Timebanking in general
How do you value hours?
Everyone’s time is equal, regardless of the task – an hour from a sculptor or rocket scientist is worth the same as an hour from someone fresh out of secondary school. No one is standing by with a stopwatch, so if you finish your task in slightly under or over an hour, it still counts as an hour.
Will I ever have to pay for a time credit?
No one should ever have to pay for a time credit. It’s an hour of your time, exchanged for an hour of someone else’s time.
Can you evaluate the economic impact of a time bank?
Timebanking UK has calculated the social return on investment for a time bank in London and found that for every £1 invested, the social value was £9.34.
What are the wider benefits of timebanking?
The Eden Project’s report, The Cost of Disconnected Communities, by Gill Seyfang (2001, 2003) found that by allowing members to develop new skills and receive training, time banks can deliver new informal employment opportunities to people who are socially excluded, boost their income in the long term, offer cost-free access to goods and equipment, and provide a forum for social interaction and community-building.
Are there any exchanges you can’t offer or request?
Time banks don’t offer professional work such as engine mechanics, electrical or plumbing work, legal advice, or jobs that pose health or safety risks. Timebanking is not intended to replace regular paid work such as social care, gardening or cleaning.
Do you have another question we haven’t answered here? Please email us at info@timebanking.org – we’re always happy to talk about timebanking!