Reclaiming the value of time

In our fast-paced world driven by economic transactions and monetary exchanges, the concept of time banking offers a fresh perspective on how we can create and sustain vibrant communities while redefining the value of time itself. Time banking is not a new idea, instead it is one that has gained momentum in recent years as people seek more meaningful ways to connect, share and support each other. In this blog post we will explore the meaning and history of time banking, shedding light on how this innovative system fosters community engagement and empowerment.

The meaning of Time Banking:

Time banking is a community based system that allows individuals to exchange services and skills with others without using traditional currency. Instead it operates on the principle of trading hours. In essence, every hour of service provided by a participant is “banked” as a time credit, which they then  use to receive services from other members of the time bank community.

The central idea behind time banking is reciprocity; for every hour you spend helping someone with a task or providing a service you can earn a time credit that can be redeemed for an hour of assistance from another participant. This system places equal value on everyone’s time and skills, fostering a sense of community, trust and cooperation. 

The History of Time Banking:

The concept of time banking was officially formalised in the 1980’s by Dr. Edgar S. Cahn. Dr. Cahn was a civil rights lawyer and social innovator that believed traditional markets undervalued and underutilised the skills and talents of many individuals, especially those 

who may not have access to higher education opportunities. He saw time banking as a way to harness the hidden wealth of a community by creating a platform for individuals to share time and skills. 

Since then many time banking communities have been established worldwide to address societal issues like poverty, unemployment, social isolation by connecting people and enabling them to contribute to their communities. As we continue to grapple with challenges of the modem world, the principles of time banking offer a compelling vision of how we can build more inclusive and resilient communities.It’s a reminder that our most precious resource isn’t money; it’s time, and how we choose to spend it can make a difference in the world. Here are a few inspiring examples from various regions:

Japan: Fureai Kippu

In Japan a system called “ Fureai Kippu” was developed to address the needs of the elderly population. The concept revolved around volunteering time to assist the elderly with daily taste, such as shopping, cleaning and companionship. These volunteer hours are recorded as credits that can be used when participants require assistance themselves. Fureai Kippu has helped combat social isolation among the elderly and has been considered a successful model for elderly care in Japan.

United States: Hour Exchange Portland

Hour Exchange Portland, located in Maine, is a thriving time bank that focuses on community building and service exchange. Members exchange services such as tutoring, gardening and home repairs, using time credits. This time bank has successfully connected people across diverse backgrounds and has been recognized for its positive impact on the local community.

Australia: Community Exchange Network

The Community Exchange Network(CEN) in Australia operates multiple time banks across the country. One of their success stories comes from Melbourne, where the time bank has helped people share skills and services including language exchange, pet-sitting, and transportation assistance. CEN’s time banks have contributed to building stronger neighbourhood connections.

South Korea: Sharing Cities NetworkSouth Korea has embraced the concept of sharing cities, which includes various initiatives, including time banking. The Sharing Cities Network connects individuals who want to share their skills and services within their local communities. This approach has helped create a sense of belonging and social cohesion.

These success stories demonstrate the versatility and adaptability of time banking addressing various community needs and fostering a sense of belonging. While each region has its unique approach to time baking, they all share the common goal of strengthening their social fabric. We at Bandy are creating a digital Caribbean time banking platform that will address the needs of individuals, the nonprofit sector and businesses. Subscribe to our blog and or podcast to learn more about how we plan to elevate the time banking experience near you.