A new platform called the Economic Wellbeing Explorer, launched today by Scots not-for-profit Smart Data Foundry, offers fresh insights around financial hardship in Scotland.

Using near real-time data from around 5 million bank accounts, the platform tracks economic resilience and wellbeing at national, regional, and local levels, and between age groups and income ranges.

The latest insights from the Explorer reveal that 16% of adults in Scotland rely on their overdraft each month, rising to 24% among 18- to 39-year-olds.

Almost one in seven people (14%) are spending at least 20% more than they earn, and more than a third (34%) 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 (Local Authority and Intermediate Zone) available via subscription.

The Economic Wellbeing Explorer platform itself is powered by data from NatWest Group, alongside contextual open data sources such as housing, education, and demographic data.

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

The launch comes at a time of mounting financial pressures for many, with April bringing a wave of cost increases, including council tax, energy bills, road tax, and the TV licence free.

“For hundreds of thousands of people in Scotland, payday no longer brings relief, just a brief pause before the struggle begins again,” said Dougie Robb, CEO of Smart Data Foundry.

“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.

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

“By unlocking the power of financial data, we can transform public services, ensuring support reaches those who need it most.

“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.”

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Smart Data Foundry was established in 2022 to unlock the power of financial data to tackle big issues like poverty and inequality and create positive impact across society, the economy, and the environment.

An independent University of Edinburgh subsidiary, and based at the Edinburgh Futures Institute, the not-for-profit organisation works with major financial institutions, the public sector, and charities to develop insights, inform solutions, and drive forward the data-for-good movement.