With a recent report undertaken by the University of Edinburgh on the financial Lives of some 15,000 NHS workers finding that a majority are constantly using high-cost credit and overdraft facilities, Salad Projects has created MoneyMind, an exclusive tool free to all public sector workers to help break the cycle of persistent overdrafts and a reliance on high-cost credit. Harnessing the power of up to two years’ worth of your Open Banking data, MoneyMind will allow you to review your spending patterns in a simple and easy to understand format. Uniquely MoneyMind then allows you to compare and monitor your spending versus the anonymised data of similarly paid public sector workers. This enables you to identify and make the changes in your spending to avoid those persistent overdrafts and high-cost credit.
The report from the University of Edinburgh also highlights the importance and reliance on benefit income for those working in the public sector. However, there is approximately £17 billion of unclaimed benefits annually in the UK – meaning that public sector workers may be entitled to much of that unclaimed benefits.
To ensure that public sector workers receive the benefits they are entitled to, MoneyMind also includes a benefit calculator tool. This tool compares the actual benefits received as seen in the Open Banking data, with the entitled benefits based on public sector worker’s specific circumstances. MoneyMind then advises users of which additional benefits may be claimed.