Hasti Group of Schools
Dondaicha
Blog Number 305
TIME BANK
The society in India is changing very fast. Over the years, significant migration has occurred from rural areas to cities. According to the World Bank data, in the last 60 years, India’s rural population has decreased from 82% to 64%. Further, the type of families has changed, with nuclear families becoming a norm, which is in contrast to the traditional joint family set-up.
The reduction in the proportion of nonnuclear families means that over time, fewer family members would be available to care for elderly persons, and they would be left to their resources to care for themselves. Older people who would not have resources to pay for the required help will suffer a great deal.
Then, who is going to care for older people and spend time with them?
The answer is complex!
Is there a solution?
Can we do something now so that someone will be available around us when we age!
The answer is yes, and what can be done-we deposit some time in our time bank, which we can draw in our old age.
WHAT IS A TIME BANK?
To simply understand, the concept of time bank, you spend time in caregiving (helping others) and get it back when needed. The concept is based on equality, i.e., 1 h of help means 1 h of credit to your account
The idea promotes community engagement and reduces the market economy’s impact, based on the simple principle of give and take. There is no financial exchange when providing help. The exchange of time can occur between different individuals, organizations, or a combination of both.
Time bank is reported to create active citizens, i.e. people who are engaged with their community and give time to maintain and expand the community networks by supporting each other through volunteering and taking part in decision-making processes
The time bank concept was founded by Edger Cahn in the 1980s in the United States when the then government withdrew funding for social programs.
*According to Cahn, when one does some service for a community member, which can include cooking a meal, cleaning the house, etc. he accumulates hours in his time bank that he can use to purchase another service from someone else in the network – this way a community network of helping each other was built. ,
In his book “No More Throw Away People,” Cahn outlined the four core principles of time banking (later added another one). These principles include
everyone being an asset,
redefining work,
reciprocity,
social networks, and
respect.
A Time Bank is a community-based exchange system where people trade services using time credits. Instead of using money, individuals contribute their skills and labor, receiving credits for their time which can be used later to hire others within the network for services.
How it works:Time Banks operate like a barter system, but instead of goods, they exchange services. One hour of work earns one time credit, which can be used to request services from other members.
benefits:
Time Banks promote community building, social connections, and the sharing of skills and knowledge. They can also be helpful for individuals who need assistance with tasks or have specific skills they want to share.
Examples:Time Banks can be used for various purposes, such as providing childcare, elder care, tutoring, gardening, or even professional services.
Focus on Empowerment:Time Banking can be particularly beneficial for empowering women by recognizing and valuing the economic value of unpaid labor.
Community Building:Time Banks can foster a sense of community by encouraging reciprocal relationships and mutual support.
Addressing Social Needs :They can be instrumental in addressing unmet needs within a community, such as helping the elderly, supporting individuals with disabilities, or providing access to educational opportunities.
Hasti School is excited to introduce our students to a unique opportunity for personal growth, financial literacy, and community engagement. By participating in our Time Bank program, children will learn invaluable skills such as time management, responsibility, and the importance of contributing to society.
Our goal is to empower the next generation with the knowledge and skills necessary to thrive in an ever-changing world.
We intend to invite our students, parents, and community members to join us in this innovative endeavour,& to open an account in Hasti School’s Time Bank, and start earning ‘time credits’ by volunteering, mentoring, or participating in community service projects.
Together, let’s shape a brighter future and instil a sense of social responsibility, empathy, and financial wisdom in our young learners.”
Your feed back is very important in initiating this project*.
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