As global populations age rapidly, innovative solutions are emerging to ensure care for the elderly — and Switzerland is leading the way with a unique concept: the “time bank”.
According to the World Economic Forum, launched by the Swiss government, the scheme allows younger individuals to volunteer their time caring for older people and “deposit” those hours into a special social security account.
Later in life, when these volunteers require care themselves, they can “withdraw” their saved hours to receive assistance from a new generation of carers.
The initiative aims to tackle a critical global challenge. Today, one in ten people worldwide is over the age of 65. By 2050, that number is projected to rise to one in six — a demographic shift that places immense pressure on healthcare systems and social support structures.
A similar programme is now being launched in Beijing, China. There, volunteers earn one “coin” per hour of elderly care. These coins can be redeemed upon reaching age 60 or gifted to ageing relatives or friends. Accumulating 10,000 coins secures a spot in a state-run care facility.
With ageing societies becoming the norm rather than the exception, time banks could play a pivotal role in reshaping how nations care for their elderly — effectively letting people save time today to spend it when they need it most.
