Time Banks summary

Assembled because of the 15th October, Public Timebanking event in Birmingham

The world’s first time bank is said to have been established in 1973 by a Japanese woman. The benefits that older time bank members derived included formation of new friendship networks to replace those lost by retirement and the chance to use old skills and learn new ones. Time banks can generate a new form of social capital that fosters traditional Japanese reciprocity and has ikigai or ‘sense of meaning in life’ as one of its main pillars. See Elizabeth Miller’s thesis, submitted for the degree of Doctor of Philosophy of the Australian National University June 2008.

time banks boyle coverDavid Boyle, who helped to found the London Time Bank, wrote a 2001 briefing, published on the New Economics Foundation blog, setting out a practical prescription for community time banks, that can release human resources to tackle deep-rooted social problems and also provide practical and effective solutions for a range of public policy problems. Download here.

The time bank idea was further developed at the London School of Economics by Washington law professor Edgar Cahn in 1986, who describes the idea as working like a blood bank or babysitting club: “Help a neighbour and then, when you need it, a neighbour – most likely a different one – will help you. The system is based on equality: one hour of help means one time dollar, whether the task is grocery shopping or making out a tax return… Credits are kept in individual accounts in a ‘bank’ on a personal computer. Credits and debits are tallied regularly. Some banks provide monthly balance statements, recording the flow of good deeds.”

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Our database first records a reference to a 2001 letter to Ed Mayo, then director of the New Economics Foundation, enclosing a donation for the Time Bank work with a local reference:

“I rather like our South Birmingham LETS social fund, which enables elderly and/or frail people who are not LETS members to use the appropriate services – shopping, sitting, gardening etc. It costs nothing except members’ donations of Hearts to the fund. Where Time Banks will perhaps work better is in becoming better known – forming linkages with Health Centres and other organisations – because the gripe here is that the fund is not used enough”.

The Farmers Guardian (26.10.01) recorded that the Cumbria Rural Women’s Network was helping women to train or retrain, set up or expand their businesses. The network catered for 16-year-olds upwards with some 15 local networks bringing women together on a geographic or common interest such as a wool group. Voluntary co-ordinators and mentors – successful business women or rural women with professional training – advised and supported budding entrepreneurs. The commitment was repaid by the time bank – this means that their time is repaid by an equivalent amount of someone else’s work or training time.

In its 2002 Social Enterprise Strategy (now archived) the Department of Trade and Industry highlighted the remarkable upsurge in competitive social enterprises – credit unions, social firms, housing co-operatives, fair-trade and ecological enterprises, managed workspaces, farmers’ markets, recycling initiatives, employment services, community shops, arts ventures, social care co-operatives and time banks.

James Robertson’s Newsletter No. 8 – December 2005, brought news of a Municipal Time Bank: ”The Overstrand Municipality in Hermanus is running this project in partnership with SANE and the Embassy of Finland. It enables poor people in the municipality to reduce their debts or pay for services, and the municipality gains the value of the work they do. The benefits of this Community Exchange System (CES) are that people work for each other and their communities. This encourages people to identify and use their skills to meet local needs, builds the local economy and community, and compensates for cashlessness.

2015

time banking logo

http://timebank.org.uk/

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