Why are we trying to create a time bank?
Time banks have been studied. They're tied to increased volunteering, stronger social connections, health benefits, and a greater sense of belonging.
They increase volunteering and quality of life. Research from a timebank in Hong Kong found that elders in a time bank volunteered more than those who were not, and that increased volunteering through the time bank did not reduce volunteering activities outside of it. A related study of the same time bank found increased quality of life.
They strengthen social networks. In survey data from hundreds of members, researchers found that participation was linked to greater trust among neighbors, stronger social networks, and a sense of belonging.
They support health and wellbeing. Research based on a hospital‑affiliated time bank found evidence a sense of belonging is essential to improved well-being and that time banking can promoting health and belonging among elders, lower-income individuals, and those who live alone.
They can help us imagine a world liberated from money. Some research suggests it can reduce dependence on monetary exchange for meeting needs, which can shift how participants think about economic exchange and reliance on money.
They reframe decisions in terms of time rather than money — 2 things that aren't as interchangeable as economic systems try to make them. While thinking about money leads people to value productivity, time leads people to prioritize social connections. Some evidence suggests that prioritizing time over money is associated with greater happiness.
Why Do Time Banking?
Time Banks aren't the only way that we can build a sense of belonging, community connection, imagined liberation from economic systems, and support. Many of us, including members of Street Works, were doing this before working towards a time bank. But the one thing it does that many other complementary activities don't is visibilize our community resources, needs, and support systems so they can understood and equitably circulated. Once our systems are well organized for the long term, there are so many things we can do and be for another.
