Young people call for a greater role in shaping their financial futures
Young people want a greater say in shaping the financial products, services and support available to them, according to new research co-developed by Young Scot and the University of Edinburgh Futures Institute.
The report, Shaping Young People’s Financial Futures Together, is based on the experiences of more than 350 young people and highlights a growing gap between traditional financial services and how young people actually manage money today.
From managing money digitally at a younger age, to learning about spending through gaming and social media, young people are navigating an increasingly complex financial world often without support that feels relevant to their lives.
Through surveys, workshops and conversations, young people shared clear priorities. They want financial services that reflect real life milestones like first jobs, student loans and rent, use plain language and offer stronger protections against scams and overspending.
The report sets out practical recommendations across three key areas:
Developing policy that supports safer financial experiences and better education
Designing products and services that reflect young people’s real lives and evolve with them
Embedding genuine co-design, with young people involved as contributors and collaborators in shaping financial services and policy
By embedding young people’s voices into decision-making, financial services have a real opportunity to become more inclusive, more relevant and more trusted.
Young Scot volunteer Emmanuella Shodunke, who contributed to the report, said:
“Money is already a big part of our lives, but a lot of the support out there doesn’t feel made for us. We’re learning through apps, games and online, but it can be confusing and sometimes hard to know what to trust. It would make a huge difference to have clearer advice and tools that actually match the stages we’re going through.”
Young Scot CEO John Loughton said:
“This research is a clear call to action. Young people are navigating an increasingly complex financial world, yet too often the systems and support around them haven’t kept pace with how they live, learn and manage money today. By working directly with young people, we’ve been able to highlight not only the challenges they face, but the practical changes needed to better support them.
“Financial services have a huge opportunity here to become more inclusive, more transparent and more relevant to young people’s real lives and experiences. Let’s all collectively strive to meet the challenge of this generation's financial hopes and expectations.”