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Why timebanking?

Why use timebanking as a means of exchange?

It’s all about co-production; the delivery of public services in which citizens are involved in the creation of public policies and services. 

The core principles of co-production as described by the Social Care Institute for Excellence:

  1. Equality – co-production starts from the idea that no one group or person is more important than any other group or person. So everyone is equal and everyone has assets to bring to the process.
  2. Diversity – diversity and inclusion are important values in co-production. This can be challenging but it is important that co-production projects are proactive about diversity.
  3. Accessibility – access needs to be recognised as a fundamental principle of co-production; if the process is accessible, everyone can take part on an equal basis. Accessibility is about ensuring everyone has the same opportunity to take part in an activity in the way that suits them best.
  4. Reciprocity – reciprocity is a key concept in co-production. It has been defined as ensuring that people receive something back for putting something in, and building on people’s desire to feel needed and valued.

Time banks are fantastic vehicles for achieving co-production between individuals, communities, and businesses.

Timebanking is a means of using the assets that lie dormant in people and organisations. By bringing these assets to life and allowing people equitable access to them, we no longer need to talk about a resource crisis. Together we can say that people can!


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