Edinburgh-based financial data insights firm Smart Data Foundry has launched its new ‘Economic Wellbeing Explorer’, a new platform offering an unprecedented view of financial hardship in Scotland.
Using near real-time data from 5.3 million bank accounts, powered by NatWest Group, the new Explorer from Smart Data Foundry tracks economic resilience and well-being at national, regional, and local levels, and between age groups and income ranges.
According to the latest insights from the platform, around 16 per cent of adults in Scotland rely on their overdraft each month, rising to 24 per cent among 18 to 39-year-olds. Meanwhile, almost one in seven people (14 per cent) are spending at least 20 per cent more than they earn, and more than a third (34 per cent) see their bank account balance fall below £100 on more than one occasion each month.
As part of Economic Wellbeing Explorer’s initial rollout, public sector bodies, NGOs, researchers, economists, analysts and journalists can now register for the platform, enabling them to use these insights for evidence-based decision-making and reporting on poverty and inequality.
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