Switzerland’s ‘Time Bank’ lets citizens save time for future care – Here’s how

Switzerland has introduced an innovative solution to tackle the challenges of an ageing population: the ‘Time Bank’ system. This initiative allows individuals to ‘deposit’ time by providing care for the elderly, which they can later ‘withdraw’ when they require assistance themselves.

How Does the ‘Time Bank’ Work?

Launched by the Swiss Federal Social Insurance Office (FSIO) and the municipal government of St. Gallen, the ‘Time Bank’ operates on a simple yet effective principle. Volunteers offer their time to assist elderly individuals in need, engaging in tasks such as:

Companionship and emotional support

Household chores and cooking

Running errands, such as grocery shopping

The hours they contribute are recorded in their personal accounts within the social security system. Later in life, these volunteers can ‘withdraw’ their accumulated hours to receive similar care when they themselves require assistance.

Benefits of the System

The ‘Time Bank’ offers multiple advantages, including:

Encouraging Mutual Support – It fosters a culture of reciprocity, ensuring that those who give their time can expect assistance in return when needed.

Strengthening Community Engagement – By promoting volunteerism, it helps bridge the gap between generations and encourages a sense of collective responsibility.

Reducing the Strain on Public Services – As an alternative or supplement to state-funded elderly care, it provides a cost-effective solution that eases the financial burden on social welfare systems.

Growing Popularity and Global Interest

Since its inception, the ‘Time Bank’ has gained significant traction. In St. Gallen, over 50,000 hours have already been volunteered to support elderly individuals. Initially, the programme was limited to those over 50, but it has since expanded to include younger volunteers, broadening its impact.

The success of Switzerland’s ‘Time Bank’ has inspired similar initiatives worldwide. Countries such as Japan, Spain, New Zealand, Singapore, and the United States have adopted comparable time-banking systems. In Beijing, a similar model allows volunteers to earn credits for their service, which can be redeemed for care or even donated to family members in need.

Switzerland’s ‘Time Bank’ is a forward-thinking approach to addressing the realities of an ageing society. By treating time as a currency for care, it not only ensures that the elderly receive essential support but also reinforces a culture of mutual aid and community-driven responsibility.