Edinburgh Futures Institute, in collaboration with Young Scot, has published research calling on banks, policymakers, and financial providers to redesign how they serve young people, after a Scotland-wide study found that products, services, and financial education are lagging behind the way younger users already manage money.
The report, Shaping Young People’s Financial Futures Together, draws on the experiences of more than 350 young people. The research included an online survey of 300 people aged 11–24, four co-design workshops in Aberdeen, Dundee, Edinburgh, and Glasgow, and interviews with 14 professionals from across the financial sector.
The findings show children and teenagers are managing money digitally at earlier ages, often through payment tools, apps, and gaming environments before they have much contact with formal financial education. The study says gaming is now one of the first places where many young people encounter spending, saving, and financial risk, despite light regulation. It also found that parents remain the main source of guidance for younger children, while older teenagers are increasingly turning to online sources and social media, even when they do not fully trust the information they find.
Researchers also found that traditional banks are often seen as distant or irrelevant, even though many young people are comfortable using banking apps. School-based financial education was described as uneven and often too detached from everyday decisions. Participants said they wanted support that matched real milestones including first jobs, student loans, and paying rent, alongside clearer language and stronger protection against scams and overspending.
The report sets out recommendations for policymakers, educators, and financial services providers. These include reviewing age thresholds for products that involve digital money, improving guidance and safety around money in gaming and online platforms, and developing support that combines digital access with meaningful human help. It also calls for ongoing co-design with children and young people when new products, experiences, and policies are developed.
John Loughton, CEO of Young Scot, 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.”
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, like starting work or managing rent for the first time.”
The workshops were supported financially by Royal Bank of Scotland and the Royal Society of Edinburgh-backed Thinking the Future of Money in the Humanities project, with participation from organisations including Lloyds Banking Group and Tesco Bank. The Compassion in Financial Services Hub is supported philanthropically by Evelyn Partners.
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