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The University of Edinburgh Report: The Financial Health of NHS Workers.

Frustrated by the lack of affordable credit available, and with 8.5 million over-indebted and 5.8 million credit score invisible individuals in the UK, Salad Projects was established with a mission to democratise access to affordable credit.

Open Banking technology (with no reference to credit scores as the basis for determining the affordability of a loan) has the potential to democratise credit to millions by lending solely on what is affordable based on the income and expenditure showing in the applicants banking data for up to two years previously.

Salad Money, which lends exclusively to NHS workers using Open Banking data (lending between £500 and £1,000 at an APR of 34.9% when sponsored by NHS Trusts) has a unique data set for each and every applicant, providing the opportunity for unparalleled and granular insight into the financial lives of NHS workers covering some 15,000 plus applicants.

Salad Projects can legitimately use this information and has democratised this data, on an anonymised basis, to give civil society an independent analysis of the many factors giving rise to a lack of financial resilience for those NHS workers who then become reliant on persistent overdrafts and high-cost credit.

Salad Projects commissioned the University of Edinburgh to independently report on the financial lives of NHS workers using the anonymised Open Banking data collected by Salad Money.

Building a movement

Many NHS employees are trapped in debt from overdrafts and high-cost credit

Salad Projects has a mission to shine a light on this tragedy, identify the harm the credit system causes NHS workers and persuade those with the power to make a change.

The report lays bare a reality many NHS workers know only too well: a hand-to-mouth struggle, burdened with high-cost debt and persistent overdrafts. We believe publishing this report is essential to raise awareness and give NHS employees the support they deserve to financial freedom using MoneyMind.

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Let’s work together to improve the financial resilience of NHS workers

This ground-breaking annual report will give a unique insight into the financial lives of NHS workers, allowing NHS Trust employers the opportunity to take an annual litmus test on their financial resilience. It is our sincere hope that the report will subsequently allow NHS Trust employers to implement interventions necessary to alleviate the emotional distress arising from a reliance on persistent overdrafts and high-cost credit.

If you represent an organisation with a social purpose related to improving the welfare of the NHS workforce, this report is an opportunity to make progress towards your goals by giving your input to future areas for research by the academic data scientist. Salad Money has established a Public Responsibility Oversight Body (PROB), chaired by Lord Iain McNicol, to advocate on behalf of its borrowers to achieve policy changes to improve the financial resilience of all NHS worker. The PROB will welcome you and your organisation’s contribution to this important debate which will in turn will feed into the Salad Projects terms of reference for future reports. Please contact prob@saladmoney.co.uk.