmer learning and employment-related benefits. It also brings together groups who would not normally mix, such as young people and older people, or refugees and long term local residents, and breaks down barriers between these groups through mutual understanding.
c) Build networks between people and organisations for wider community benefit
Organizations also participate in time banks. They use the time bank for:
Leaflet delivery; assistance at short notice; administration help; networking with other organizations at events; shared use of resources such as computers and photocopiers; advice from other organisations on finance etc; meeting space; training resources; getting repairs or simple decorating done; delivery of goods.
For many organizations the time bank is also a way to develop a positive profile with local people. They may do this by offering incentives to time bank participants through a discount when hiring goods, or access to sports facilities at off peak times. Local authorities have offered leisure passes. However, goods are not generally exchanged for time credits. Benefits to individuals are rewards for being a participant in local community activities through the time bank.
d) Catalyse local community activities
The time bank can have its own account within the TimeKeeper software, used by time banks to record and facilitate exchanges. It uses its own account to facilitate community events, or benefit those who have no time credits themselves. The time bank will credit a participant for the time they have spent on a certain activity, and deduct it from its own account.
Holding Christmas parties for local kids;
neighbourhood transport; box schemes; catering at special events; sports; peer mentoring in schools.
People often donate their credits to the time bank account (or to a someone else) if they have no need for them themselves. The turnover in a time banks own account is a measure of the amount of community benefit it has catalysed in its area (in this case, a deficit of time credits is good, because it shows there has been plenty of community benefit).
Who gets involved in a time bank?
Anyone and everyone. A time bank is open to all age ranges, ethnicities and cultures. In fact a time bank needs great diversity in its participants so that there is a wide variety of skills on offer and skills that are needed. Otherwise participants end up not being able to get they help they need, nor are able to offer their skills to others.
Making friends
Why have a time bank?
Market economics values what is scarce - not the real work of society which is caring, loving, being a citizen, a neighbour and a human being. Edgar Cahn
There is a market economy in which money drives transactions, and then there is a non-market economy that we do not consider as an economic system - our network of support in the form of family, friends, neighbours and community.
How much do you think it would cost, at market value, to toilet train the managing directors of the top 100 stock market companies? A question asked by leading social scientist Prof. Robert Putnam
As you can see, the market economy depends on the healthy functioning of the non-market economy - we all need support from family and friends. We take it for granted that the non-market economy will always be there. As such we can undervalue what it provides.
We notice when things go wrong with the non-market economy - social isolation, run down estates, crime, poor health, no feeling of community - these are just a few of the symptoms of an area in malaise, with poor social connections and few support networks.
You can look at an area in decline like a body with a weaken immune system. The protection holding that body together - family, friends, neighbours, community - are falling apart. It is losing its connections. The body needs to be fit and healthy to function and to grow.
What we need to do is to strengthen the areas immune system, by drawing people together, and by developing mutual friendships and support.
A time bank is a means to achieve that, to strengthen communities and help them grow.
A time bank is a means to strengthen the non-market economy.
Core values of time banking
SOCIAL CAPITAL: A time bank links people and organisations together for mutual advantage. It provides a way for people to support themselves, each other and their communities.
CAN DO: It values peoples contributions and recognises that everyone has something to offer. With time banks its not No I cant its Yes we can.
EQUALITY: It uses a currency - time (one hour = one time credit) which is equal for everybody.
RECIPROCITY: Everyone is a giver and a receiver. Time banking is a two-way street, not a one-way street.
Benefits and uses of time banks
A time bank can help to:
- Bring people together in a spirit of equality
- Value and record contributions to community life
- Build an individuals confidence and skills
- Build organisational capacity
- Build community networks and knowledge
- Get things done that wouldnt get done otherwise (by funding in time credits)
- Encourage community participation
For a complete list of time banks around the UK visit our Projects page.