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What is Time Banking?
A time bank is a new and exciting way for people to come together to help others and help themselves at the same time. 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.
Giving and Receiving Time
Time banks measure and value all the different kinds of help and skills we can offer each other. In a time bank, everyone becomes both a giver and a receiver.
Everyone's time is valued equally : One hour = 1 time credit
Participants can spend their time credits on the skills and support of other participants when they need a helping hand.
People help each other out with everything from making phone calls to sharing meals and giving lifts to the shops - anything that brings them together:
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
Click here to read why you should have a time bank
Over the past ten years the Timebanking system has been refined and is now fit for purpose. Two models have emerged but they are in no way mutually exclusive - good timebanking can incorporate the best elements of both.
Person-to-Person model
This is the most common approach in the UK. It usually involves a ‘broker’ (often a paid worker) who facilitates and records exchanges between individuals and develops the membership of the Timebank.
There are different ways that person-to-person Timebanking services are set up:
- An independent, stand-alone local organisation run as a self help group, a co-operative, not-for-profit organisation or charity
- A two way service run by statutory agencies utilising existing staff time and resources in collaboration with local residents in a defined community
- A two way service run by a third sector organisation or social enterprise as one of many services they provide for the local community.
- A service commissioned by local statutory and voluntary agencies in response to identified needs – communities of interest
- Small local neighbourhood time banks run and shaped by neighbours
Person-to-Agency model
This is when an organisation enlists people to contribute to its mission or objectives. Service users or local communities act as agents to help an organisation to realise its goals and are rewarded with time credits. So for instance, Housing Association residents are rewarded with Time Credits as a ‘thank you’ for their involvement in helping to improve community life for all residents. The time credits can then be used to access training, cultural or social events and ‘reward activities’ such as outings. The time credits can also be exchanged between individuals but this is a secondary outcome. The main aim is to encourage a culture change within the agency so that paid staff see themselves as facilitators of co-produced services as well as service providers. This model was pioneered in Wales by Timebanking Wales and Spice.
There is growing interest in a third model, (Agency to Agency), in which organisations are using time credits as a medium of exchange to share skills and resources with each other. Experiments are underway in Wales, Gloucestershire and the north of England. The internet is used to inform organisations of the offers and requests and to record the exchanges.
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