In all forms of volunteering and community activism, one of the most valuable assets is time. However, it is persistently under-valued, and often only considered valuable at all when it can be directly cited in pounds and pence. But attitudes are changing, and time-banking schemes such as that which is being established in Ward End and Pelham indicate that community networks are tapping into a fairer, and arguably more efficient way of releasing their potential.

The father of the time-banking movement was Edgar Cahn, who proposed that the currency of our ‘core economy’ was, quite simply, time – the precious, finite resource that we invest into our families, friends and communities – a concept which he dubbed the ‘Time Dollar’. He set up the Time Dollar Institute in the 1980s, which pioneered the use of time dollars in the areas of youth justice and legal aid, wherein recipients of legal advice paid in time dollars, accumulated by spending time on projects that were of benefit to the neighbourhoods surrounding the law school. Thus, relationships which had been considered purely economic now involved the currency of social ethics, but importantly, this new arrangement was complementary with the conventional economy.

In practical terms, time is deposited into the bank by giving practical help and support to others; and can be withdrawn when they need that help and assistance for an initiative of their own. The help and skills that people can offer will vary, but everyone’s time is valued equally, i.e. one hour = one ‘time credit’. Timebanking UK explains that there are three basic models, but that these can be used interchangeably if needs be.

Firstly, the Person-to-Person model, involving a ‘broker’, who facilitates and records exchanges between individuals, and generally expands the membership of the Timebank. Person-to Person timebanks can be set up in a number of ways, notes Timebanking UK, but include:

• An independent, stand-alone local organisation run as a self help group, 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

The other model is Person-to-Agency, wherein an organisation enlists people to help to achieve its goals, and rewards them in time credits, which can also be traded between individuals. This can engender a positive change within the agency, with paid staff facilitating co-produced services. The third, more nascent model is Agency-to-Agency, wherein organisations use time credits so as to exchange skills and resources with one another.

It has been more than a decade since timebanking made its way to the UK, and now, there are 94 active time banks, 74 developing time banks, two neighbourhood time banks, 11,739 participants actively involved in time banking and an impressive 665,765 hours traded between participants to date.

If you’d like to find out more, come to Saturday’s Resident University Timebanking workshop and join the discussion. Fill in this form to attend, or call us on 07795448462.