AgingExpert: Timebanking

What is Timebanking? As a member of the International Federation on Aging, we are invited to informative webinars on all matters related to aging and older adults. On February 4, 2022, Sarah Bird of Timebanking UK explained how it works. Unlike formal volunteering, which is a one-way street, Timebanking is a low-level, two-way street of giving and receiving time.

Although Timebanking started three hundred years ago, the “father of modern Timebanking” is Edgar Cahn, who promoted the “sharing economy” or “asset-based economy.” The mechanism is time. Time equals currency. You give time, you get time. Everyone’s time is equal whether digging a ditch or accompanying an older adult on a walk in the park. Everyone has skills to give no matter their level of ability. Plus, Timebanking creates friendships and support. Bird stated, “I want to make clear that Timebanking is not a professional service. Timebanking volunteers do it to the best of their abilities. It is not a free service; it is people helping each other.” Each Timebanking program has a coordinator, a paid position. Bird added that the coordinators are not gatekeepers.

Timebanking in the UK started in1998 and they now have 18,000 people with 67% of timebanks supported by local authorities. A major challenge of establishing a timebank is obtaining insurance.

Men serving lengthy prison sentences are on board with Timebanking! According to Bird, they earn hours and then gift them to Timebanking organizations. I have posted a link below that explains how the prison program works. High school and college students are also helping older adults by providing services in exchange for learning “lost art” skills like crochet, knitting, and sewing.

There are three Timebanking models:

1. People-to-people

2. Organizations helping/sharing

3. Organization-to-organization [like business-to-business, B2B]

How do we know if timesharing is successful? The outcomes are measured, an essential element for raising support. The program assessments show a 76% increase in self-esteem, 67% reduction in loneliness, and 83% of participants made new friends and felt part of their community.

What about bad actors who seek timesharing with hidden motives? According to Bird, safeguards are in place. First, members have a handbook and must follow the Timebanking guidelines. Second, participants work with people they know to eliminate lawbreakers, predators, and pretenders.

Check out these resources below to find out more about Timebanking and how the program works. There may be one in your community or you may wish to start one. It’s win/win for everyone! AgeDoc

YouTube. Timebanking. What is it? https://youtu.be/aB8ifVJ34JU

What is Timebanking? https://timebanks.org

Timebanking in the UK: Ted Talk with Sarah Bird (2017): https://youtu.be/k0Flh6cuuWs

History of Timebanking. A brief overview from Wiki: https://en.wikipedia.org/wiki/Time-based_currency

Timebanking UK FAQs: https://Timebanking.org/faqs_individuals/

Timebanking UK: Lord Low of Daltson CBE, Patron: https://Timebanking.org/team/lord-low-of-dalston-cbe/

A Guide to Establishing a Timebank within a Prison: https://Timebanking.org/wp-content/uploads/2020/05/Time-Banking-in-Prisons.pdf