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‘Time2Trade' for the 'time rich and cash poor'

Cost and Savings

Sandwell Primary Care Trust invests £11,325 plus the salary of Dan Grainger to the Timebank annually. This is a small investment given the benefits Time2Trade has created. Martin Knapp of the London School of Economics has produced a cost-benefit analysis of Time Banks. In his study “Building Community Capacity. Making an Economic Case”, Knapp said that “Time Banks, which use hours of time rather than pounds as a community currency, cost £450 per member per year, but can provide savings of more than £1300 per member over the same period. Participants contribute their own skill, practical help or resources in return for services provided by fellow time bank members.”

Also Time2Trade is able to make further savings by allowing Donna to earn time credits when helping do admin work. Donna works between 10 and 15 hours per week for Time2Trade earning time credits. If she did this at the minimum wage she would earn £76 (£6.08 x 12.5) per week. This saves the time bank approximately £304 per month and £3648 a year.

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Frankie Hine-Hughes, project manager of Governance International, wrote this case study on 26 September 2011.

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