Ma thesisadavandijk by Ada van Dijk

;; Can time banking change pension awareness? Ada van Dijk

Can time banking increase pension awareness? A study in repositioning pensions and retirement planning Thesis Master Integrated Design 2014 Kรถln International School of Design (KISD), Fachhochschule Kรถln Ada van Dijk Supervisors: Pr. Birgit Mager, Pr. Philipp Heidkamp

Can time banking change pension awareness? Ada van Dijk

Declaration of authorship I hereby declare that I have independently written this thesis â&#x20AC;&#x201C; in case of a joint team project the part of the thesis marked as my contribution â&#x20AC;&#x201C; and that I have used no other than the sources and means specified. I have marked all quotations as such.

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Can time banking change pension awareness? Ada van Dijk

â&#x20AC;&#x153;How do I know who I am until I see what I do?â&#x20AC;? 1 E.M. Foster

1. Quote from: Grant, A. , 2014. p169, 100 hour rule of volunteering

Can time banking change pension awareness? Ada van Dijk

Abstract

Initial insights in this thesis are derived from 12 expert interviews and academic desk research into behavioral economics, sociology, pedagogy and psychology. In addition the concept is modeled from participatory research into five communities and 8 in-depth interviews with

Pension funds and governments across Europe struggle with effects of

randomly selected prospect users.

an aging society and the fact that many funds will need to decrease al-

lotments. In the Netherlands, the government cuts its health care bud-

poses on a time bank account. Time credits represent the hours spent

gets and actively promotes civic involvement in informal care tasks for

in community service or helping others. Saved credits can be spent

the elderly as part of its cutbacks.

after retiring and complement pension payments in euro.

At the moment private and public parties regard both well-being and

The primary design research tool is a concept movie that visualizes

wealth as a financial issue. But what will happen if we do not approach

the use of time banking with an additional saving account. Inter-

this issue exclusively as a financial cutback but as a lack of social as-

views were made with the aid of film stills that had interview ques-

sets? Would governments and organizations be willing to reward so-

tions placed over the photographs, in order to research service touch

cial behavior of people directly, albeit not financially but in time credits

points. With the interview results four types of use were identified and

that represent time spend on informal care activities? The opportunity

speculative personal scenarios were written for interviewees: a young

to reward social activities with time credits offers organizations the

unemployed male, a low-income mother, an older craftsmen and one

choice to radically reposition their brand and their services into more

scenario for a vital retiree.

The concept focuses on saving time credit for retirement pur-

social and inclusive offers. Based on the concept above and an analysis of current pension planIt is a radical solution because of the use of a complementary currency

ners, a prototype pension calculator was sketched. This calculator inte-

valuing the social assets of citizens. At the same time it is a traditional

grates time credits in a pension calculator. The prototype is mean to be

repositioning of pensions because it integrates time banking in the

offered by pension funds to their members. This design was evaluated

current practices of pension funds without affecting their core busi-

with industry stakeholders in expert interviews.

ness. However, it changes their brands and reputation and can add a complementary value proposition. 2. Time credits are a type of community currency which turns unpaid time into a valuable commodity, and aim to build social capital and promote community self-help through mutual volunteering (both giving and receiving help) in exchange for time credits http://aardnoot.nl/Complementary_Currencies/BoK_EN_-_Time_Banking 3. http://timebanks.org/what-is-timebanking/

Can time banking change pension awareness? Ada van Dijk

The feed back of business and some desk research led to speculative

sonal social assets that to be of use in (late) retirement .

business models for users and for professions that offer a time bank-

On a professional level, the pilot must focus on finding the spot where

ing facility their end users. The business model for users was extended

(commercial) organizations can increase their EUR-revenue with a

with two value propositions for late retirees and SMEâ&#x20AC;&#x2122;s that develop

time bank as a complementary service offer, and at the same time re-

â&#x20AC;&#x2DC;newâ&#x20AC;&#x2122; business models with time credits as a complementary currency.

position their brands as more social and inclusive within their current brand identity.

Conclusion Saving time credits as a retirement asset has the potential to help pension-unaware people to work on a plan to increase their retirement well-being. Interviewees came up with ideas, activities and all kinds of possibilities to earn time credits for this purpose. This demonstrates their involvement with retirement in their daily lives, hence it relates to an action horizon, also for low income pension-unaware individuals.

Professionals confirm that the prototype improves current fi-

nancial pension planners but needs further investigation. The idea has options to reposition pensions with respect to solidarity and to daily value-in-use. It seems unlikely that end users that are not used to reading charts will adopt the design. Further research Further research must confirm the qualitative findings above. Real life observation of at least a 100 hour individual user experience in a pilot is needed.

The aim is to learn if pension-unaware people indeed go

through a mentality shift, experience the benefits they forecast for themselves, and start to trust a time currency representing their per-

Can time banking change pension awareness? Ada van Dijk

Contents 7

Further research

Introduction

List of figures

Research methodology Service Design

Bibliography 67

Abstract

Research process

Appendix 20

Expert interviews

User interviews

Currencies

Types of capital

O for Offer

Case study

- reflection -

N for Needs

A for Actors

T for touch points

E for Experience 57

Discussion 62 Conclusion 63

Acknowledgments

Can time banking change pension awareness? Ada van Dijk

derly (retirees) will receive less7. Nevertheless a majority of employees remain in favor of mandatory pension contributions8 , but do not want to save more. Pension awareness A pension aware individual knows his or her personal allotment at retirement age, and the height of payments left to family in case of death. To plan in order to compensate financial shortages is regarded

Introduction

as being pension aware9, albeit a decision to live on less money is also considered a plan.

It is common practice for pension providers to ask their par-

ticipants: â&#x20AC;&#x2DC;what do you want and will you have enough10?â&#x20AC;&#x2122; The action horizon is defined as a financial action, leading to advise to save more

In 2007 the Dutch government issued a new law on pension commu-

money or change the risk profile. Regarding innovation the industry

nications. The law was made to increase transparency and give partici-

looks for more advanced pension calculators. Evaluation suggests11

pants the possibility to compare their pension schemes across different

that the industry should be more innovative and provide with more

employers and funds.

accessible solutions. Established service design insights as described

in this thesis have not been on the table of pension providers yet.

Since 2008, the yearly standardized overview has been sent

to employees. This should enable them to make a financial plan. However up till now about 71%4 does not read, nor understand5 these Uni-

Departmental silos in the financial industry

form Pension Statements6 (UPS). This issue was coined pension un-

Research shows that pension providers center their communications

awareness.

on mandatory uniform pension statements12. As a rule, banks, asset

Pension unawareness affects pension funds. The assets of

managers and pension funds have separate departments for product,

funds need to be shared by more people that grow older (the baby

IT and marketing. Each departmental silo has a complex IT-infrastruc-

boom generation starts retiring). This leads to tensions within funds.

ture: a system for product and asset management, an account main-

Shortly, elderly will be claiming from younger generations and the el-

tenance system to administer user accounts and another IT-system to

4. Heuts, L.l., 2011. Regioplan publication 2155

8. Kok, L., 2013. SEO. 73% of all employees is in favors of a mandatory contribution to pension saving. Seventy eight

5. SCP, 2013. P311.

percent wants mandatory contributions only if one can choose an pension provider oneself

6. Uniform Pension Statement (UPO in Dutch, uniform pensioen overzicht)

9. Just 9% reports to have made a plan that they execute.

7. In the Netherlands, the number of people above 80 will increase from 650.000 to 1,3 billion in 2014. Aad Koster, CEO

10. Netspar, 2013. Research Paper 23, p 23.

Actiz. NRC,18-04-2014.

11. Heuts, L.l., 2011, P75.

Can time banking change pension awareness? Ada van Dijk

track and organize communications. At present, pension funds en-

many do not take action. Prast16, took the example of Roth IRA sched-

counter many hurdles to develop innovative service propositions.

ules in the USA, which comprises implementing a fully automated pe-

These are silo thinking, product complexity and the mandatory and

riodically booking scheme. In combination with setting the default (to

regulatory restrictions on communications .

nudge17) this appears to be the most successful approach to pension

savings.

As a result, pension funds perceive their clients as far-away

phenomena. Innovation towards more sophisticated tools will only

However, the result is that a long term financial commit-

benefit pension aware clients to control their financial assets better by

ment is established by a singular moment of approval. With the lack

adding interactivity and financial planning aiming to control risk to a

of awareness and interest mentioned above, it is clear that customers

mandatory security of 97,5% return of initial investments13. Important

cannot be expected to assess their retirement account regularly. The

considerations for pension unaware participants are not put on the

disadvantages of this approach are huge because the rapidly changing

agenda: the lack of motivation, low financial literacy, no financial sur-

demographical environment will affect retirement arrangements.

plus. These are in scope in this thesis. Informal care and health care costs of seniors Future-selves

The aging population is increasing health care costs. In the Nether-

In 2012, Brüggen en Rohde investigated a more intuitive approach

lands and in the United Kingdom governments announced drastic cut

to trigger pension unaware people to plan their future. They experi-

back in informal care budgets18 and social benefits19. At the same time,

mented with future self-portraits14, presenting clients a computer-gen-

the extended family, solidarity and strong social ties in neighborhoods

erated senior version of themselves. Their aim was to include these

are a thing of the past. Everyone realizes that after a period of strong

images in pension communications like the yearly Uniform Pension

economic growth, we got used to a welfare state and that a situation

Statement. This ought to motivate people to pay attention to financial

of mutual aid is no longer feasible. Any attempt to divert from a better

statements for they may end up in a ‘feared for’ or ‘hoped for’ retire-

welfare state is considered a step backward so it isn’t very likely that

ment situation in case they do not plan their future. Only one fund

these social structures and willingness to support each other will spon-

experimented with this idea but did not proceed.

taneously re-emerge20.

Nudging

Still, people that cannot take care of their household should

look for informal care solutions themselves.

Although many people know they invest too little in their retirement, 12. Nell, L., 2011.

17. Thaler, R. 2009.

13. TNS Nipo, 2013. Proposal Pension Dashboard, FTK, 2014.

18. (NL: AWBZ) informal care costs also are paid by the government and will be cut and executed via local governments

14. Bruggen, E,. cs. 2012, referring to Hershfield, D., 2011

named (NL: WMO), about 16 billion euros will be cut, 3.5 billion euro in 2015.

15. Aegon, 3rd pillar pension product line

19. SCP 2013, p324. Budget cuts in the Netherlands.

16 . Prast, H., 2010.

20. Kampers, E., 2014. similar text as AAL application text ‘Care for the future’ .

Can time banking change pension awareness? Ada van Dijk

Elderly are expected to move from the principle

Different kinds of capital lead to social assets

> professional care > informal care

Employees in regular employer pension schemes are only offered fi-

to a relation that works the other way around: from

nancial provisions for retirement. Still, other assets are important in

> informal care > professional care .

what people ‘have, need and want’26. The table on the next page shows

Because of budget cuts in 2015, about 800 care homes in the Nether-

how human capital, social capital, cultural and family capital enable

lands will close their doors, expecting visiting nurses and civil society

people to increase their wellness. In the Appendix Types of capital27 a

in general to care for them. Many vulnerable elderly people are too shy

full overview of SCP-definitions used in the table next page is given.

to ask for help and will get less care than they ought to have. In many

One can define social assets as a social network, education, knowing

cases they depend on their children to step in and help them.

how to move around within cultural rules of a society, and have a sup-

Traditionally, women take the lead in organizing informal

portive family. A time currency that measures, counts, rewards and

care for their parents. Though there is no research to proof a relation

saves these efforts, leads to an expansion of the action horizon and

to informal care activities, the pension payments to women decreased

contributes to society, in particular after retirement.

from 38% to 34% compared to the pension of men22. Many women work part time in the Netherlands. According to Sennett informal care

Family capital

activities should be taken more seriously and be rewarded .

Family capital is not considered a source of well-being in the SCP-re-

ports. Still, family capital is an important asset of informal care, the Wealth and well-being

main source of well-being at very old age. The period of late retire-

Levels of wealth and well-being cannot solely be defined in terms of

ment often asks for a huge exchange of voluntary care between chil-

money. Alternative scales for measuring well-being are for instance ac-

dren and parents. Up till now people who cannot rely on their families

cess to education, employment opportunities or chances to participate

could make use of institutional care, largely paid for by the (welfare)

in society.

state. It will be harder for seniors to claim a place in these institutions

Every second year , the Dutch governmental institute SCP 24

(Sociaal Cultureel Planbureau) measures levels of well-being . SCP 25

so for them it will be even more important to maintain an active and independent as long as possible.

states that a person relates to his or her personal well-being as to having access to the ‘sources’ needed to realize ambitions. These sources a re referred to as ‘capital’. 21. Vreugdenhil-Jager, 2013, Nederland Participatieland?

invested in their social network are able to reach their goals more often than if they would not have done this (tr. AvD)

22. CBS , July 2014.

26. 2014 Clatworthy, How to design better services. On Needs

23. Sennett, R., 2008.

27. In this text the pivotal role of the use of alternative kinds of capital, next to money, is developed with the help of

24. SCP, Sociaal Cultureel Planbureau, 2011. Den Haag. Bijl, Boelhouwer. De sociale staat van Nederland

established idea’s of Maslov, Hofstede and Manfred Max Neef. In the appendix: Types of capital are exact definitions of

25. SCP, 2013. To belong to a group, to be trusted and tolerated by it, is the core of social capital. People that have

the five kinds of capital.

Can time banking change pension awareness? Ada van Dijk

Figure 1 : Types of capital connecting to assets realized (table) 28. Hofstede, 2001, p8. The idea of values that inspire to action is funded on the work of Geert Hofstede, using his principle that values are feelings with an arrow connected to it. Values are important drivers for action and play a prominent role in the motivation of people.

Can time banking change pension awareness? Ada van Dijk

Value-in-use

using typical external motivators derived from behavioral economic

Nick Leon, (director of the London School of Arts), states that shortly

theories. This approach will often give users a feeling of powerlessness.

‘design will comprise for 80% of services that ‘help people to get their

They face the statuary age to start retirement going up and allotments

daily things done’ and engage more and better with their environ-

going down. The user is either expected to be more disciplined and

ment’29. Enabling ‘getting things done’ will become more important

put more money aside or to experience not having control over the

than the content, the design or the functions of a well-designed device

pension allotment. This paralyzes many people.

or interface. The end goal of a service is to help users on a daily basis

to lead a fulfilling life and perform in the role they have chosen for

chological and sociologically motivations underlying voluntary work33.

themvelves31. A pension is not an end goal.

Internal motivators are a feeling of autonomy, acquiring skills and or

External control methods differ significantly from the psy-

respect of peer group members. Pedagogical research states that inInnovation and the pension industry

ternal motivation makes people more focused; make them work lon-

Currently pension providers, predominantly banks, develop interactive

ger and more effective34 . Internal motivators can be crowded out by

calculation tools. Life events and changing the statuary retirement age

external motivators like payments.

are their favorite scenario entry points.

Nonetheless, when the Dutch government and AFM (au-

Adam Grant states that a serious amount of time and energy invested

thority financial markets) want to increase action horizon of pensions,

into ‘giving’ leads to a more rewarding and more engaged life. In gen-

they point at a value-in-use. A successful action horizon gives pension

eral one hundred hours (that is approximately 2 hours a week for one

funds participants the opportunity to prepare for retirement in their

year) is needed to internalize ‘giving’ in their personality and make

daily life.

people feel more socially involved35.

Research institute TNS-Nipo states that communication prob-

ably should go off–brand and into independent interactive tools32. In

Other sources suggest that intrinsic motivation and volunteering func-

addition TNS-Nipo acknowledges that lack of surplus money to invest

tion as a repair mechanism for inactive people. At time credit organi-

is one of the hurdles that block motivation.

zation Spice.Org in Cardiff36 it was common knowledge that it takes at least one year and in many cases more time for people to internalize

Internal motivation

‘giving to their community’. After that people internalize the habit and

Calculators aim to give their users control, security and transparency,

experience a new role in society. At Spice.org, there is no proof that

29. SDN Network. Movies Global Service Design Conference 2013 http://www.youtube.com/watch?v=FQEDRBS1Kz0

32. TNS Nipo 2012, p35, p21 and p25. TNS Nipo, 2013, p51.

30. Better is to speak of user instead of consumer or customer, because the end user will not ‘buy’ the product. Recently

33. Frey, B.. 2006

H2H (human to human) appears in literature as well. http://socialmediatoday.com/bryan-kramer/2115561/there-no-

34. Ryan, Deci, 2000.

more-b2b-or-b2c-it-s-human-human-h2h, Bryan Kramer.

35. Grant, A., 2013. Adam Give and take ch 9. He quotes E.M. Foster: How do I know who I am until I see what I do?

31. Vargo, S., Lusch R., 2006.

Can time banking change pension awareness? Ada van Dijk

growth of intrinsic motivated behavior will lead to increased pension

sity in spending goals/users and lack of management expertise and

knowledge. See transcript one Appendix Expert Interviews.

consistency . Many currencies have no professionals that market and motivate use of the currency. Finally a stable legal arrangement with

Cognitive surplus and generosity has been brought into the discussion

national governments is missing. This is essential in building trust in

by the sociologist Shirky37. He observes that free time can lead to a

the value of the currency.

large increase of civic value if activities are shared with other people that have the same interest. Wikipedia is the classic example of this.

Why complementary currency? By nature complementary currencies have a role of repair as opposed

Financial maturity

to regular money: they are not meant to replace but to complement.

Kinder , a behavioral psychologist, simply states that what we do to-

They can measure and trade social assets and keep their value when

day affects what we can choose tomorrow. He connects money and

regular currencies destabilize local economies. This leads to a perspec-

planning as psychology, and relates deeply to personal aspects as

tive of remediation as defined by Sennett: improving itsâ&#x20AC;&#x2122; function with

upbringing, mentality and character. He makes people aware of their

add ins that are clearly better40.

objectives in life and motivates them to fulfill ambitions by making a

long term plan that puts intrinsic motivated goals like autonomy and

ronment of a stable long term government policies of at least 10 years.

acquiring skills in the center of a planning process.

Best practices are WIR in Switzerland, Chiemgauer in Germany, Bristol

Successful currencies have established it-selves in an envi-

Pound and Spice Time credits in the UK and numerous Time Banks in Complementary currencies: context and success.

the USA. Appendix Currencies gives a more detailed overview.

Current complementary currencies often have a local scope and a short term agenda: they intent to revitalize a region, integrate a group

Innovators

in society, propose a better environment or use of green energy. At

Due to the financial crisis, lack of commercial credit at banks and high

the moment 3822 different currencies are known at CCIA, (Commu-

unemployment many innovative small businesses look for alternatives

nity Currencies In Action ), however many of these are not employed

to financial sourcing. These SMEâ&#x20AC;&#x2122;s employ highly educated, socially in-

effectively.

volved and - to some extent - financial literate persons. Many love to

share with their peers, are positive, independent and intrinsically mo-

CCIA suggests (though not scientifically) that reasons for

low impact are the lack of involvement of participants, lack of diver-

tivated .

36. See Appendix Expert Interview, AnneMarie Laurence

39. CCIA, Community Currencies In Action, web source https://docs.google.com/spreadsheet/pub?key=0AgOxEHm7Mr-

37. Shirky, C., 2011.

m8dDZtenIxbEs1OFlJcHRyTEhvNEVya1E&output=html

38. Kinder, G., 2007.

40. Sennett, R., 2013, p 213.

Can time banking change pension awareness? Ada van Dijk

They initiatives care for the environment and society at large. They ap-

in fast moving consumer goods and the financial industry46. See the

proach aging from a holistic perspective and do not have a problem

Appendix expert interviews: Justien Marseille.

with senior citizens nor taking on social duties . However it is very 41

important to carefully cherish an individual approach and life style and

Why focus on time banking?

develop products and services in that perspective.

Choosing time banking as a restriction for the thesis research provides

Jonker defines this business approach as New Business

an environment that is not interfered by major negative and some-

Models (NBM): they focus on deliverance of non-financial values and

times hidden touch points of the financial industry. Important hidden

open innovation. Value creation is located in the collaborative net-

touch points are i) (temporary) lack of trust in the financial industry

works with other companies, public organizations and stakeholder

and ii) disinterest in all financial communication in general and iii) lack

groups and not in a single companies activities . Currently, the number

of surplus money. The introduction of time credits as a vehicle for re-

of small companies that deploy ‘new’ business models grows: shar-

tirement savings opens a fresh and more neutral way to observe the

ing and funding via barters and complementary currencies like time

opinions on pensions and reasons for pension unawareness.

banking is on their radar .

Time banking in general will increase professionalism of

Reposition pension funds

these SME’s for it makes efforts visible that otherwise would go as vol-

Since the research in this thesis is focused on pension unaware people

unteering work. Time credit saving will offer retirement assets for this

that avoid pension communications, the researcher has not analyzed

group. It is obvious that mobile platforms, immediate spending and

in depth all communications of established pension providers. Never-

access to time credit markets are essential. The success of NBM’s lies in

theless, it is her intention to seek ways to align with pension providers

the large willingness to perform and a wish to belong to a peer group

and reroute pension unaware clients to financial calculation as well.

amongst innovators and early adopters . Large corporations (like VW

with car sharing services) look at this mentality for their new business

sion schemes is essential for the progress of one of the best systems

approaches.

globally. (Mercer, 2013) At the end of the day, a time currency will be

Innovation can be very disruptive when large groups of peo-

a complement to financial assets, and the combination of time credits

ple turn their backs on passive consumption, ownership, money in

and financial assets should invite to a more holistic perspective on re-

general. It goes against large corporations with uniform client services.

tirement planning.

To increase the engagement of participants with their pen-

This is a symptom of the exhaustion of product push strategies , used 41. Events like Het grijze goud 2014. Pakhuis de Zwijger

45. Generic evidence of this approach also can be an expert interview on trust with Justine Marseille.

42. Jonker, J., 2013.

46. Vargo and Lush, 2006.

43. www.canhav.com. http://www.rotter-dam.nl/ 44. Shirky, C., 2012.

Can time banking change pension awareness? Ada van Dijk

Research Methodology AT ONE, how to design better services’, is a service innovation methodology that is developed by AHO (Oslo School of Architecture). It has been made in a co-creation process of Simon Clatworthy47 and the Norwegean insurance industry48. This thesis makes use of AT ONE as a research frame because it addresses the disadvantages of large traditional financials: i) departmental silo structures and ii) value-in-transaction based products, communications and marketing.

Next to that AT ONE is applied because it explicitly aims for

application of the result and the deliverance of a service, either within a business or in an open innovation environment.

In this case the research uses both angles for the researcher

changed from a full time job to solo researcher during the process. This has led to a more open approach and ‘free style’ application of AT ONE. 47. Clatworthy is professor at AHO. Oslo school of Architecture and Design. 48. AHO collaborated with Gjensidige in the co-development of AT ONE.

Can time banking change pension awareness? Ada van Dijk

AT ONE comprises service innovation activities using a ‘five lenses’ ap-

In step 3 reactions of users on the concept are analyzed and applied in

proach. It defines five co-creation by cross-departmental teams work

a prototype. The prototype differs from the concept for its’ imagining

streams within a company . The clusters of activities give insight into

of a more concrete and explicit holistic experience for more actors than

the topics below:

just the users of the service. In this case customers, (the companies

and organizations that buy the time bank service in order to offer their A

new combinationS of actors who together

own clients time credits as a reward) were taken into the prototype

provide the service

review.

Finally, the pilot is intended as a first time real life test of the

coordination and development of touch points

service in a small interactive IT-environment (step 4). This step has not

between users and the service

been made within the thesis frame for it will take more than two years to prepare and test enough transaction with time credits to obtain re-

the design of what the service is actually offers

sults. Instead step three is given a wider scope in a case study: some users, but mainly the buyers of the service at corporate levels are in

the needs that the service satisfies

the evaluation. The input on the prototype from professionals has been used to move forward into business models. Also, the concept and pro-

the experience that the service gives the user

Service Design

totype mutually will become better and sharper defined. The map on the next page shows all different research approaches,

A service is a branded experience over time and that delivers value to

their place in the service design process and the way they are related to

life of users across different touch points .

one another. Each chapter in the five chapters below will first elaborate

The standard procedure51 to design a service comprises four

steps, and runs from the establishing of insights (step 1) to a synthesized set of idea’s that can be combined to a concept (step 2).

After that, concept must be made understandable to all users

in order to research and evaluate its prospect quality. In many cases visualizations and artefacts are essential in this phase. 49. Clatworthy, 2014, p8. 50. Definition of Service Design at www.servicedesign.org 51. Gais, M., Mager, B., 2008; Polaine A., cs. 2013; Stickdorn, M., 2010, page 136 ev.; Clatworthy, S., 2014, p9 uses Discover, Define, Develop and Deliver. Since this work is based on a single reseachers effort and insights and Clatworthy emphasizes teamwork, Polaine and has been chosen to name the separate phases.

on the approach taken for one of the five lenses in a short introduction.

Can time banking change pension awareness? Ada van Dijk

Research matrix AT ONE for Service Design Actor

Touch-points

Offer

Desk research + expert interviews Insight

Actor map

Touchpoint inventory

Open innovation possibilities

Need

Experience

Participatory research 3 user interviews

Touch point cards

Service Ecology

Concept movie

Concept

Business model canvases

Investigate needs and experiences at users

Users | customers (enterprises)

Prototype

Value proposition canvases For users and using SMEâ&#x20AC;&#x2122;s

More expert interviews Pilot

8 more user interviews

Four user groups

Case study

Expert interviews on prototypes

1 transaction environment with a saving option

- user: test transactions environment - customer: SME and not-for-profit, test combined bu models - sponsor: test prototype pension planners >> pension planning styles for 3 user groups

Figure 2 : Matrix for applied research

Can time banking change pension awareness? Ada van Dijk

Research process The five lenses of AT ONE method has let to the five chapters that follow. After these chapters a discussion on the question â&#x20AC;&#x2DC;Could time banking increase pension awareness?â&#x20AC;&#x2122; will follow first. After that the answer to the research question will be given in the conclusion.

Can time banking change pension awareness? Ada van Dijk

A for Actors New combinations of actors who together provide the service An overview of possible actors is composed out of insights from desk research and expert interviews. Topics like demographics and euro crises were analyzed via professional and international financial press52 conference visits53 and academic sources. Complementary currencies were covered with participatory research and expert interviews54 at user development organizations in the Netherlands, Germany55 and the United Kingdom.

The result is an actor map56 that gives an overview of stakehold-

ers and inspires to find combinations between actors in relation to the research question. In the concept phase for actors a selection of stakeholders was made and clustered into a proposal for a business model. The end result is a value proposition57 for users and small organizations that work with complemantary rewards in time credits. The proposition will be elaborated on in the chapters offer and experience. Also see Appendix Expert interviews and Appendix Introduction. 52. IPN, 2012 - 2013. IPE 2012-2013, Financieel Dagblad, NRC-handelsblad, Wired, Harvard Business Review. 53. Global Service Design Conference Cardiff 2013. 54. Qoin: Edgar Kampens, Sander de Rijke and Spice time credits UK: Anne marie Lawrence, Becky Booth. 55. GLS Geld Gipfel, 2014. Bochum. 56. Polaine, 2013. Service Design. Actors map, p84. 57. Strickdorn, M., 2010. Strategyzer, 2014.

Can time banking change pension awareness? Ada van Dijk

Actor map The map on the next page shows and overview of stakeholders and possible actors. Different stakeholders can be identified via the colors of the text: Dark blue

Governments and public organizations

Dark green

Large private companies

Light blue

Large public organizations, city councils, academics

Pink

SMEâ&#x20AC;&#x2122;s and voluntary organizations

Red

Individuals

The outer circle has the terms why, how, what, where and when as proposed by Polaine59. Segments of the circle express their actions and roles of stakeholder with respect to new activities based on reward in time credits.

The overview inspires to make cross references and discover

places where social capital might prosper. It also investigates growth of the collective social capabilities. This can be in the short term value creation in daily life, (bringing a meal to a very old person that cannot prepare for him or her-self) or refers to a long term value connected to life goals like participating in society or remain active active in a retirement period. A selection of the actors in the map has been used in a service ecology in the case study.

59. Polaine. A., 2013, p 84.

Can time banking change pension awareness? Ada van Dijk

Actor map WHY

Pension providers Impopularity is a risk for sustainable business

SVB national level (admin) Small, local businesses

Generosity

Users

AFM

Planning tools to forecast deployment of social capital after retirement Periods of unemployment or little money Life long because of central account system at SVB

Social events and activities Major life events

Women

Retirees

Unemployed Early retirement Surplus time is a source of unformal value creation

Cognitive surplus

Work together

Increase financial action horizon of low income people

New business models that integrate social capital

Banks

Use alterative capabilities ‘not for the money’ Time credits represent social assets, spend in retirement.

Less than 10 KM from home and work

Mobile platforms for acoount overview

Pay local taxes in social capital Market place for surplus time

Improve social structure in poor neigborhoods

Websites | tools for planners South European countries

WH E RE Figure 3 : Actor or stakeholder map

Regional independence: support complementairy activities to euro economy

Well-being is underestimated in retirement

European union Volunteer orgs

Promote DIY mentality for informal care

Deal with budget cuts in care and social fields Fed up with banks

Intrinsic motivation: develop skills, peer to peer respect, autonomy

(Local) government

Diminish costs welfare state

Motivate low income people to plan better

Sustain oneself and the business combining eur and time credits

Health insurers

Commitment of citizens to democracy

W HO

Universities | schools

Banks

Repair pension system

Citizens need insight into their situation and plan their future Make non-financial payments mainstream & accepted

Mentality shift: involveWomen and inform into ‘social’ capital

Individual pension accounts

Support econonically weak regions

Immediate rewards for informal services

T HA

Stabilise local economies in European (debt) countries

Can time banking change pension awareness? Ada van Dijk

Business model canvas for users User or customers that buy The two business model canvasses in this thesis are a theoretical inves-

It is important to make a distinction between users and customers

tigation into the collaboration that can be created between actors in

that buy a service. Buyers comprise health insurers, pension providers,

the groups of the stakeholder map.

banks and city councils. The proposition in the business model moves

The first business model canvas represents individual users.

these organization out of the stakeholder role into an active role. Their

The proposition is named ‘Pension Without Money’. (In Dutch pen-

primary activity is to guarantee that time credits will have a long term

sioen zonder poen ). Vital retirees that help late retirees can earn

validity and that a credit made in the now will give one hour of similar

time credits to complement their own retirement assets on order to

care in the future.

reward their own caregivers in late retirement. This way they receive a reward for care that replaces care given by professionals. The value

Business model canvas for customers

proposition for users on page 28 elaborates on this model. Users that are younger than the statuary pension age also

The second canvas elaborates on organizations and enterprises buy

can fulfill daily needs with time credits they have earned. The surplus

‘Pension Without Money’ in order to service their users. For enterprises

time credits can be booked on the savings account. Entrepreneurs

it is a way to increase the loyalty of clients to their brands and to make

and volunteering organizations can reward their helpers with time

them more pension aware.

credits that either can be spend short term goals or be saved for later.

The canvas indicates how new value propositions can be de-

to gain the trust of the majority. The fund is filled by users that spend

veloped by entrepreneurs of small enterprises (SME’s) for a new target

10% of their allotment on time credits, regardless of the height of the

group: senior people that offer time credits as a payment for informal

pension, health, housing or other benefits. Any organization that want

care services.

to become member should consider to use this simple rule to market

This is an unexplored field in society. It seeks to combine fi-

their offer. It is understood easily by financial less literate people. On

nancial profit with time credit rewards for additional activities that are

page 55, Visual 19: the map Flow of time credits explains the process

not professional. In the chapter experience the value proposition is de-

of exchange that supports the business model.

scribed as a user experience. The second value proposition on page 29 elaborates om this idea. 60. Jonker J., 2014. During the seminar on new business models (6 June, 2014) this short copy was proposed by prof. Jonker, lecturer at Radbout University Nijmegen.

The guarantee fund that is a backup must initially be in euro

Can time banking change pension awareness? Ada van Dijk

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Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform?

What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams?

What value do we deliver to the customer? Which one of our customerâ&#x20AC;&#x2122;s problems are we helping to solve? What bundles of products and services are we offering to each Customer Segment? Which customer needs are we satisfying?

What type of relationship does each of our Customer Segments expect us to establish and maintain with them? Which ones have we established? How are they integrated with the rest of our business model? How costly are they?

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SMEâ&#x20AC;&#x2122;s

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For what value are our customers really willing to pay? For what do they currently pay? How are they currently paying? How would they prefer to pay? How much does each Revenue Stream contribute to overall revenues?

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Entepreneurial

- Participate in society, learn, be independent

This work is licensed under the Creative Commons Attribution-Share Alike 3.0 Unported License. To view a copy of this license, visit http://creativecommons.org/licenses/by-sa/3.0/ or send a letter to Creative Commons, 171 Second Street, Suite 300, San Francisco, California, 94105, USA.

CUSTOMERS of time credits

Figure 4 : Business model canvas for users (BMCÂŠ Stickdorn cs)

Year

- Late retired people > 85 - Early retired people >67

Capitalise on affiliated activities

Users (19 - 67)

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Can time banking change pension awareness? Ada van Dijk

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What Key Activities do our Value Propositions require? Our Distribution Channels? Customer Relationships? Revenue streams?

Health insurers

Who are our Key Partners? Who are our key suppliers? Which Key Resources are we acquiring from partners? Which Key Activities do partners perform?

Execute business rules and legislation e.g. only retirees can buy time credits

PR & communication

ADYEN

- Coordinate and monitor

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Customizing payments locally in different EU-countries

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Central bank

Consultancy, bu-modelling Consultancy, community management

Local SME

Offers services that generate circulatiosn in timo and deliver extra inflow in asset bases at customer segments

Local governments

provide tools to increase informal care circuits

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Customized products based on time credits to enhance position of low income clients segments

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For whom are we creating value? Who are our most important customers?

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Pension providers

Increase pension awareness and commitment of young participants

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become â&#x20AC;&#x2DC;usersâ&#x20AC;&#x2122; of 3rd pillars and 5th pillar services and planners - Practice client focus - Open innovation environment with not-for-profits & SMEâ&#x20AC;&#x2122;s

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- Invest in companies via subsidies in time credit

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Month

No.

CUSTOMERS of time credits

Figure 5 : Business model canvas for customers or buyers (BMCÂŠ Stickdorn cs)

Stakeholders

Can time banking change pension awareness? Ada van Dijk

‘New’ business models

group consists of small enterprises and voluntary organizations that use the same value proposition to attract helpers and reward activities

The business for users op page 25 is a model that is coined ‘New’ busi-

performed via their organization(s) to senior citizens that are their cli-

ness model (NMB). NBM’s differ from regular models because they do

ents.

not fix on financial profit. An NBM aims for growth of social capital,

diversity and inclusiveness, next to financial profitability. In NMB’s em-

elaborates on more sales for a community garden in Rotterdam that

ployees collaborate across all tasks and ‘silo’s: they share knowledge,

extends its’ business by adding food deliverance late retirees. The de-

promote making connections, bringing new types of social and envi-

liveries are rewarded with time credits and they include time for a chat

ronmental awareness and multiple value creation61. (See overview of

and cleaning yesterdays dishes.

capital and assets page 13).

New business models are often cross-disciplinary and net-

work oriented. Within many NBM’s, partners are linked across the economy, and are examples of open innovation practices. NBM’s are extensively researched by Jonker cs. (Nijmegen School of Management)

Value propositions A value proposition (model by Strategyzer.com) for a value-in-use service describes the use-value of the service. Value propositions are the core of a business model. Some business models have multiple users because more than one group of users benefits from the value proposition. This is the case with the business model that offers the value of Pension without Money.

The first group comprises individuals that are the direct pro-

ducers of their own pension assets. They earn time credits. The second 61. Jonker, 2012, p 16.

For example, in the chapter on needs (see page 53) a scenario

Can time banking change pension awareness? Ada van Dijk

Value proposition canvasCanvas The Value Proposition Senior person in late retirement

USER Value Proposition

Timo quantifies time, spent on activities that increase participation and well being of all citizens

Customer Segment

Help make adoption easier? Gain creators - can offer activities in my field of affinity to ‘earn’ timo with Create positive social consequences that your customer desires? - market suggests new things to undertake - automated booking sets the pace Do something customers are looking for? meet (young) people that are Fulfill something customers are dreaming about? motivated to Produce positive outcomes matching yourwork with me customers success and failure criteria? - feel less dependent Gain Creators - feel useful to others Copy or outperform current solutions that delight your customer? (e.g. regarding specific features, performance, quality, …)

Make your customer’s job or life easier?

(e.g. flatter learning curve, usability, accessibility, more services, lower cost of ownership, …)

(e.g. lower cost, less investments, lower risk, better quality, performance, design, …) Rank each gain your products and services create according to its relevance to your customer. Is it substantial or insignificant? For each gain indicate how often it occurs.

(e.g. makes them look good, produces an increase in power, status, …) (e.g. good design, guarantees, specific or more features, …) (e.g. help big achievements, produce big reliefs, …)

(e.g. better performance, lower cost, …)

Service& Services Products - ask people to help me to lead my daily life - composition of a personal care program Buyer - market place for informal Co-creator care providers Transferrer - international spending possibilities - paper timo banknotes?

Gains

Describe how your products and services create customer gains. How do they create benefits your customer expects, desires or would be surprised by, including functional utility, social gains, positive emotions, and cost savings?

List all the products and services your value proposition is built around.

Do they… Create savings that make your customer happy?

Which products and services do you offer that help your customer get either a functional, social, or emotional job done, or help him/her satisfy basic needs?

Pension without money

Gains Increased well-being through - being independent longer, and at home - increase network, help others if I can - reward people that help ‘socially’ - have appetite to meet new people - see family for fun - more control over daily agenda

(e.g. quality level, more of something, less of something, …)

Produce outcomes your customer expects or that go beyond their expectations?

Which ancillary products and services help your customer perform the roles of:

(e.g. better quality level, more of something, less of something, …)

How do current solutions delight your customer?

(e.g. perform or complete a specific task, solve a specific problem, …)

(e.g. specific features, performance, quality, …)

(e.g. products and services that help customers compare

(e.g. trying to look good, gain power or status, …)

(e.g. esthetics, feel good, security, …)

(e.g. products and services that help customers co-design solutions, otherwise contribute value to the solution, …)

(e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …)

Products and services may either by tangible (e.g. manufac tured goods, face-to-face customer service), digital/virtual (e.g. downloads, online recommendations), intangible (e.g. copyrights, quality assurance), or financial (e.g. investment funds, financing services). Rank all products and services according to their importance to your customer. Are they crucial or trivial to your customer?

Pain Relievers

Pains

Describe how your products and services alleviate customer pains. How do they eliminate or reduce negative emotions, undesired costs and situations, and risks your customer experiences or could experience before, during, and after getting the job done?

Describe negative emotions, undesired costs and situations, and risks that your customer experiences or could experience before, during, and after getting the job done.

(e.g. communication, sex, …)

Help your customers better sleep at night?

Pain relievers Limit or eradicate common mistakes customers - less time stress at (prof) helpers make? Do they… - easy login and interface transaction etc. Produce at savings? Get rid of barriers that are keeping your customer from adopting solutions? - overcome personal shyness Make your customers feel better? - social approach, not aFixnumber underperforming solutions? - ‘earned’ timo boosts self-confidence Put an end to difficulties and challenges your customers encounter? - learn (adapted) digital systems together with helpersWipe out negative social consequences your (e.g. by helping with big issues, diminishing concerns, or eliminating worries, …)

(e.g. usage mistakes, …)

(e.g. lower or no upfront investment costs, flatter learning curve, less resistance to change, …) Rank each pain your products and services kill according to their intensity for your customer. Is it very intense or very light? For each pain indicate how often it occurs. Risks your customer experiences or could experience before, during, and after getting the job done?

(e.g. kills frustrations, annoyances, things that give them a headache, …)

(e.g. new features, better performance, better quality, …)

(e.g. make things easier, helping them get done, eliminate resistance, …)

customers encounter or fear?

(e.g. loss of face, power, trust, or status, …)

Eliminate risks your customers fear?

(e.g. financial, social, technical risks, or what could go awfully wrong, …)

How are current solutions underperforming

for your customer? Pains What are the main difficulties and challenges What does your customer find too costly? - close circle of loved your customer encounters?ones dies - lack of personal contact What makes your customer feel bad? What negative social consequences does your customer encounter or fear? - dislike digital and social media What risks does your customer fear? - do not trust complex pension funds and financial products What’s keeping your customer awake at night? What common mistakes does your customer make? - stereotype: old = not popular Whatto barriers are keeping customer from - do not like ask allyourthe time adopting solutions? - feel lonely, tired, less energy (e.g. takes a lot of time, costs too much money, requires

(e.g. lack of features, performance, malfunctioning, …)

(e.g. understanding how things work, difficulties getting things done, resistance, …)

(e.g. frustrations, annoyances, things that give them a headache, …)

(e.g. loss of face, power, trust, or status, …)

(e.g. financial, social, technical risks, or what could go awfully wrong, …) (e.g. big issues, concerns, worries, …) (e.g. usage mistakes, …)

(e.g. upfront investment costs, learning curve, resistance to change, …)

Rank each pain according to the intensity it represents for your customer. Is it very intense or is it very light.? For each pain indicate how often it occurs.

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USERS of Timo

Job to be done Cope with getting old functional jobs are you helping your customer -What active life style & do get done? likeyour customer get What things social jobs are youIhelping done? -What organise my daily help emotional jobs are you helping your customer get done? for normal things What basic needs are you helping your customer satisfy? - keep up health as good as possible Buyer -Co-creator stay in my own home done. It could be the tasks they are trying to perform and complete, the problems they are trying to solve, or the needs they are trying to satisfy.

would go beyond his/her expectations?

Customers of Timo account

Figure 7 : Value proposition canvas for individual in late retirement (© VPC Strategyzer.com)

Stakeholders without commercial interest

Besides trying to get a core job done, your customer performs ancillary jobs in different roles. Describe the jobs your customer is trying to get done as: (e.g. trying to look good, gain power or status, …) (e.g. esthetics, feel good, security, …)

Transferrer (e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Rank each job according to its significance to your customer. Is it crucial or is it trivial? For each job indicate how often it occurs. Outline in which specific context a job is done, because that may impose constraints or limitations. (e.g. while driving, outside, …)

Can time banking change pension awareness? Ada van Dijk

ValueValue proposition canvasCanvas The Proposition SME’s, not for profits, (small) city councils USER Value Proposition

Online transaction, planning and saving platform for time currencies

Customer Segment

Gain creators - platform to post job offers in field of time based informal services Create positive social consequences that your customer desires? - promote participation of ‘lost generations’ Do something are looking for? people can contribute on - nocustomers contracts: Fulfill something customers are dreaming about? and quit when they want their own terms Produce - positive try outcomes out matching and your start up new business initiatives customers success and failure criteria? Gain Creators without needing euro investments - spending goals in field of culture and leasure Copy or outperform current solutions that delight your customer? (e.g. regarding specific features, performance, quality, …)

Make your customer’s job or life easier?

(e.g. flatter learning curve, usability, accessibility, more services, lower cost of ownership, …)

Help make adoption easier?

(e.g. lower cost, less investments, lower risk, better quality, performance, design, …)

Rank each gain your products and services create according to its relevance to your customer. Is it substantial or insignificant? For each gain indicate how often it occurs.

(e.g. makes them look good, produces an increase in power, status, …) (e.g. good design, guarantees, specific or more features, …) (e.g. help big achievements, produce big reliefs, …)

Service Online transaction, planning and saving Products & Services platform for time currencies

(e.g. better performance, lower cost, …)

Describe how your products and services create customer gains.

How do they create benefits your customer expects, desires or would be surprised by, including functional utility, social gains, positive emotions, and cost savings?

List all the products and services your value proposition is built around.

Do they… Create savings that make your customer happy?

Which products and services do you offer that help your customer get either a functional, social, or emotional job done, or help him/her satisfy basic needs?

- SME’s expand their bu-model with additional services paid Co-creator for in timo - Market place for new helpers Transferrer and additional service idea’s - Planning tool for retirement: value in use

Produce outcomes your customer expects or that go beyond their expectations?

(e.g. better quality level, more of something, less of something, …)

Buyer

(e.g. products and services that help customers compare

(e.g. perform or complete a specific task, solve a specific problem, …)

(e.g. specific features, performance, quality, …)

(e.g. esthetics, feel good, security, …)

Pain Relievers

(e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …)

Are they crucial or trivial to your customer?

done. It could be the tasks they are trying to perform and complete, the problems they are trying to solve, or the needs they are trying to satisfy.

(e.g. trying to look good, gain power or status, …)

(e.g. products and services that help customers co-design solutions, otherwise contribute value to the solution, …)

Rank all products and services according to their importance to your customer.

Gains - be more independent from state subsidies - attract diverse and international personnel - volunteers can accrue pension assets Gains - maintain a social profile - add (relatively rich) primary target group to my clients (grĳze goud) Job to be done - motivations of helpers increases would go beyond his/her expectations? - run a business with little What functional jobs are you helping your customer How do current solutions delight your customer? resourses as possible get done? - reward my volunteers for What social jobs are you helping your customer get done? daily informal activities What emotional jobs are you helping your customer get done? - increase client base with What basic needs are you helping your customer satisfy? elderly that have a ‘need’ Pains - survive governmental How are current solutions underperforming Pains Buyer for your customer? budgets cuts | subsidy Co-creator - legal issus on professional activity What are the main difficulties and challenges Transferrer What does your customer find too costly? your customer encounters? or not needs to be sorted out What makes your customer feel bad? Whatadministration negative social consequences does your - must keep hour of people customer encounter or fear? that receive time credits What risks does your customer fear? - need to co-brand timo within the positioning What’s keeping your customer awake at night? of my own organisation (e.g. quality level, more of something, less of something, …)

Which ancillary products and services help your customer perform the roles of:

SME’s based on new business models

Help your customers better sleep at night?

(e.g. by helping with big issues, diminishing concerns, or eliminating worries, …)

Pain relievers - develop plug-in with Dohour administration they… Produce savings? Get rid of barriers that are keeping your customer insolutions? domotica at primary target group from adopting Make your customers feel better? - standardised contracts to administer timo Fix underperforming - organise publicity around bestsolutions? practises Put an end to difficulties and challenges your and ‘cool’ and popular examples customers encounter? - absolut dedication to stay in touch with new Wipe out negative social consequences your encounter or fear? trends and initiativescustomers in young generations Limit or eradicate common mistakes customers make? (e.g. usage mistakes, …)

(e.g. kills frustrations, annoyances, things that give them a headache, …)

(e.g. new features, better performance, better quality, …)

(e.g. make things easier, helping them get done, eliminate resistance, …)

(e.g. loss of face, power, trust, or status, …)

Eliminate risks your customers fear?

(e.g. financial, social, technical risks, or what could go awfully wrong, …)

(e.g. communication, sex, …)

Describe negative emotions, undesired costs and situations, and risks that your customer experiences or could experience before, during, and after getting the job done.

(e.g. takes a lot of time, costs too much money, requires

(e.g. lack of features, performance, malfunctioning, …)

(e.g. understanding how things work, difficulties getting things done, resistance, …)

(e.g. frustrations, annoyances, things that give them a headache, …)

(e.g. loss of face, power, trust, or status, …)

(e.g. financial, social, technical risks, or what could go awfully wrong, …)

(e.g. esthetics, feel good, security, …)

(e.g. products and services that help customers dispose of a product, transfer it to others, or resell, …) Rank each job according to its significance to your customer. Is it crucial or is it trivial? For each job indicate how often it occurs. Outline in which specific context a job is done, because that may impose constraints or limitations. (e.g. while driving, outside, …)

(e.g. big issues, concerns, worries, …)

What common mistakes does your customer make? (e.g. usage mistakes, …)

What barriers are keeping your customer from adopting solutions?

(e.g. upfront investment costs, learning curve, resistance to change, …) Rank each pain according to the intensity it represents for your customer. Is it very intense or is it very light.? For each pain indicate how often it occurs.

Produced by: www.stattys.com

Figure 8 : Value proposition canvas for individual in late retirement (© VPC Strategyzer.com)

strategyzer.com

Can time banking change pension awareness? Ada van Dijk

Text in image: Chaos reigns at Rabobank

Can time banking change pension awareness? Ada van Dijk

T for touch points* Coordination and development of touch points between users and the service The touch point research has two parts: an inventory out of all possible touch point suggestions and a part that tests reactions of users to a selection of favorite touch points. The test of touch point is with the aid of a concept movie. Touch points can be intangible. The following intangible touch points are taken into the research

invisible touch points (for instance bad reputation of financials in press, media and politics),

hidden touch points from other fields in society (e.g. cutbacks

of the government for professional care, and statuary pension

age to 67),

offline peer groups, (the opinion and advice of friends

and family).

62. Clatworthy 2014, p77. *Touch points are the multiple points of contact (direct of indirect) through which a customer experiences a service offering The sum of touch-point experiences form the customerâ&#x20AC;&#x2122;s experienced value of a service offering (and impression of a provider).

Can time banking change pension awareness? Ada van Dijk

Touch points On the pages 34 and 35 inventory of touch points62 is presented in a table. This gives an impression of all possible platforms and artifacts concerning the time bank transaction service. Sources for the inventory are participatory research in time bank communities, desk research and expert interviews.

The inventory applies seven steps of service blueprinting63:

pre-awareness, awareness, orientation, join, use, develop and leave. (top row of the table). The overview is the starting point of research into experiences and values. The five steps can cover an entire life. Aim of the touch points into research The aim of the research is to make people image a life in which time credits can be a daily event. To what extent do time credits make sense in their daily activities? What do they need now? How can time credits make them perform better in the roles they choose for themselves?

To help imagining how this could be , the concept was filmed.

The three minute movie was made with the scope of i) daily use of time credits and at the same time ii) performing long term life goals and roles. This was made possible because a movie character in late retirement helped interviewees image the situation that can be experienced to as the everyman late retirement. The outcome will give ideas on needs, values and use of time credits users. In total the touch point investigation comprised of five steps named A to E. 63. Polaine, A., p125.

Figure 9 : Five steps of touch point research

Can time banking change pension awareness? Ada van Dijk

From the inventory table, the most important and interesting

Result: insights into needs

touch points were taken. These are the bold texts in the table in the left side of the inventory. Bold indicates value-in-transaction experience.

In total eight in depth interviews were held this way. All of the inter-

The cells with gray backgrounds indicate that value-in-use that in the

views took between one and a half and two hours. In all cases the inter-

intended character of the touch point after joining and using the trans-

views were open, positive and spontaneous. Interviewees we inspired

action interface and market place.

to tell personal and sometimes intimate observations on care, personal future plans, and opinions on friendships and family relationships.

The selected touch points are combined into a story of per-

The result is a large amount of rich and original insights into

sonal value-in-use of the service. This story is the basis for the story

how people experience the prospect of their own retirement. In six

board. (Figure 11)

cases the idea of saving time credits for future use appealed to interviewees. However, it is clear different generations have different needs

The scenes from the story board were filmed for a concept

and therefore totally different touch points. The most prominent dif-

movie. The movie is on https://vimeo.com/100190725 (clickable link)

ference is in the touch point ‘time credit bank note’: older interviewees

The Dutch version without subtitles https://vimeo.com/83755462

certainly want this in their wallets. (representing a physical gift).

Younger people can do without bank notes. D.

Stills from the movie are used to structure user interviews.

Regarding long term guarantees for pension assets, there

Questions are placed over the movie stills. This way questions are

must be made a decision how to deal with representation of time cred-

asked with an active imagination of the service experience (figure 12).

its. In the movie the credit notes from Spice time credits were used as a sample. (see image page 38). Spice just moved into digital accounts

The interviews were taped on i-Phone and summarized. The

summaries have the same grid as the one used for the inventory of touch points. This way other touch point options can be used to consider alternatives to what interviewees have answered. Two transcripts of interviews are in the Appendix User Interviews, page 81.

and changed the design. In the movie the ‘old’ notes were used.

Can time banking change pension awareness? Ada van Dijk

Touch point inventory

Figure 10 : Inventory of touch points (table, page spread)

Can time banking change pension awareness? Ada van Dijk

Story board

hidden touch point, negative touch point

mobile interface

personal capabilities

spending goals

frequent calls from land line

impact of time credit on relationship

Figure 11: Story board for concept movie

Can time banking change pension awareness? Ada van Dijk

Interview questions on movie stills

Figure 12 : Interview questions on movie stills

Can time banking change pension awareness? Ada van Dijk

O for Offer The design of what the service actually offers

In the interviews the success of the prototype is defined as

To research what the services actually offers, it was needed to imagine

Better understanding of personal pension arrangements

how a pension planner that integrates time credits would work. The researcher made a sketch of a prototype and requested experts to re-

Increased motivation, better goal defining and finally

act on the idea in expert interviews. They represent the buyers of the

service and the companies that propose time banking to users.

The expertises that we involved in the interviews are sales

willingness to contribute in a regular pension scheme. (Technical) feasibility

and client research at a pension fund, ICT (agency), a legal expert (academic level) and two service design agencies. Additional desk re-

After the case study, three applied versions of the prototype were made

search was done regarding regulatory restrictions (Authority Financial

and presented at two professional conferences64 in the winter of 2014.

Markets (AFM)). The appendix Case study has an overview of all reac-

The aim of this presentations was to get more input from professionals

tions and an analysis of the state-of-the-art.

and prepare for a possible pilot.

64. Conferences on new pension products: IIR http://www.iir.nl/finance/pensions/event/next-generation-pensioenen/ and conference on communications of pensions, http://www.iir.nl/finance/pensions/event/conferentie-communicatie-van-pensioenen/

Can time banking change pension awareness? Ada van Dijk

Case study

the fifth pillar representing human capital. Regarding the forth pillar, one can think of a possible reverse mortgage on a dwelling house. One

The case study is a step aside from the user experiences. It is an in-

also could rent or share a second home or a luxury car. Regarding the

vestigation into the professional market for a pension planner that in-

fifth pillar one can think of a job one has after retirement but also in all

tegrates time credits in a financial overview. It is important to talk to

kind of activities that are rewarded in time credits.

organizations because large private and public entities are considered

the possible promoters and buyers of the service for their users. Fur-

assets in euro. The red shapes represent time credits.

thermore they are important in building trust in long term sustainabil-

ity. It is necessary to sketch a service ecology first. This demonstrates

On the left side, small enterprises that apply new business models

how the integration of all possible retirement assets of a single individ-

are proposed to collaborate with social communities that reward on

ual can be integrated in one chart

time credit basis. Wehelpen en Zuiderling have short term and local

In the ecology the blue shape represents connections to the

purposes, but they can extend their scope when uploading their local Service ecology

credits to time banking savings account. This way they will become

Across the world, the separate resources that compose a pension are

guaranteed pension asset. The SVB acts as a clearing house for estab-

coined â&#x20AC;&#x2DC;pillarsâ&#x20AC;&#x2122; of the pension system. The service ecology in this thesis

lished organizations and guarantees long term value and security of

comprises all established organizations that take care of pensions in

spending in all local networks and across all kind of long term devel-

the Netherlands. This extends to European countries in the first three

opments and changes that take place in the life and activities of Dutch

pillars because pensions are structured in a similar manner.

citizens.

The first pillar is the state pension. This is often the main part

of retirement income of the average man. The employer pensions are the second pillar in the system. The third pillar contains all personal savings that are not taxed as high as regular income ans possible other savings. Many countries have friendly tax regimes for retirements.

Michael Visser65 lecturer at University of Tilburg introduced

an important a new perspective on this system. He came up with a 4th and 5th pillar representing money locked in assets (forth pillar) and 65. Visser, M., 2013.

Can time banking change pension awareness? Ada van Dijk

Service ecology

Combine EUR banking and time banking 1st pillar

2nd pillar

Compensate cuts on state pensions

Issue time credits to promote

Employer pension funds

State bank for pensions by time credits

use of social assets as pension resource - market part-time pensions and work longer

overview all pensions

- market time credit savings as complementary pension asset

m캐n pensioenoverzicht

time cr. saving account

tax-friendly saving, 3rd pillar pensions self-employed Banks and asset managers

saved time credits for retirement

time cr. payment account

5th pillar - human capital

New Business Models

reverse mortgage

Financial pension planner

- Wehelpen - Zuiderling - Pension fund issues time credits - Health insurer issues time credits - Premium Pension Institue time credits

online bank account

- help clients with bad loans and mortgages - new pension solutions for self-employed people

Integrated time credit planner

Local time credit accounts

- sell text friendly pension products

social 4th pillar impact Banks - private banking bonds house , care, payments

health volunteering sharing non-professional participation

Enable and finance social capital based care & housing solutions - make profit via Social Impact Investing (ABN AMRO)

5th pillar

City councils - social orgs. All kind of programs to promote use of human | social capital - descrease spending on benefits - activate older generations decrease loneliness - reward informal care efforts - increase participation - increase personal action horizon

Figure 13 : Service ecology

Can time banking change pension awareness? Ada van Dijk

Planner design

lack of surplus money to set aside for later. Next to that the saving are

In the planner design om the next page the five pillars are the same as

on a individual basis.

visualized in the overview on the next page: -

the dark green assets to state pension, 1st pillar,

Other features

dark blue to employer pension or pensions 2nd pillar,

Two other design elements are important: the large numbers that in-

light blue to private savings in the third pillar.

dicate at what age a pillar will switch from save to spend and the visualization of output in a concrete amount of years versus a life long

The pink blocks represent the 4th pillar assets. They show money

allotment represented by a transparent arrow. These features only can

locked in houses with a mortgage, sharing networks, inheritances, and

be experienced in an interactive demo where users can change age

large consumer goods like cars. This is the field of cultural and family

numbers and spending length within a pillar.

capital in which access to and transfer of money is not possible on a short term. In the user interviews based on touch point cards it came to

After the expert interviews and the user interviews that deployed the

the fore that people intuitively work with scenarios. They plan to spend

concept movie, the three applied visualizations on the next two pages

less, share or use assets and increase well-being after retirement. It is

were made.

not a field of financial calculations but of possible impact for one selve and loved ones . Still all of these four assets types are defined in euro.

The red parts are different for they are measured in time cred-

its. In the sketch these credits are added in the same chart as all euros. Adding the time credits to the overview gives users of the planner an opportunity to influence the total amount of savings in the planner. The fifth pillar Time credits are more activating than money because individuals can earn time credits regardless of their age, education or gender. This potentially can unblock the current situation in which participants of pension schemes: lack of influence on a collective retirement plan and

Can time banking change pension awareness? Ada van Dijk

Pension planner across five pillars with integration of time credits (5th pillar) Reverse mortgage

House Large consumer

Time credits

goods Job 4 Job 3

Job 2

Tax friendly savings

Job 1 State pension, 51 years (16 - 67)

67 39

Saving period. Closed volumes indicate all assets saved for retirement, either in time credits or in EUR. Spending period. Open volumes indicate yearly use of retirement savings.

Figure 14 : Prototype pension planner

Can time banking change pension awareness? Ada van Dijk

Senior craftsmen & half-time pension

Time credits Employer pension fund

State pension

67 25

Saving period. Closed volumes indicate all assets saved for retirement, either in time credits or in EUR. Spending period. Open volumes indicate yearly use of retirement savings.

Figure 15 : Applied pension planner for senior craftsman

Part-time job and mother

Informal care parents

Time credits

Part time job

State pension

Informal care neighbours

67 25

Saving period. Closed volumes indicate all assets saved for retirement, either in time credits or in EUR. Spending period. Open volumes indicate yearly use of retirement savings.

Figure 16: Applied pension planner for low income mother

Can time banking change pension awareness? Ada van Dijk

Young entrepeneurs with global life style & short contacts

Time credits

State pension

Self-employed /3rd pillar

Saving period. Closed volumes indicate all assets saved for retirement, either in time credits or in EUR. Spending period. Open volumes indicate yearly use of retirement savings.

Figure 17: Applied Pension planner for young entrepreneur

Each charts has less elements than the overview on page 43.

of time credits during life. They do not built an employer pension and

Elderly craftsmen have a large pension because they

will work long after the statuary retirement age. In this group are peo-

worked in a life long contract, accruing capital in a collective scheme.

ple that have an independent and international life style which results

In this chart the situation of a half-time pension at 58 years of age is

in low level of state pensions.

combined with flexible time credit activities up till 80.

Part-time workers and mothers have less pension but can

In general the hoarding of time credits for retirement purposes en-

accrue large amounts of time credits for they help many people out.

courage people to look after themselves throughout their life. In order

This examples shows a women that steps out of her part-time job to

to support every possible scenario, a time bank must be independently

take care of her parents. In return, she spends large amounts of time

owned and guaranteed by the government.

credits in her own late retirement to live on her own, from 87 to 91 .

Young enterpreneurs go in and out of spending and saving

Can time banking change pension awareness? Ada van Dijk

Reactions of professionals on the prototype

Next steps

In general, the interface was reviewed positively. All professional re-

After the case study three applied designs were made that represent

spondents said the prototype increases understanding of how the total

three groups of pre-retirement time credit earners. Their charts are on

payments are accrued. This is caused by the distinction between solid

the previous pages, page 44 and 45. The Appendix Case study has a

and open blocks.

brief summary of all (expert) reviews.

Mix of euro and time credits >user experience The opinions on the combination of time as a planning element in the tool were mixed. It will be impossible to express the character and value of a time credit because time credits are designed as an amount of euro (a block for the accrual phase and a yearly payment in stripes). This need to be explained but it might be possible. (page 43)

The second hurdle is the forth pillar assets. Experts gave back

that it is impossible for users to indicate sums of euro that represent the money locked into a house or an inheritance that is expected somewhere between 45 and 65. Next to that, these situations refer to unpleasant moments that will be blocked. Technical feasibility The technical infrastructure will not be an big hurdle in the Netherlands. However, many European countries users do not have a central registration point for all employer pensions. This implies that all sources need to be uploaded manually. It is unlikely that people will sort out personal data to upload this into an interface of a pension provider or a bank.

Can time banking change pension awareness? Ada van Dijk

Reflection

is expressed by time credits.

Time credits can be earned by everyone that has surplus time. Hence

with collective pension funds67 and express values that relate to a more

the appetite to participate and earn time credits must be bigger than

social and inclusive approach to retirement and wealth.

visors and EUR 500 advice do not combine well with the conviction that

Therefore it seems not interesting to combine the brands of

commercial parties with time banking. It is more natural to collaborate

the action horizon offered by pensions in euro. However it seems really difficult to get the the ball rolling with the planner in the test.

WHEN to test a pension planner? Finally, the case study leads to a discussion on the interdependence

Financial literacy

of concept, prototype and pilot. Two experts68, a research consultant

It remains unclear how financial illiterate people can work with charts.

and an investor at a pension fund gave back that a planner only can

In the user interviews it was not possible to test an interactive model

be successful after a change in mentality in society. This comprises two

because this is too complicated and too expensive to build.

stages:

1. Make large enterprises and public organizations embrace the prin-

But apart from that, interviewees reacted discouraged when

the interview card with the planner was presented. (see Appendix User

ciple of time credits as complementary pension assets first.

interviews, Swedish student). One elderly male respondent under-

2. Introduce time banking to participants and test acceptance at

stood the idea but considered it not helpful. So (interactive) charts are

users in a pilot. Only after substantial daily use of time credits

maybe not a good way to inform the average (wo)man.

the idea resonates in the minds of end users and can be judged by

them. Integrate time currencies in commercial offers

Only if end users feel what one time credit represents and feels how it

At the moment, many banks and pension insurers66 enter the mar-

is useful in daily life, it makes sense introduce a planner for they have

ket with interactive planners that combine the first four pillars in one

experienced what they are planning with . So the experience of the

chart. Their goal is to increase their assets by selling pension products

use-value of time credits at pension unaware people is a condition to

products to private investors. (see Prast p.11, on IRA schemes) These

be met first. After that it makes sense to test and maybe introduce a

are individual schemes with high maintenance costs that do not help

planner.

the clients in a sustainable manner. Beautiful campaigns, personal ad66. Aegon, Zwitserleven, ABN Amro, Knab bank, AFAS, third pilaar funds..

67. These are second pillar funds ABP, Robeco Pensioenfonds. 68. Both experts have not been interviewed in an explicit interview context, and therefore cannot be used as an official source of knowledge. However for discussion purposes their opinions are helpful.

Can time banking change pension awareness? Ada van Dijk

N for Needs The (hidden) needs that the service acts upon Because pension unaware people do not need, want or desire a pension calculator nor time credits69 it is hard for them to imagine what benefit time credits have in their retirement. They might be totally different people by that time. So first, the use of time credits must be tangible and experienced in the now, otherwise it is impossible to say if you will want it later.

Therefore the initial research was re-framed into an interview that

asks interviewees to image daily experiences in combination with imagined touch points with time credits transactions via a concept movie. Eight indeph interviews were held with randomly chosen individuals. Still this group covers four generations.

For triangulation purposes the researcher interviewed three com-

munity managers: one of a volunteering organization and two time banks70. These experts shed a light into how their organizations help people â&#x20AC;&#x2DC;to draw in on their life goals and excel in their life roles71â&#x20AC;&#x2122; by use of complementary currencies.

69. Three initial interviews with candidates the help of The Imagery made this clear 70. Jan Enzlin. www.doordewijks.nl, Joeri Oudshoorn, AnneMarie Laurence, see addendum 71. Vargo Lusch, 2006, Ch 7 Arnould, Price, Maisle, p93

Can time banking change pension awareness? Ada van Dijk

On needs

Time credits as pension saving The idea of providing informal care and help rewarded in time cred-

Many people have outsourced the responsibility for their retirement to

its makes sense to all respondents. Some respondents of 40+ thought

the state or to their pension fund, in the same way as people outsource

they also would volunteer. They became more positive about earning

the responsibility for health decisions to doctors. Justien Marseilles’

time credits when they considered their own future-selves. The ‘de-

perspective indicates how hard it is to increase pension awareness:

creased mobility’ questionnaire card of the senior gentlemen in the

‘As long as we trust in the expertise of pension funds as we trust doc-

movie triggered this insight in a couple of cases.

tors, the attention for pension communications and calculations will remain very low72.’ How to aim for daily value-in-use when the service

Provide for the future relates to action horizon

is a commodity that no-one needs, wants or desires?

An amazing variety of solutions were given to deal with possible poverty at old age. Just one of the plans was financial. Interviewees plan

Interview findings

intuitively, emotionally and in a modest manner: remarks like ‘given

The young interviewees were highly educated and both consciously

my health’ or ‘in the case that house prices pick up after 5 years’ are

avoid banks. A young woman had a personal moment of insight re-

illustrations of this attitude. One respondent had made a deal: a friend

lated to the financial crisis in 2008. ‘If this can happen, nothing can be

that would care for him get euros, ‘just in case.’

sure’ she said. The other young respondent lives on a VISA card and

prefers bank notes to digital transactions. (See Appendix User inter-

scenarios. The examples proposed are often within the use of 4th and

views). He welcomes international availability of time credits as a ma-

5th pillar pension sources: ‘locked’ capital, like a renting a dwelling and

jor improvement. These are examples that express a radical different

move to a foreign country, live cheaper in a community, human capital

When asked, time credits after retirement fit in many of these

approach to money.

as taking on a former job on a non-professional basis.

On the other hand, older interviewees said they trust the

Digitally born people respond better to the idea of using their

quality of the pensions while they also realized they cannot influence

assets into sharing: second homes, spare rooms, gardens, and of lend-

what happens to their money. So they do not want to be bothered and

ing/sharing cars or other large consumer goods were mentioned.

do not need a pension calculator as well because they think it will reminds them very much of what they should do but cannot get done.

Solidarity and reciprocity Reciprocity is essential at young interviewees.

72. Marseille, J., 2014. See addendum expert interviews.

Can time banking change pension awareness? Ada van Dijk

It is defined very precise by them: the time span and what activities

out of a (prospect) user interview. It is easy to understand from the

they consider in line with their personal affinity. This must be clear

reservations that were made in the introduction of this chapter. The

from the beginning.

fact is that users need at least 100 hours of involvement and need to

Four respondents younger than 45, explicitly want time cred-

overcome the gap between today and a possible unpleasant stage of

its to spend immediately and possibly strike a deal by cleverly choos-

their future lives. Therefore insights on needs and the concepts for

ing goals. In the Netherlands, 28% of the population volunteers . The

transactions and activity development are also derived from sociol-

younger generation is responsible for the growth of this percentage

ogy and behavioral sciences, and from demographical, economic and

since 2004. Culture, learning, shooting a movie, and travel time paid

marketing insights.

for in time credits are important short term goals, long term goals like

saving for retirement felt natural to them but not popular.

The goal of user interviews

There were not many things older people spontaneously offer

User interviews are meant to get to know the user. As said before, pros-

to do for time credits: examples are interior decoration, helping even

pect user can just relate to what they already have experienced and are

older people, giving others a ride, gardening and shopping. Explicit

not good at describing a vision of the future75. However it is helpful to

questions on getting to know people or making new friends did not

hear the opinion of users on the present, and see if the basis for the

resonate. On the other hand, people that support other seniors like

concept has deeper roots or brings up other values and insights than

parents or husbands appreciate the bond and depth of personal con-

are used in the touch point inventory. In just eight but personal in-

tact. Finally, all respondents are really negative about payments of

terviews the researcher discovered many details, sentiments and con-

time credits within a family. Time credit rewards for informal care to

tradictory feelings about retirement that determine how an individual

parents and husbands is not in scope when time credits are consid-

prepares for retirement or tries to avoid or ignore it.

ered.

Finally, research on needs rarely is quantitative but often pre-

sented and used in a quantitative manner. Many project teams group The role of user interviews

and condense interview findings into personaâ&#x20AC;&#x2122;s. This might work when

AT ONE places the user central in service developments. However the

user interfaces and artifacts need to be designed. In the concept and

method explicitly advises NOT to place users on the front stage in the

prototype phase the risks of standardizing are huge. so the results be-

concept phases74. This is because users tend to propose incremental

low do not have numbers and statistics.

innovations and not radical solutions. Radical solutions rarely pop up 73. SCP. 2013. Social Cultureel Planbureau, de sociale staat van Nederland 74. Clatworthy, 2014, p26.

75. Clatworthy, 2014, p191.

Can time banking change pension awareness? Ada van Dijk

Figure 18: Sample users and their needs

Results

Need scenario’s

To make the research into needs as accessible as possible the re-

A need scenario combines daily value-in-use with long term or life

searcher has written experimental ‘need scenario’s’. These scenario’s

goals. The visual on this page shows the goals on pink background;

are composed out of interview transcripts with the prospect users of

each individual has needs that resonate with his or her ambitions.

the service, participatory research in communities of the researcher

Young entrepreneurs and part-time working mothers are rich in social

and expert interview findings. The scenario’s are explicit modeled on

capital and not saving substantial sums of money for their retirement.

an interviewee. In the case of the senior craftsman the scenario was

Older craftsmen often have a substantial financial pension but need to

reviewed with the interviewee in a second meeting, creating an inter-

work longer. They are conservative, financial literate and at the same

esting co-design session.

use a lot of energy to stay in the fast lane of society. Finally a senior is identified that wants to lead an independent life as long as possible.

Can time banking change pension awareness? Ada van Dijk

Need of a young entrepeneur: participate in society. One inter-

amongst the members. It is a part time activity77 and he can work on

viewee is a Swedish student that has dropped out of his study interna-

his own rhythm and will be rewarded in time credits. Because of this

tional economy in Rotterdam. Last year, he drove to Sicily with friends

he can complement his financial assets between 58 and en 66 with

and worked in a farm in exchange for food and a bed. When proposed

time credits. (This scenario was given back to the interviewee and he

a reward in time credits he said he likes to join an urban garden like

believes it will not work for him because it feels like ‘B-quality money’;

‘Uit eigen stad’ in Rotterdam and proceed with farming and preparing

also the occupation is too close to his own professional intentions)

food for the restaurant for time credits, food and boarding. It would also be great if he could go back to Sicily and pay time credits for hours

Need of a retiree: live on my own. A lady of 87 lives on their own

in a car when his friends go there, or maybe hike to Paris.

after her husband passed away. Lately she finds it difficult to organize her warm meals. At the urban garden, a Swedish student decides to

Need of a part-time mother: build a network. In the north of Rot-

work for a new service idea that came up in the garden ‘Uit eigen stad’:

terdam a mother of two children recovers from a breakdown but also

to bring meals to seniors at their homes . The time bank proposes him

helps three other women with household tasks for 10 euro an hour:

to the senior lady. He decided to try this and now packs up a meal from

she can use the money . In fact she practices the work rhythm and

the restaurant three times a week. He brings her the food and takes

feels her professional strength recover. She realizes it would be easier

care to make a chat, and sometimes cleans the dishes. He receives time

to recover if she would have a back-up babysitter for her children. In

credits from her for his effort. They built a bond.

return she could help them more in her good days. She would feel less

(Not based on an interview but on a real life experience of the re-

shy when she would be able to lent time credits to get through this. As

searcher with the male gentlemen in the concept movie).

a community builder she could visit elderly that need more informal care. She says that mothers live too much inside with their children and are not flexible. Need of a senior craftsman: negotiate a new role. A librarian was fired 7 years before his retirement age. Financially he would be able to live modestly on his savings but he does not want to be idle. He joins a program at his pension fund to actively increase pension awareness 76. One in seven people will retire with no pension other than the basic state pension £5,881.20, according to research

77. OECD regards half-time pensions a good solution to cope with exhaustion at elderly craftmen. Male employees do

by Prudential, with women three times more likely than men to have no savings for retirement, http://www.theguardian.

not choose the option for it is felt as a professional defeat to work less than 40 hours.

com/money/2014/apr/09/retire-no-private-pension-prudential.

Can time banking change pension awareness? Ada van Dijk

How to satisfy (hidden) needs

via informal help on all levels also will be possible. The green circle in-

In this thesis it is assumed that participants in a time credit reward

dicates a guarantee fund in euro that supports cultural or other spend-

system will encounter difficulties in learning their own needs and to

ing goals. These goals deliver an experience of time credit value on a

express these needs as a help request. This is the case with seniors and

daily basis.

elderly craftsmen. It is less prominent at young participants. In order to address this aspect, the idea for the flow of time credits is designed as a system that explicitly energizes relations in the network and connects spending and earning mentalities. Tasks that activate participants are in the pink circles •

network informal care: discover people that need informal care and build trust in time credits via personal visits.

•

time credit job market: assist digital unexperienced people to connect over the net work, especially elderly craftsmen and early retirees

•

New SME’s and plans: discover new business models to satisfy (hidden) needs

•

teach about pensions: increase pension awareness via free faceto-face meetings with individuals at their job location or homes

Elderly people in retirement can transfer 10% of their employers allotments to 10 time credits. This is the engine of time currencies. Flow of time credits The scheme on the next page shows how their needs are discovered and satisfied by people in the network. Daily exchange of time credits

Can time banking change pension awareness? Ada van Dijk

Flow of time credits

Figure 19: Flow of time credits through users, customers and organizations

Can time banking change pension awareness? Ada van Dijk

E for Experience The experience that the service gives the user Experience research has been done through becoming a user in five communities combined with expert interviews at organizational level. It leads to insights into how respondents now use time credits and how they could use them in a way that delivers value to their lives in their retirements.

Experience is taken into a wider perspective than a journey

of users across touch points. They also are described in the context of more functional perspective as defined by Polaine74: task experience, commercial experience, service provider experience and human or â&#x20AC;&#x2DC;lifeâ&#x20AC;&#x2122; experience.

74. Polaine 2013, 132

Can time banking change pension awareness? Ada van Dijk

User experience: touch points

Commercial experience All currently available digital market places on the web do not function

Experiences happens while making daily transactions and planning

well. The reason is that there is not enough diversity in help offerings

activities. In this perspective artifacts are very important. Designs, lan-

and there is no adequate photography. Next to that help requests are

guage, images and platforms are point of discussion. The review below

often written in a depressing style, have typos and flaws and miss es-

is based on these aspects of current time banking environments. The

sential information. So an overview of offers does not inspire.

are not on how well developed an interface looks. This will result in

people reacting on the colors and the images and not on how they can

movie, e-mail headings to communicate new request for help are

improve their lives with the service.

proposed. This was judged as a good alternative by a couple of inter-

Two alternatives were tried in the research: in the concept

viewees. One respondent suggested to offer tasks via Twitter. Another Task experience

improvement is to help people professionalize their communication.

Currently, using SMS platform for transactions is regarded the best

Especially older people are not used to presenting themselves with an

solution because of simplicity. It is the favorite platform to transactions

adequate request and in general are shy on digital platforms.

in Bristol pound and Zuiderling. On the other hand young people want

cost-neutral mobile platforms like WhatsApp, disregarding security is-

able making contact via events and meeting points. This seems to work

sues. The care network Wehelpen works with an dedicated App.

best. Zuiderling in Rotterdam has booked good results with Thursday

afternoon cafĂŠâ&#x20AC;&#x2122;s. People get acquainted on neutral ground.

Seniors appreciate bank notes a lot for they express tradi-

The second improvement for commercial experience is to en-

tional transaction interfaces and trust. Many time banks use bank notes for this purpose and have beautiful printed notes. Bank notes of

Service provider experience

Spice time credits, used in the concept movie, are widely used in the

In the end, it is the primary goal of time bank to enable people to make

UK.

contact. (see discussion page 47) The use of a pension calculator inter-

The current time banking web software on transactions, ac-

feres with this and should not be part of one of the time banks that was

count management and market places must be professionalized in

used in the research.

order to lead to a feeling of trust and long term validity. An exception

in this perspective is www.wehelpen.nl. This network has about 12.000

tions and help desks like telephone call assistance for financial illiterate

members and an App that meets usability standards.

time credit earners.

78. The current transaction service cyclos 3.6 via mobile is a below average level as well.

Time banks could work with face to face conversa-

Can time banking change pension awareness? Ada van Dijk

A visit to the office or café of the service provider to meet other people

and ‘I believe this will be closed down in 10 years and nothing will be

in the network also is an option. Many interviewees are not used to

there to compensate my time credits than to spend it immediately’.

read charts.

shortly and no one will be willing to exchange credits because no-one

Considering pension funds, banks and other financial service

providers, they are the customers that seek financial profit, increased client loyalty and better reputation. They have the customer platforms to provide the users with a pension planner. They can integrate time

One respondent remarked that unemployment will diminish

will have surplus time.

Experiences

credits in their planners to attract user to their communications, but this will take time. It probably does not match their brands though.

A good service must delight a user. The joy of using time credits lies in making a shared action between two or more people a success. The

Human or ‘life’ experience

service should support, ignite and inspire people to collaborate with

The emotional effects of life or human experiences are subjective and

one another successfully.

impossible to design because everyone will behave differently towards other people. Only after a real life test, users will be able to report if

“Become a peanut”

their experience was a success.

The spark that makes a person consider to join the service is the ac-

Though only one respondent was open on this, (this was a

knowledgment that the service is meant for her or for him. At the Span-

woman of 42) many respondents suggested in an indirect manner

ish agency Claro Partners79 call this to “become-a-peanut”. The idea

that they would want to get in touch with members of their peer group.

should ‘fit’ in the life of an individual. To experience this is the essential

It might be hard to remain motivated to use time credits if other mem-

part in opening up, expose oneself to the offer and imagine how it can

bers of the network were not ‘equal’ or ‘interesting’.

work in the life of the prospect user. To inspire people to consider time

credits relates a lot to peer-group talks and free press.

Interviewees have doubts on the robustness of the system:

almost everybody wants to give it a try but there are doubts on long

term sustainability. People distrust politicians: ‘When I have many time

they can produce value themselves via the network. This should be a

credits I might receive less state pension, therefore I do not want the

valuable prospect in the short term as well as in the long run. The task

government to administer my account’ (see Appendix user interviews)

in designing the experience will be to combine the daily value in live

79. Claro www.claropartners.com

Part of the offer is that people must be able speculate that

Can time banking change pension awareness? Ada van Dijk

with the life goals that people cherish for themselves.

sumer, a producer and a consumer at the same time. Regarding long term and life goals it leads to people taking initiative to improve their

Retirement is an unpleasant life-phase

lives on their own and not buy services that they pay for with their

Elderly do not communicate their needs and certainly do not tell about

pension or state benefits.

their needs to a stranger that should provide them on a voluntary ba-

sis. In this perspective the welfare state has made elderly people reluc-

quite wealthy for they have been in a pension scheme for 40 or more

tant to ask for informal care and very demanding regarding applica-

years and own a dwelling house with a fully repaid mortgage. There-

tions for professional care. When they are turned down for professional

fore governments expect elderly to pay for informal help and care

care it will be very hard for them to ask informal help for free. This

homes.

is demonstrated at many platforms. For instance, in the Netherlands

The risk is that this group will become even more passive. Another risk

the platform wehelpen has a striking 13.260 members that offer help

is that they will over-ask their family and more specific their daughters

for free and 1.788 people that ask for help. (http://www.wehelpen.nl)

to take care and save money this way.

Mobile platform

Participatory services as an experience

Senior people in late retirement face enormous hurdles in digital me-

The most important test is if it is possible to place elderly people in a

dia. This issue can be addressed via the correspondence of the pension

more active role in society. The effect is that this makes seniors less shy

provider. Traditional communication on paper media can be used to

to ask others to assist them and discuss their preferences on how they

get in touch, and ask people to make a call to the time bank. after that,

want to be supported. If elderly will become honest about their wishes

it is important to make a visit at the home of the senior person. (See

and about their pace of life, the chances of having fun and of making a

visual flow of time credits) It is the intention of these visits to propose

successful collaboration with other (helping) generations will increase.

people to think explicitly on their own contribution to the network. This experience is essential for the creation of value-in-use. Networked services To experience to earn time credits places people in the role of pro-

After a long period of economic growth many elderly are

Can time banking change pension awareness? Ada van Dijk

Three user journey(s)

just the first journey is in scope and can be researched into a pilot. The second user journey (testing the prototype) and the life long experi-

When saving time credits for pension purposes the user will go through

ence of building a social network and actively produce social assets for

three journeys during his or her life:

late use cannot be reviewed.

The user journey of the â&#x20AC;&#x2DC;physicalâ&#x20AC;&#x2122; time credit transactions (re-

sulting in an intuitive experience of earning for informal activities and re-establishing the value of social capital) -

The user journey of retirement planning in which financial

and social assets appear in a holistic perspective (pension awareness that leads to active saving behavior in time assets and planning for wellness next to financial wealth). The planner in the prototype phase is an example of that. -

A personal journey of the user. From a passive approach

characterized by external control via money into internal motivation to plan their social assets in the long run. An important insight comes from the experience that social assets are not just time savings but that the build a social network and develop non-professional capabilities. This is social capital and it relates life goals as well as to daily use of time credits. The three different journeys can share touch points but differ enormously in span of time and frequency of touch points. Unfortunately,

Can time banking change pension awareness? Ada van Dijk

Discussion

on their human and social capital by providing informal help and accrue a complementary pension. These relationships will be social and collaborative using time credits. With respect to Furraei Kippu Bernard Litaer81 says ‘different types of money result in different relationships.’

The last paragraph of the previous chapter sheds a light on the difficulties of research into, and design of a service that last a full life span. On

Trust

top of that, the service needs to trigger a transforming experience.

The prospect of spending credits after a (life) long period of earning

What this transformation will be like, can be made more con-

must be made attractive. Though time credits do not have an exchange

crete by the term of pro-sumer. A prosumer regards him or herself a

rate with euro it is not yet clear how to provide for long term trust other

PRO-ducer and a con-SUMER at the same time . Through adopting

than people trust their friends and neighborhoods to provide them

time credits prospect users experience an action horizon that places

with one hour of quality help in exchange for a time credit.

him or her firmly in the driver seat. Observing the use of the time bank

and time credits will be the only possibility to decide if it successful,

If we apply this to a pension industry we see a situation where older

and if there will be enough producers , consumers and pro-sumers.

citizens but also conservative younger people trust passive payments

in (mandatory) investment schemes at pension funds that take reAction horizon

sponsibility for their future income. It is expected that the decreasing

Hoarding time credits as retirement plan is an opportunity to con-

numbers and motivation of younger people that to contribute will be a

nect prosumer behavior to financial services. Persons that choose to

threat to the sustainability of this mandatory funds.

use their own (non-financial) capital to produce a provision for future

deployment experience an action horizon. They step into the ‘market’

criticize the ‘quasi mandatory choice’82 for the employer fund grows.

with their own capabilities and assets . The exciting idea is that time

In general the memberships in funds should be changed into a free

credit activities usually do not demand startup capital or professional

choice for a manager, while the height of the contribution will stay the

of legal qualifications. So every participant can produce his own re-

same. It remains to be seen if this two opinions fit in one perception of

tirement.

retirement.

There is a straight line from the lack of human resources in

care homes to (female) prosumer behavior. Women could capitalize 80. Perfect examples are AirBNB and Uber where personal assets like houses and cars are regarded productive assets. 81. Bernard Litaer,2011, web source 82. Martin Pikaard, 2013. AVV. Lans Bovenberg & Theo Nijman, 2013 Netspar. TNS Nipo, 2012, p 22.

In the press and academic circles the number of people that

Can time banking change pension awareness? Ada van Dijk

Conclusion

businesses appear around these mentalities. These ‘new’ business models form an exciting opportunity to develop new and more social life styles. Could they also connect to new styles of retirement savings? Two issues play a role in this question:

Pension providers tend to overlook the discouraging effects that the complexity of products has on their clients83. Also they do not consider

Value-in-use

the lack of financial surplus that keeps them from saving for their re-

A user of a pension account must experience time credits as value-in-

tirements . This situation is of major impact on the motivation to read

use84, implying that a user must be able to accrue social capital to ‘get

communications, to actively plan retirements, and to contribute to

things done’ and perform her roles in life better85 with the aid of the

pension savings.

time credits. This must be possible in daily activities and at the same time resonate as a long term project to users and make them involved

Time credits that complement money

as pro-sumers.

The proposal to complement the (lack of) money by time credits is welcomed by end users, either with or without employer pension

Retirement saving is not an end goal yet

schemes. Respondents regard social and human assets, roughly de-

There is no direct proof that saving time credits will indeed increase

scribed as non-professional or volunteering capabilities, as a source of

pension awareness. In this study people have been asked to consider

well-being. They can consider them in a long term saving role. How-

use of spare time to accrue time credits for later. It is terribly easy to say

ever there was no evidence of that people will take the next step and

yes to that question. If you ask why would you choose time credit the

this will motivate them to plan actively. Trust in the long term validity

answer is impossible to give for they did not experience earning them,

of the currency is a hurdle in this.

and (in many cases) did not think pensions to be important. Nevertheless the researcher has made an attempt to review reasons for contri-

Solidarity

bution and a need for the service.

From the growth in sharing economy at younger generations, it is ob-

vious that strategies on using complementary currencies are on the

better services’ of AHO are effective tool to explore the field, and start-

rise. These currencies express new styles of collaboration and solidarity

up an experiment with a ‘different kind of value’ and ‘saving time for

that express a new style of trust and exchange of assets. Professional

later’.

83. TNS.Nipo, 2012, p3, AFM guidelines.

85. 2013 Leon, GSDN13. Value in use implies that the action is part of the life of users, value in transaction is to be

84. 2006, Vargo and Lusch.

regarded as a one-time transfer of information or benefits that will not lead to a change in the lives of people beyond

The service design methods and the AT ONE ‘how to design

using it once. The aim of a service is to help people to get their act together in daily life

Can time banking change pension awareness? Ada van Dijk

Still, how the results will impact the business that provide financial

â&#x20AC;&#x2DC;was promisedâ&#x20AC;&#x2122;. (see chapter Needs, page 69).

pensions cannot be fore casted from the work.

Service design at financial organizations is practiced as tradi-

ternatives visible and help to make a personal action plan. It will lead

tional value-in-transaction work and the approach of value-in-use is to

to an option to accrue assets just before retiring, and to remain active

be adopted and worked out more to give an idea a successful combi-

after the start of the allotments effectively. This can repair the financial

nation.

pension situation. It will change time banking from a tool for daily use

Next to that, it might be possible that people turn away from

Time credits and time banking help to make this field of al-

into an activating concept with a life long term perspective.

all calculations and additional saving in euro altogether and rely on

family, friends and their own human power to make their retirement

group that shows increasing levels of time credit awareness.

period rewarding. Hence calculations might not be needed. Finally, the research question can be turned around: Can pension awareness change time banking?

The answer to this is yes. At the moment pensions are framed

as a financial issue across society. People have to trust government and institutions to make the best decisions for them. Currently the Dutch government issues cutbacks on payments to community building, cultural and volunteering organizations and to personal budgets for health and care homes. This will have impact on budgets for retirement and for (informal) care tasks of many citizens.

When this bond of trust and care will be broken, large groups

will become pension aware albeit not have enough money because they are too late an do not have a financial perspective. Interviews with prospect time credit users indicate that many individuals look for alternatives to financial solutions. These solutions are speculative and often depend on a forecast of how life will develop with less money than

And it can be expected that senior generations are the first

Can time banking change pension awareness? Ada van Dijk

Further Research

ter retirement? Is this trust located into the community or in the organization that guarantees validity of the currency? Is this on corporate level or at government level? Do people trust to be able

“How do I know who I am until I see what I do?“

to use time credits abroad? Which countries?

E.M. Foster in ‘Give and take’ from Adam Grant

3. Proposition and brand identity. Does the proposition and the Studies proof over and over again that people who said to have an

brand express the WHY of time credits? How can the brand sup-

intention to commit or participate do not manage to do that . So to

port people to convince others of the use of the service and in-

obtain research results, users must work with the service in real life,

spire to a mentality shift towards ‘social capital’ as an manner to

and having the option to add real time credits to their personal credit

accrued well-being?

account expereinciing if and how the service adds value to their personal life goals and helps them to perform better in their daily lives.

4. Response of society. What prospect market is there for preserv-

IDEO’s launch your next idea even before it is ready87 is an approach to

ing time currencies as a pension asset given the current short

perform rigorous and agile testing of the extent of ‘real commitment’

term character and use of complementary currencies?

that prospect clients make and if the initial branding and marketing attracts and motivates them.

5. Legal status and central bank role

Five research goals for a pilot are below

Criteria for success of the pilot

1. Quality of the proposition. Three criteria are at the fundament

•

of testing the manner the concept is designed into a service

Substantial value-in-use volumes, giving the user opportunities to experiment with life time goals and life roles .

i) Do users understand what the service is or does?

ii) Do people see the added values in their lives?

what extend do users change and become people that are more

iii) Do people understand how to use the service?

aware of social capital and its’ role in the retirement period.

2. Trust. In what manner do users trust that taking care of their pensions in a non-financial manner will increase their well-being af86. Prast, 2011, Netspar conference. Thaler, 2008. Nudge, 401K Schemes in USA, TNS Nipo. 2012, p.5 and conclusion. 87. https://www.youtube.com/watch?v=N-BX0jzmS1w (fail fast, fail cheap and move on) 88. Polaine, 2013.

•

At least two years in order to observe a possible mentality shift. To

Can time banking change pension awareness? Ada van Dijk

List of figures Figure 1 : Types of capital connecting to assets realized (table). Page 13 Figure 2 : Matrix for applied research. Page 19 Figure 3 : Actor or stakeholder map. Page 23 Figure 4 : Business Model Canvas for users. Page 25 Figure 5 : Business Model Canvas for customers or buyers. Page 26 Figure 6 : Value proposition canvas for individual in late retirement. Page 28 Figure 7 : Value proposition canvas for individual in late retirement. Page 29 Figure 9 : Five steps of touch point research. Page 32 Figure 10 : Touch point inventory (table, page spread). Page 34-35 Figure 11 : Story board for concept movie . Page 36 Figure 12 : Interview questions on movie stills. . Page 37 Figure 13 : Service ecology. Page 41 Figure 14 : Prototype pension planner. Page 43 Figure 15 : Applied pension planner for senior craftsman. Page 44 Figure 16 : Applied pension planner for low income mother. Page 44 Figure 17: Applied pension planner for young entrepreneur. Page 45 Figure 18: Sample users and their needs. Page 52 Figure 19: Flow of time credits: users, customers and organizations. Page 55 Figure 20: Diffusion of innovations. Source E.M. Rogers 1962-2003. Page 79 Figure 21: System map. Page 89

Can time banking change pension awareness? Ada van Dijk

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Can time banking change pension awareness? Ada van Dijk

Expert Interview Appendix Expert interviews are an important source of knowledge and insights in AT ONE . The list below comprises the most important and structured interviews that were held for this study . The organizations that the interviewees work for are mentioned as well as the references to the contribution in this text . •

Becky Booth, Director Spice time credits. justaddspice.co.uk .

•

Melvin Brand Flu, Service Design Agency. Live | work Rotterdam . See appendix case study

•

Jan Enzlin, User organisation. Doordewijks, www.doordewijks.nl

•

Joost Holthuis, Service Design Agency. Edenspiekermann

•

Elizabeth Kleinveldt | Paul Iske, business development. ABN AMRO dialogues house

•

Edgar Kampens, Director Qoin. www.qoin.com

•

Karl Heinz Kock, Cologne, user organisation. Altergnossenschaften KÖln

•

Marie Anne Laurence, community manager. See appendix case study and appendix expert

interviews •

Justien Marseille, lecturer HRO Rotterdam. See appendix expert interviews

•

Kees Miedema, director at Virtual Affairs, IT agency for financial solutions . See appendix case study

•

Joeri van Oudshoorn, Director time bank The Hague, Amsterdam, Lisbon

•

Sander de Rijke, Community manager. www qoin.org

•

Edwin de Weerd, professional advice. COO PPI for PGGM Rabobank

•

Michael Visser, Legal. Tilburg School of Law. See appendix case study

•

Tom Zweers & Josine Poley, PFZW. See appendix case study

•

Joke van het Zwaard, community manager. Leeszaal West Rotterdam

Can time banking change pension awareness? Ada van Dijk

AnneMarie Laurence

Spice found that once people start earning they continue earn-

ing. It is getting them to start in the first place. Because if they start This interview was held at Chapter Arts Center, Cardiff, United King-

earning they start getting the same intrinsic rewards that volunteers get

dom. 19-11-2013. It is on the nuts and bolts of organizing time bank-

who help others. They also find that people think ‘volunteering is not for

ing with low income and low (financial) literacy users.

me or I have nothing to give or people like me do no volunteering. When they get involved and find they can this and sometimes they think well…

AnneMarie works for Spice running the time credits project in Ely and

I am quite good at this.”

surroundings. She supports 66 local community groups and organizations in just this area. Ely is a low income neighborhood in Cardiff

Money or time

with many single mother and families. The interview assesses the use

The Spice time credit model offers time for time and not a single mon-

of time credits for pension savings in her perspective. Also the planner

etary value because

was evaluated. This transcript of the interview contains quotes from

We do not want to put a value on somebody’s time

AnneMarie in Italics.

Implications around tax and benefits already received. So

people won’t say, hang on, I will lose money of my unemployment “In general people know about dwindling amounts of pension benefits.

benefit

However they just don’t have any choice, they depend on whatever there

is coming to them. Most of the people that are working are on a very low

prices so we equal them on time. We have 40 pound theatre tickets

income and cannot save for a pension because all of their money goes to

and 7 pound film tickets that go for 2 time credits. All spending of cor-

feeding their children and day to day living. Some of them might go into

porate partners should be exactly on the same basis as community ac-

a short time job, but it is not mandatory to put money into a pension.

tivity. A coffee morning it worth the same as a the ticket for the theatre.

Range of activities that are offered are of various financial

Just a small minority can be expected to save additional money. If you would propose time banking for pension savings I think

“Older people also must earn time credits in order to earn the value. It is

people will go for it. If you know you will receive about 50 pounds a

very important to have upfront lots and lots of spending opportunities

week for retirement . (in fact it is 110) but if you can increase with time

that motivate people to see the value.”

credits it would be an incentive for people to do it. It is gonna mean that they will have a better life when they are older. 89. AnneMarie does not know what people receive as a pension and what is communicated around pensions The most you receive currently is £110.15 per week. Additional state pension differs: How much you get depends on your earnings and whether you’ve claimed certain benefits. There is no fixed amount like the basic State Pension. Source: https:// www.gov.uk/state-pension

She now sees people willing to earn more and more time credits and

Can time banking change pension awareness? Ada van Dijk

saving them. They save for the occasion to spend them on favorite. Not

We’d rather encourage them to give them to people who could use them

high monetary values things. This fluctuates massively.

or take their family on a trip and pay for all of them. Sometimes we get them back and give to people who have nothing at all.”

Chapter Arts center “Chapter Arts center is now our most popular venue but it never used to

Facts

be. It demonstrated that people start to spend their credits differently.

“Currently there are 13.000 members in Spice, but there are other ini-

Before the spend them at two places and now we see spending them at

tiatives in time credits in the UK. She report more than 40% of people

about 8 places. They take up to 400 credits every 3 months at Chapter

participating are new to volunteering in her case. People who are new,

Arts, any show.

come to us because they want what you can do with them. What really is

For Chapter this is a new target group that was not in the the-

loved are shared experiences and trips. People want to join and we go to

atre before, they get clients that otherwise would pay money for chain

them are ask where they want to go.

cinema’s in the center of Cardiff. They also come for a beer and the good

food, which is income as well.”

their project. It is a learning process sometimes I need to tell them why

We work with the community to do it, we do want to become it

I cannot consider a particular proposal and then then they come with Time credits have put Chapter Art on people’s radar. Ely has got a bad

‘what about this and what about that’. So people often earn time credits

reputation and people really do not dare to check out on an art center

in organizing their own trips and they propose to us what trips they like,

because of that. They think ’I am not a confident enough to move a

we go to the Bristol Christmas market and we planned London but some

mile outside of their neighborhood, to this trendy neighborhood for

people are very scared to do to London, its expensive and they worry

instance or to London’.

about getting lost.

We are not doing it TO them but they create shared memories,

Maximums

in all cases must be community oriented. We have many older people

“Spice informally puts a maximum on earnings of time credits but only

and they tend to come in groups and go around together. They start to

in a face to face conversation with the person that is earning a lot. This

do things more socially together. The Healthy Wealthy Wise group earn

is because they otherwise credits will lose their value. Credits in their

credits by, sitting at the door and letting people in, making tea and cof-

account for their future, ….. well ‘we do not want people to stock pile

fee. Get people in their cars.”

too many, I can’t image right now how to work this out for a pension.

Can time banking change pension awareness? Ada van Dijk

Learning time crediting

they have got something else to think about. We have one example of a

About 66 initiatives are running in her neighborhood. She sits down

lady that got from doing nothing at all to running two groups. If time

with local group, who they are what they do and what they want to

credits will stop or fail people will still come because we put it on their

do in the future. The she goes for an agreement with them that sort

radar. But people have to get to a certain point and this is individual for

things out.

everyone, some people are ready other people have so much chaos in their lives that they will be needing more time.”

“We tell then what we expect of them and what we will do for them. So we tap into the local team and their activities and day everybody’s

Volunteers

hour is one hour. Reciprocity is important: We will work with groups to

“Particularly older people that in the beginning did not want to have

help support them to put on activities in the community that people can

time credits for their effort are now taking them in order to take their

spend their credits on. So you start with the goals and not with the gift.”

families on trips. The guy who does the newspaper or the menu takes his

She needs to get back to these contracts when people do not bring

enough credits in and then explores a way in which they will do it. It’s

be getting at. It happens a little bit, I know a lady that asked others to

about groups providing ways for local people to spend their credits as

walk her dog and pays them with time credits she has earned. One of the

well as earn them.

challenges is How can we trust that person to go into someone’s house,

wife and 4 kids on a trip. Exchanging skills between themselves is the next thing I will

there can be a lot of issues around it.“ Corporate partners Chapter art center just takes credits in and we do not compensate the

“But hey, this trust thing in fact what society is all about: being

theatre. This turns out to be a snowball and corporate partners now

weary about people and suspicious about people is not going to

sometimes come to us now.

help us further either.”

Sustainability, hurdles

Family

“Time credits are not making people feel dependent on them for criti-

“At the moment we do not have a way to time credit family life. We need

cal care. In fact we find that if people start volunteering and experience

that broker to swap between generations. I do not see immediately right

internal motivation we see that their health is improving, just because

now how we can time credit a daughter who wants to earn time credits

Can time banking change pension awareness? Ada van Dijk

her care for her mother. I understand it can be done there is lots of in-

Halloween

formal things that people do not seem to get time credits for. It would

“We work also with kids under 16: we give them to cleaning up with the

be difficult to measure that, It is possible people could abuse the system

park, Halloween decorations that are used at the party. Previously staff

and claim time they did not earn. In this community I also see grandpar-

would have bought these decorations and hung them up themselves.

ents taking care of grandchildren and we see a lot of children taken care

Their Mums like to come to these parties because of that and the chil-

of by their wider family because parents have alcohol or drug problems

dren behave better. 128 people came to the party.

but that is not always formally recognized.”

We’ve started to see a change in the culture in this community.

We see that people get money given to them and a house given to them “Time credits are about changing the relationships that services

and then all these things done TO them often turn to that they demand

have with their users and making that relationship more equal.

MORE things. So if we propose time credits they ask what can I have out

And many struggle with this change.”

of it, if I join? And then we see you can have what you want from the book, but to get it first you have to contribute”

“Regarding the disadvantages of social cohesion, companies and the city spend a lot to improve a neighborhood. I have ideas around this around

“People who are new, come to us because they want what you can

foster caring or kinship caring and how government departments such

do with time credits”

as social services could use time credits Maybe peer mentoring. there is lot of opportunities to investigate.

In the beginning, this was the sole reason people stepped in, they de-

Measuring is very hard. Staff of municipalities is the one of the

manded free time credits to go on a trip, and they demanded us to or-

main problems here. It’s very difficult to change the culture of large or-

ganize things to get their time credits fast. Now we tell people you need

ganizations and municipalities that have been used to doing things to

to step in at all opportunities and not wait until you see the trip. That

people and delivering a top down approach to service delivery.

was a really interesting development. That way people start to out to be

Some people just like doing things to people. And they say I

involved more regularly. And they also take the kids with them and earn

need to do thing to people because they can’t do this or that for lots of

more. In Ely, it took us about a year to change behavior. We changed

different reasons. If you really want to change things on a big level we

behavior of people that ordered a lot of places and did not come up with

got to get large organizations and the government changing the way

credits. We changed this by having them to pay upfront, that is how to

they world and the way they see people who are using their services.”

works. We learned that as an organization as well.

Can time banking change pension awareness? Ada van Dijk

Family stuff

ple have more long term commitment. And they indeed take stamina of

It is key to us to cherish the family stuff, a lot of people in this commu-

taking their grandchildren. I see no saving behavior. But complex needs

nity have kids,We see a lot of people giving birth at a very young age, I

are not planned for.

think this is due to historical issues in the area around poor parenting and not valuing education. If you have a child you have a house from the

Multiplier

government and they might see this as their easiest option but they are

The project of AnneMarie probably have the highest return percent-

not always provided with childcare. I hope I can arrange a crèche run by

age.

local mothers and on time credits without too much interference of the

government.

projects, we saw more than 10.000 credits being earned since April, its

“My spending percentage is higher than some of the other Spice

Massive fear culture of what happens in crèches, staff is really

certainly one of the biggest time banking projects for the size of area

too much focused in health and safety checks, and insurances needed.

we cover. Sometimes It takes a while for the credits to appear again but

People helping each other out instead of looking at the government. We

about 50% does. We are now seeing more credits being spent in the com-

have so many parents who do not work but might know how to look

munity than we are at our corporate partners.”

after children, it seems a shame that we can’t tap into this capacity to benefit the community.

Corporate partners versus community activities About 2800 are spend in community activities where people come and

Learning time crediting

pay with credits in self-organized activities. These activities might not

Some people ordered a lot of places and did not come up with credits. We

have existed without credits. Corporate spending should stay the same

changed this by having them to pay upfront, that is how to works. We

they might get enough. Every project is different and this depends on

learned that as an organization as well.

geographical area mainly.

Retired people

Legal issues

People over 60 could be retired in England. We have a lot more women

You can accumulate as much as you want in the U.K. Regarding the av-

earning time credits than we have as men. 13% retired in this year, 16%

erage amount we cannot collect data on what everybody owns. We will

last year . They do more of the person to person things they tend to have

improve this when we will have launched the digital administration via

a better peer to peer network. In groups they join for trips. Older peo-

the web site.

Can time banking change pension awareness? Ada van Dijk

Doing a time credit project

New in 2014

Local and participating people have to take responsibility for a project,

Web site. Develop more about person to person care of your neighbors.

it that’s how it works. So we approve the plan. Sign a contract and peo-

We have a public site that can be used as a platform. Business partners

ple have to make a list of what they have spent the credits on. And the

advertise here for the gym, or theatre. I can choose to pay in paper cred-

will not have new credits until we have this list returned. For instance 8

its or at home and arrange to pay electronically in the web site.

credits to organize a coffee morning with 4 volunteers.

All of the 66 groups have an admin page that leads to the ad-

ministration site. And I will be able to see who volunteers and they will Housing corporations

be given t credits for each effort. And groups can post activities for the

Housing corporation pay Spice to see that people pay attention and de-

particular groups and decide who will be able to see them, regional or a

velop a better relationship with each other and between housing com-

wider range, even anybody in the country.

pany and their tenants. They use Spice to get tenants more engaged. I will

start with the hostel trying to engage people are waiting for re-housing.

new activities I can arrange with corporate partners.

Also I will be able to advertise what people I look for and what

We hope they will engage and proceed after getting their now house. “We relate success to stories and changed behavior. We do not exMarketing

pect people to calculate their savings.”

The menu is printed in 3000 copies. Spice asks schools to give these to their pupils to take them home. Public buildings, libraries etc. Facebook

Planner

is really valuable for people signing up for earning credits. We have

Your model to have pension savings in time credit will probably work

some really good and high profile new corporate partners stepping in.

very well in the village where I live. I will be doing things with my part-

We do not have signage etc. at the door. But we hope to change this soon

ners and probably with my child. But I would definitely will be willing to

to make the project more high profile

put aside credits for my future. The plan is to have both money and time credits in the same chart.

Informal care Not particularly any proof found for organize informal care via time

“For myself, it is always in the back of my mind but it is not necessarily a

credits. Maybe case studies.

priority. My partner told me to do it. People who are on and off jobs are hit far more harder by cuts than others who have more money.”

Can time banking change pension awareness? Ada van Dijk

Justien Marseille

the responsibility for our health to the health care industry.

Justien Marseille is senior lecturer at Rotterdam University of Applied

â&#x20AC;&#x153;We expect a doctor to make him or herself responsible for your health.

Sciences. Interview at restaurant Fjord, Rotterdam.

He has acquired medical expertise and you pay him to take the responsibility for you. In that respect you expect him to do all he can with respect

This interview is on relationships between old and young generations

to your health and that he will not have any other interests than yours.

in the Netherlands and how these relationships impact the pension

system. Many details are specific for the Dutch situation so the text

have transferred the responsibility to the pension funds and that they

reflects this Dutch context. The approved Dutch transcipt has been the

consider themselves to be too illiterate to have an opinion on what hap-

basis for this translation by the researcher.

pens to their investments. As long as the trust in governments and busi-

In the field of pension execution you can expect that people

nesses can fall back on the trust of their citizens or clients you can expect Van Dijk: We see a nation wide aversion against pension communica-

this to remain unchanged; people will not become pension aware.

tions and financial communication in general. How do we make the 69 % pension-unaware citizens read their personal pension statements?

Van Dijk: pension unaware people do not know more than the story

This question is refrased by Marseille:

that the government has told them Hannah Arendt90 says in this respect that if a majority is not aware of how things are, then the words

Marseille: WHY is 69% pension unaware? This is probably not aversion

and the capability to describe what is important to this majority will

but a matter of just not interested. It might even be a matter of trust be-

disappear. This can happens when people do not want to be involved.

tween state and citizens. Citizens trust the state the live up to the rights

and the promises that have been made to them. They take the point of

think to be the standard solution for all: you need to save for 70% of

view that one cannot harm the rights of individuals and that the right to

your last salary. Also they stat that there is a sharp border between

a certain pension will be protected.

work and retirement. People ask: how long will you need to work un-

People take for granted what government and businesses still

til you can retire? The Authority Financial Markets91 also promotes to She also points out that the majority of the Dutch (early en late major-

compose a long term plan comprising monitoring of money on a pen-

ity, see below) still has given the responsibility for their financial health

sion account . We see a â&#x20AC;&#x2DC;framingâ&#x20AC;&#x2122; of pension as a purely financial issue

to banks and asset managers. In a similar way we have given trust and

and not as a period in life

90. 1953: Hannah Arendt: De human condition, Ch. 5 91. 2012 AFM. Naar een beter gebruik van de UPO. Towards better use of Uniform pension statements.

Can time banking change pension awareness? Ada van Dijk

Marseille says that in that case the service should consist out of some-

Marseille: “One of the applications of service design is to find ways to

thing totally different. The goal should be to convince large groups, the

help large groups of mainstream consumers to get them – step by step

early and late majority, that the retirement period is not a financial is-

- used to new ideas that are offered by early adopters. In our meeting

sue but an issue of life style and well-being. And in reaction to Hannah

at The Union Crosslab94, I saw early adopters in the crowd. People that

Arendt: we recognize early adopters when they test and investigate a

start in alternative currencies.”

new idea. That practice causes stories and potential (early majority). Van Dijk: The question then is: how to get this approach out of the

young generation into the mainstream that has a pension plan at the moment. The group younger people will become a minority. Marseille: “I do not believe this group will remain a minority.” Van Dijk: what do you think the ‘framing’ of older generations will be in the upcoming decennia? I can image two directions: Old people are out of society and rarely can be valued as an contribution and innoFigure 20: Diffusion of innovations. Source E.M. Rogers 1962-2003

vative force in society. Or another frame: Old people are an important component of diversity and make us all think about our decisions.

This ‘discours’ influences late majorities that only listen to group pres-

Marseille: “I see that nowadays older generations do not behave socially.

sures to make decisions and change opinion and direction.

They claim too many important places that are pivotal in society. This irritates me in the educational level where they seek confirmation of their

Van Dijk: maybe we just could wait?: Willem Schinkel in the Groene

influence and conservatism. In some cases the trouble is that they do not

Amsterdammer says that a natural process has taken place with pro-

have to work to earn a living. People have very good prospects on retire-

gressive values in the 70-ties. The values of early adopters are now

ment benefits95 and know they do not have to earn a lot any more.

mainstream in capitalistic society: authenticity, creativity and auton-

omy.

The young generations need to get more experience fast.

92. Everett http://en.wikipedia.org/ wiki/Everett_Rogers#References,

95. SCP, 2013. p 311. Since 2008 poverty in NL increased. Very low incomes rose to 7,6% in 2012, against a percentage

93. Willem Schinkel. De groei is overal. Groene Amsterdammer 27-06-2013 blz.23

of 5% in 2008. People on benefits and one parent families are sectors in society where this happens (11%) In the group

94. Crosslab, dat xx thema currenxies

retirees just 3% is poor.

Highly qualified people should make place for younger ones.

Can time banking change pension awareness? Ada van Dijk

They need to be given a chance to practice and make mistakes

This goes for many fields in society where a layer of older exec-

utives closes the lines for younger generation. They do this by referring to one another and not allowing new insights into their establishment. Education in economic sciences operates this way as well. Teachers, speakers and authorities ONLY are in the driver seat because they protect one another and acknowledge their authority in their peer group.

I believe young generations do not share their vision on the

field and the subject at economics at all. Still they are the ones that decide on jobs and critical functions. Young generations are not impressed by the views of the old traditional economists and as a rule regard these as old fashioned and outdated Sometimes they do not know their names and this is the result of both outdated teachers and outdated ways to cope with problems in society.â&#x20AC;?

Can time banking change pension awareness? Ada van Dijk

User Interview Appendix User interviews

maker 31 female, a housewife 42 female, unemployed cleaning help 43 male, a teacher primary school, 54 female and a part time teaher secondary school, 58 female.

In all cases the interviews were open, positive and spontane-

ous. Interviewees we inspired to tell personal en often private observations on topics like care, personal future and family experiences. The result is a large amount of rich and original insights into how people think about their retirement in an open and surprisingly positive way. It is with that prospect in mind that they are valuable. They give color and atmosphere to the proceeding with the development of a time credit payment interface, a pension planner, a communication briefing

The next 4 pages contain the summaries of two in depth interviews, as

and finally a brand identity that appeals to users and inspires users to

an illustration of the interviews in touch points.

create their own value-in-use.

All of the interviews took between 1,5 and two hours and were

taped on i-Phone. The research promised to anonymity the quotes in the final review and ask permission before transcripts etc. People were not asked for personal details like names, income addresses and age. In all cases age was mentioned spontaneously and in many cases people gave their e-mail addresses because they want to receive the final thesis In the appendix are two male interviewees; a young person, former student of 27 and a former librarian 55, now unemployed. Other interviewees were a politician on sabbatical 48 female, a ballet dancer turned kindergarten employee 45 female, a coach 53 male, a film-

Can time banking change pension awareness? Ada van Dijk

User interview summary The interview with a former student gives insights into the experimental and international life style of a high educated individual that wants to participate, but on his own terms.

Can time banking change pension awareness? Ada van Dijk

User interview summary The interview with a former librarian gave insights into the new occupations people can undertake after having been fired at 55. The need of elderly craftsmen are modeled on this person.

Can time banking change pension awareness? Ada van Dijk

Currencies Appendix

munity currencies in the Netherlands and in Great Britain CCIA and NEF are other international organizations on knowledge sharing in this field Qoin At Qoin, different types of currencies are set apart. Time, Trade and Transition. A brief explanation can be found on the site of Qoin. •

Trade currencies - business

•

Transition currencies - currencies that develop a region

Participatory research was undertaken at five communities. The re-

•

Green currencies - currencies for a more sustainable life style

searcher opened an account and tool part as a member. In all cases

•

Time currencies - social

except Peerby meetings were held with the management as well. The currencies and the experts that were interviews are below

Time Banks are designed to provide for social services (rather than goods) that the conventional economy cannot deliver. The aim of time

Wehelpen.nl, Maaike Schnabel, GertJan van Rossum. www.wehelpen.nl

banks is to resolve a deficit in the provision of certain social services

Timebank, Joeri Oudshoorn. www.timebank.cc

that are (often) not valued in the conventional money economy. The

Peerby, www.peerby.com

Time Bank’s goal is to increase activity in the informal sector of the

Zuiderling, Luc Manders. www.dezuiderling.nl

economy, and to strengthen social cohesion in the community.

Rotter-Dam, Bob Bannink, Harry te Riele. www.rotter-dam.nl

Time banks In general, complementary currencies are regulated like all other cur-

Time Banks are bookkeeping systems using a complementary cur-

rencies. A central bank role is executed by an organization, often in

rency (service credit) for rewarding ‘voluntary’ work that contributes

cooperation with Qoin. This regulates proper use of the currency and

to community building and the social economy.

takes care that things grow not out of hand because of speculation. The development of an integrated EU-wide account system for complementary currencies is taken on by Qoin96, that has developed com96. www.qoin.org

Can time banking change pension awareness? Ada van Dijk

community building and the social economy. In the words of Gill Sey-

desk connects people with a request to people that have surplus time.

fang (2002:4): “Time Banks are a type of community currency which

SMS payments. beautiful bills with Dutch icons of bikes, workers and

turn unpaid time into a valuable commodity, and aim to build social

tekst balloons (the logo od Zuiderling) make the currency as concrete

capital and promote community self-help through mutual volunteer-

as Euro. Zuiderling is supported by Rabobank and city council Rotter-

ing (both giving and receiving help in exchange for time credits)”.

dam. Qoin has built the infrastructure (IT, web site)

As opposed to an ordinary volunteering agency, volunteers

New members are welcomed and actively asked what you can con-

are rewarded for their contribution in a Time Bank with time credit

tribute and what you are looking for. Each week a café, annex infoma-

upon which they can receive ‘voluntary’ work themselves. In the Neth-

tion hour takes place to help people get over their shyness. Zuidering

erlands, members often have a job and an inclusive life style. Exact

wants collaborate with wehelpen.nl en peerby. For instance to build a

numbers are missing onto how many people do not have a (part time)

cupboard from IKEA you borrow the tools on Peerby and ask help via

job.

Zuiderling. A weekly zuiderling café connect people face to face

Spice

Timebank.cc

At Spice Time Credits is a sister organization of Qoin at Cardiff. Their

At the time bank The Hague, Amsterdam, Lissabon, you only can start

goal is to increase intrinsic motivation and change the mentality of

to build your time assets by starting to contribute to the time bank for a

participants. In general people that are into time banking increase

certain time span. Time hours cannot be bought against any price and

their participatory behavior, acquire more social capital and feel inte-

traded against goods. Hour notes are representing time. The beauty

grated into their local community. In Cardiff, the non-profit company

of his currency is that it is a radical experience of a time value that

Spice investigates each quarter if their participant shows evidence in

only can be learned by doing. This system of time banking is the most

these fields. See the interview with Marie Anne Laurence in the Appen-

radical issue of value in use the researcher came across. You only can

dix Expert interviews.

become participant if you have done a contribution done yourself. Joeri van Oudshoorn puts it this way: we are with time banking between

Zuiderling (NL) The organization Zuiderling has 1000 members and 500 active participants. They operate in the south of Rotterdam. On subscription one gets 6 Zuiderling for EUR 4,50 to start trading time. An very active help

family values and financial values.

Can time banking change pension awareness? Ada van Dijk

Chiemgauer97

A surprising part of the project has been that the elderly tend to prefer

In Germany Regiogeld is the the family name for currencies like

the services provided by people paid in Fureai kippu over those paid

Chiemgauer, to currency is voluntary agreed upon by consumers, as-

in yen. This may be due to the personal connection. When they sur-

sociations and businesses.

veyed the elderly, it was clear they preferred the people who worked for Fureai kippu over the people who worked for yen because of the

Although, there are some minor design differences between the differ-

nature of the relationship. To convert this community service to yen

ent Regiogeld currencies, they are essentially the same. All Regiogeld

would seem to dilute the community ethic. There are two clearing-

currencies are redeemable vouchers purchased with national currency

houses that send the credits from one side of Japan to the other.[2]

and redeemable for national currency, which are only accepted locally. GLS bank is setting up credit lines in Chiemgauer in order to support

In the Netherlands Fureai Kippu has been the blue print for the net-

micro companies that want additional credits.

work wehelpen, with respect to the country-wide coverage of participants. China, too, is starting to implement the Fureai kippu concept.

Fureai kippu98, 99 (in Japanese

By 2005, the largest complementary currency system in the world was :Caring Relationship Tickets) is a Japanese sec-

toral currency created in 1995 by the Sawayaka Welfare Foundation so that people could earn credits helping seniors in their community.

The basic unit of account is an hour of service to an elderly

person. Sometimes seniors help each other and earn the credits, other times family members in other communities earn credits and transfer them to their parents who live elsewhere. For example, an elderly woman who no longer has a driverâ&#x20AC;&#x2122;s license; if you shop for her, you get credit for that, based on the kind of service and the number of hours. These credits accumulate - users may keep them for when they become sick or elderly themselves, then use the credits in exchange for services. Alternatively, the users may transfer credits to someone else. 97. Source: http://www.chiemgauer.info/ 98. https://openideo.com/challenge/mayo-clinic/inspiration/-caring-relationship-tickets-a-japanese-system 99. Source: Wikipedia and https://vimeo.com/23098246

in China but no numbers are published on this.

Can time banking change pension awareness? Ada van Dijk

Types of capital Appendix

sume that more human capital leads to increased and more successful

The four types of capital defined by CBS have been used to specify the

the goals one sets him or herself). www.socialcapitalresearch.com/

research. Capital is a capability to accrue assets and not an quantified

definition.html

participation in society. 3. Social capital. The amount of social capital predicts how successful a group or an individual is in economic and social perspective. This is because organizations or persons feel trusted, supported by the direct environment and tolerated in society at large. Using the network related to social capital will result in less obstacles in reaching

asset in itself. Next to the 4 types of capital acknowledged SCP , the 100

researcher added a fifth type of capital: family capital. Family is pivotal

in the late retirement period when children and wives or husbands that

and sources of cultural fulfillment. Religion and intangible ideas that

have a good relationship with their loved ones experience significantly

determine the preferences for spending free time are part of the pri-

more well-being.

vate cultural capital. Knowledge of norms and habits in society are the

Cultural capital represents the personal ethical standards

public side of cultural capital. 1.

Financial capital. This includes money and not immedi-

ately accessible â&#x20AC;&#x2DC;moneyâ&#x20AC;&#x2122;. For instance financial products (often invest-

ments), that remain free of taxes until retirement age (life insurance or

parents, partner and (grand)children. A family context often motivates

NL: lijfrentepolissen), or blocked bank accounts. We can also include

individuals to accrue human, social and cultural capital inside a family,

resources that are tangible and worth a lot of money: houses, cars,

but sometimes also outside the family. For instance, family capital mo-

gold and valuable objects like antiques and art.

tivates deep collaboration and trust within the family and often points

Family capital. Family capital is the capital accumulated into

at more a more social business attitude (family owned companies). 2. Human capital. This is the amount of knowledge and capa-

Children often inherit the family capital of their parents, which then

bilities (often crafts), acquired through school, study or other types of

becomes a financial resource. There is a straight line from family capi-

education (learning on the job or things practiced in free time). We as-

tal to well-being in late retirement.

100. Sociaal Cultureel Planbureau, 2011. Social Planning agency of the Dutch Government. The social state of Th e Netherlands : Social staat van Nederland.

Can time banking change pension awareness? Ada van Dijk

Case Study Appendix

blueprint are developed as objects of research. Brand and positioning It is assumed that time credit accounts will be administered at the SVB102, next to the euroâ&#x20AC;&#x2122;s accumulated in a state pension. This account relates to the Dutch social security number system and through this number connects to citizens that have quit their job, are self-employed or are looking for a job .

Finally, the pension industry is very eager to innovate into

a field that helps their clients to deal with lower allotments that will This addendum reports in detail on the case study. The case study in-

be fact of life in the near future. Therefore the issuing of time credits

terviews are part of the set of expert interviews. Next to the calcula-

to reward pension conscious behavior is a marketing opportunity to

tor, a system map was discussed with the professional interviewees.

large pension funds. There are options to tap into vital needs and even

The system map gave them insight into what could be the commercial

life goals of their participants as described above. If these goals can

landscape of their company in relation to users and customers.

be taken on the agenda, chances increase that people become more pension aware and choose for a fund where their affiliated informal

System map The planner is not embedded within current pension providersâ&#x20AC;&#x2122; administration but operates as an independent time bank (see Figure 21 System map) that offers a pension planner to customers, the enterprises that provide pension services. It will be independently branded and proposes time banking as part of financial planning for pensions.

It will offer pensions funds additional marketing options to

attract participants to use their plan without interfering with the current pension communications101. (This is a B2B2C market) Based on this fundament, a sketch for a prototype pension planner and a service 101. In this case often a UPO and some additional communication, See Nell. 2011. 102. SVB = Sociale Verzekeringsbank. All Dutch citizens have a social security number and receive a basic state pension via SVB. Other benefits are booked from this bank as well.

activity is rewarded in time.

Can time banking change pension awareness? Ada van Dijk

Job 1 - Pension fund I - Terms and agreements I - UPS I (uniform pension overview)

- Newsletter I Job II - Pension II - Terms etc. II - UPS II - Newsletter II

Asset manager Insurer

SVB | Pensioenregister Mĳnpensioenoverzicht.nl Personal pension overview - Reports on all pensions, including PPI’s - Reports State pension

Time Bank Interactive pension planner including time credits

CCIA Account systems for all CC’s in EU

Job III - PPI - Terms PPI - UPS PPI - News PPI

Qoin

Community Currencies in Action

Agency for complementary currencies

What I want - Work after 65 or part-time before - Activities rewarded in time credits

Time Bank scope Prototype scope Concept scope

Figure 21: System map

Pensions made relevant to the NOW of particpants

Job III - Pension III - Terms etc. III - UPS III - Newsletter III

What I own - Endowment - House - Savings - 3rd pillar

Can time banking change pension awareness? Ada van Dijk

Michael Visser, mr. drs. Tilburg Law School

Melvin Brand Flu, Live | work

Michael Visser103 has developed a plan to integrated fourth and fifth

Director of Strategy and Business Design at the Rotterdam office of

pillar assets in a pension planner named pensioenschijfvanvijf.nl.

Live | work. Publication: the user plays, the customer pays http://cdn3.

Lately, he works on a new planner with AFAS and NIBUD and is an

liveworkstudio.com/assets/User-customer-human.jpg>

expert on the fiscal consequences of pension innovations . Feasibility: Users and customers can experience an event very differFeasibility: The legal and tax infrastructure for this tool will need to be

ently. Understanding which is the dominant mindset helps at a partic-

managed carefully. Visser advises to frame the concept of time account

ular point to engage users better.

as a change in behavior and steer away from (semi)professional wording like earning and profit. The reason is that it will become harder to

Understanding of users: The design of the planner is an improve-

avoid income tax raising on large amounts of time saved for retirement

ment. Aspects that strongly influence the user experience include

purposes104. On the other hand for low income people the income tax

value for money, customer recognition, accessibility and ease of setup.

raise will be very small. Visser states that shortly, people will trust (or

Administrative hassles, lack of transparency and channel inconsisten-

do not care) to share personal financial data and give permission to

cies are major customer irritations that lead to lost sales and customer

use it into a tool like sketched in this thesis.

defection. The proposal clarifies on flexibility of spending with the

large numbers in the chart, this seems the main asset of the proposal.

Understanding of users: However, the planner is 5 years too early

Good chances of collaboration with the city council of Rotterdam as a

because now people are obliged to maintain a pension at a manda-

partner in promoting social capital as an asset. That could be a service

tory pension provider. Therefore it is not in the interest of the pension

worth to develop.

companies to make better communication. So for now, it will be better to seek collaboration with the government or independent financial

AnneMarie Laurence105, Spice.org

planning companies like AFAS or start a new company like pension without money. After 5 years the market will look different.

AnneMarie Laurence is a community builder and organizer at Spice time credits. Spice is a time credit initiative in the UK that has 13.000 members and is located all over the UK with an focus on Wales and

103. Mr. drs. M.R. Visser. Tilburg Law School. http://www.tilburguniversity.edu/nl/webwijs/show/?uid=m.r.visser 104. The government has the goal to raise income tax on all profitable activities in a society in order to pay for the costs of common owned goods and services. A second goal of the government is to force its citizens into certain behavior the government thinks best.

105. The interview review is added as an appendix

Can time banking change pension awareness? Ada van Dijk

London106. Spice works with low income people and intents to increase

a result of the real values. The idea has potential to make it possible to

social awareness and self-esteem of people that are on benefits and

make pensions relevant to day-to-day life of people.

have low income and low financial literacy.

Feasibility: I can imagine this will work with people that are

into Spice time credits. We have some of them that have not a chance

IT review of system via desk research, and dialogue with Kees Miedema, client director VA

to build any pension and face even less benefits after retirement than being on regular state support. It is important for these people to learn

Feasability: Technically, It is possible to build a system that looks like

how to become more group oriented , social and willing to share and

the sketch above and will be updated automatically. The user needs

services. Especially at very old age, we hope people will have saved

need to take the set-up hurdles below:

enough to be able to reward the people around them for their help

1. Allow export of yearly provided pension data (in .csv-files format)

from Mijnpensioenoverzicht.nl to Timo Account. This takes a login via

107

Understanding of users: It will just be understood as a long

term saving and not help to explain pension structure. But, will that be

DigiD, the Dutch system for digital identity.

a problem?

2. Allow banks to export their account data toTimo Account. Indepen-

Tom Zweers and Josine Poley, PGGM for PFZW

dent financial planners have made this setup successfully. 3. Allow to export data from Qoin systems (like Cyclos) to export to the time bank. Make a rule: e.g. the system will represent a quantity of 100

PFZW is the pension fund for care and health professionals. The fund

hours a year (2000 hours for a â&#x20AC;&#x2DC;standardâ&#x20AC;&#x2122; improved pension) as default

is actively researching ways to increase willingness of people to use

for blocks as high as state pension reward.

informal care solutions. PGGM, (execute services for PFZW) supports wehelpen, one of the initiatives the researcher joined in 2012. Tom

Legal framework - desk research

Zweers and Josine Poley coordinate resrach for people at PFZW. Understanding of users: Well defined plan to integrate par-

This paragraph reviews the current standard of pension calculation

ticipation. Really believes in active approach of the government as or-

tools. Point of departure is the legal framework laid down by Authority

chestrator of behavior.

Financial Markets (AFM). Via desk research guides for pension infor-

mation and efforts of pension providers are reviewed .

Feasibility: Zweers emphasizes the difference between pro-

jected behavior versus actual behavior. Advises to restyle the chart as 106. Spice UK statistics and 2014, 107. Grant, A., p169. 100 hour rule of volunteering

Can time banking change pension awareness? Ada van Dijk

Since 2007 the Dutch Ministry of Social Affairs works on improvements of pension communications. By sending UPS overviews (see

AFAS, NIBUD111: new initiatives in pension planning

System map) the number of people that make a plan should grow. AFAS currently designs a planner that makes use of data of digital serThe approach is prescribed in three steps:

vices of banks like payment, savings and mortgage accounts, in or-

1. Make an overview (state of affairs, indication of financial capital at

der to provide its clients with periodical financial overviews including

retirement age)

these 4th and fifth pillar assets of Visser112. At AFAS, financial advisers

2. Develop insight (know how to match retirement income with

should go through a planning process together with clients. This is a

choices for half time retirement income etc.)

hurdle to take. Assessing the value of a house or the profit of a life

3. Propose action (if possible add inflow, prepare for a change life

insurance cannot be done by a user of the tool on its own.

style, or work longer)

The second hurdle is the representation of human capital in

euro. This is not a realistic perspective for older employees that want to Academic research108 diverts from this idea and states that clients

change to part time activities in line with their affinity at a later stage in

mainly gain insight based a scenario that is not financial: What activ-

their professional career. For many of them it can be imagined to work

ities they aim to do after retirement, life style including use of other

less but longer. To earn in a complementary currency as a reward for

sources from the fourth and fifth pillar is far more important .

more diverse and social activities seems a solution in this perspective.

This additional assessments can make planning activities

more personal and positive. OECD also shows that to plan in just the fore casted income only does not lead to a realistic plan

109, 110

for it ex-

cludes non-financial assets and income after retirement which are not in the guides of the ministry.

The suggestion to add forth and fifth pillar assets as sources

of wealth and well-being is difficult to represent by a fixed sum: it depends on developments in real estate and the value of personal human capital to be used to earn an income after retirement. 108. Kortleve, N., cs 2013. Design paper 23

111. AFAS and NIBUD are financial service organisations for citizens. They calim to de independent from banks and

109. SCP, 2013. De sociale staat van Nederland.

insurance companies in order to offer users indepenent fiancial advice.

110. OECD and G20 indicators. 2013, pensions at a glance

112. www.pensioenschijfvanvijf.nl and System map page p. 89

Can time banking change pension awareness? Ada van Dijk

Acknowledgments Many people have helped me to write this thesis. I want to thank all of them for the help and support and many usefull advices. Most of I want to say thank you for generous amount of time that all of you took to listen careful to my story. It was a pleasure that I will not forget. Jaap Vogel, Alecita Wolters, Julie Visser, Elizabeth Kleinveldt, Paul Iske, Angélique Visée, Paul Devine, Anne Bloemendaal en The Imagery™, Bob Bannink, Riet van Dijk-de Wit, Karl Heinz Kock, Joke van het Zwaard, Marion Anna Simon, Bjorn Schuelke, Joeri van Oudshoorn, Monique Burghouts, Jette Schneider, Marwan Fayad, Anne Langhorst, Yono Severs, Daniel Haessen, Rick Messemaker, Ronald Glasbergen, Melvin Brand Flu, Eveline Janse, Wienand van Dijk, Marie Anne Laurence, Joke Besemer, Jan Enzlin, Becky Booth, Edgar Kampens, Denis Costa, David Normington, Sander de Rijke, Justine Marseille, Tom Zweers, Alwin Oerlemans, Daniël Haessen, Philipp Heidkamp. Special thanks go to Vladimir Petrovic and Edwin de Weerd. They have helped me through the difficult parts.