Two elderly people walking together in nature

Time-Based currency: Care in exchange for care

With a shrinking workforce and the number of people aged 80+ expected to triple between 2020 and 2050, longevity will be one of the most impactful drivers of change in society.

But how do you make people aware of the importance of being prepared for their longer-lasting lives and help them save for later? As part of a solution, The Swiss Ministry of Health launched the ‘Time Bank’ concept. People can volunteer to look after elderly. The number of hours they spend with, or caring for, seniors gets deposited in their individual social security accounts which they can then redeem for care whenever they need it during their own golden years.

Initiatives like these are likely to resonate with Generation Z,  who are very averse to capitalism and the current economic system. Many blame capitalism for the housing crisis, and believe the climate emergency is “specifically a capitalist problem”.

As a result, initiatives pop up that allow people to buy something (like care) in exchange for knowledge, work or something else other than money. We’re curious to see whether positive societal impact becomes a currency that can be implemented in more aspects of life. Imagine that those owning the biggest houses and driving the fastest cars are those contributing to society the most. Could this help us spend our time and energy to tackle more meaningful and conscious matters in society?