"Timebanking is a means of exchange used to organise people and organisations around a purpose, where time is the principal currency. For every hour participants ‘deposit’ in a timebank, perhaps by giving practical help and support to others, they are able to ‘withdraw’ equivalent support in time when they themselves are in need. In each case the participant decides what they can offer. Everyone’s time is equal, so one hour of my time is equal to one hour of your time, irrespective of whatever we choose to exchange. Because timebanks are just systems of exchange, they can be used in an almost endless variety of settings."
Read February 2017's WOW Now, in which we introduce Wellbeing Our Way's Timebank.
Claire Tomkinson, Wellbeing Development Lead and Policy and Influence Team Lead at Macc, blogged for Wellbeing Our Way about why she thinks timebanking is so important:
"Timebanking gives us the opportunity to build upon those strengths by recognising that everyone has something to offer, including those who are often defined as disadvantaged or vulnerable. Everyone’s time and skills are valued equally and this is a great equaliser as we all have the same number of hours in each day. It enables Mrs. M. to sew a set of curtains for a neighbour in her home in exchange for some help with maintaining her garden. She is valued for sharing a skill that is important to her, meets a neighbour, and gets support in return."