Economic wellbeing platform plots financial hardship in Scotland

Wellbeing Explorer | Николай Срибяник

The Economic Wellbeing Explorer, launched by Edinburgh’s Smart Data Foundry, uses data from5.3 million NatWest Group bank accounts to track economic resilience and wellbeing at national, regional, and local levels, and between age groups and income ranges.

Insights from the platform reveal that 16 per cent of adults in Scotland rely on their overdraft each month – rising to 24 per cent among18 to 39-year-olds. Almost one in seven people are spending at least 20 per cent more than they earn, and more than a third see their bank account balance fall below £100 on more than one occasion each month.

As part of its initial rollout, the platform is now open for registration, allowing public sector bodies, NGOs, researchers, economists, analysts and journalists to use these insights for evidence-based decision making and reporting on poverty and inequality.

Topline insights will be available for free at a national and regional level, with deeper insights at a local level available by subscription.

Smart Data Foundry, an independent University of Edinburgh not-for-profit subsidiary, says the launch comes at a time of mounting financial pressures for many, with this month bringing a wave of cost increases – including council tax, energy bills, road tax, and the TV licence fee – prompting some to label it “Awful April”.

Dougie Robb, chief executive of Smart Data Foundry, says: “For hundreds of thousands of people in Scotland, payday no longer brings relief, just a brief pause before the struggle begins again.“Rising costs, modest wage growth, and unexpected expenses mean that many people are spending more than they earn each month, relying on overdrafts or going into debt just to cover the basics.“

The Economic Wellbeing Explorer is a completely new way to securely access in-depth financial information which gives a real insight into the economic wellbeing of the nation.

He adds that Smart Data Foundry believes financial data is an untapped resource, which can help drive policymaking and decision taking that improves people’s lives. He explains that data is not just information –it is hugely valuable in creating meaningful change.

Dougie says: “While we are rolling out the Explorer in Scotland first, we aim to extend this initiative to the rest of Great Britain in the near future, adding more indicators and allowing users to explore data at an increased level of granularity.”

The launch follows a pilot with East Renfrewshire Council, where financial data was integrated with council information, such as requests for financial support, and other public sector data to better understand the impact of the cost-of-living crisis. The council was able to target interventions more effectively, uncovering hidden pockets of deprivation.

All data Smart Data Foundry is supplied with is deidentified at source and is held and managed within a strict information governance framework to ensure security, privacy, and ethical standards.