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Countries Are Letting Citizens Open 'Time Banks' In Exchange For Helping The Elderly

You heard that expression "time is money," right? Well, as it turns out, in Switzerland, they are taking that to heart. The Switzerland government came up with a genius idea to help their elderly.

It all has to do with a "Time Bank," and it's a very interesting idea. Let me explain it to your further so you can fully understand it. Check it out and let me know what you think.

Here's how it works:

hand holding a clock
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The Swiss government came up with a clever scheme to use as an old-age assistance program. The Ministry of Health created what they call a "Time Bank" concept. Swiss citizens can save their time and put it to better use later by depositing it in banks.

What a neat idea, huh?

volunteer man looking at this watch
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So here's exactly how it works: Younger people can volunteer to help the elderly who require assistance and that time is put into their individual social security accounts. Then, when they get older and need help themselves they can use the time they banked.

That sounds very nice.

older woman
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Not only does it help the elderly but it also pays it forward. So when the person who volunteered themselves gets older they can use the time they saved to get a volunteer to help them. Oh, my gosh!

Check this out.

man looking like he gets it
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The "Time Bank" is basically a barter system that allows people to 'deposit' and 'withdraw' their time based on their individual abilities and needs. This is a simple concept that's based on altruistic principles. I think we need more of that in the world right now.

The aging population is growing.

older couple walking in the park
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Today, about 1 in 10 people are 65 years old. By the 2050, 1 in 6 will be at least that old. So we need to do something about being able to help the older population, and this is a genius idea to do that, no?

A similar idea is being launched in Beijing.

man sitting on coins
Unsplash | Mathieu Stern

Volunteers can earn 1 "coin" for every hour they spend helping an older person. Then they can "redeem" these "coins" when they turn 60 years old. And if they earn 10,000 coins, they can earn a place in a state-run home.

That's so interesting, huh?

woman saying "so clever!"
Giphy | Kim's Convenience

This idea can also be used for other things. For example, IT services, consultations, babysitting, hairdressing, gardening, construction, tutoring, or any other time-consuming job. It's like the time when bartering was in place, and I like that.

This is how you can explain this simple concept.

Unsplash | Sonja Langford

A time bank is essentially used to track the amount of time spent providing the service. Once you have banked the time, you can use it yourself later, or you can even transfer it to somebody else needing assistance.

Other countries are also adopting this scheme.

Steve Carrell saying "I like it."
Giphy | The Office

The U.K. already has a "Time Bank," and Singapore is considering it next. So what do you think of this idea? Is this something you believe would be useful in the future? Hey, if it helps the older population, I'm all for it. It will also encourage people to volunteer their time more.