Scheme Opens to Support Young People’s Financial Futures
By Jill Dando News
An innovative partnership that aims to develop better financial services for young people across Scotland has been launched today.
The joint initiative between the University of Edinburgh’s Compassion in Financial Services Hub and charity Young Scot will place young people at the heart of its work, as academics and financial services experts will hear from them directly about their feelings on financial management and wellbeing.
To do this, a series of workshops will be organised, where young people can share their views on current services and how they might be improved for their needs and for their communities. These will begin later this year over the course of several months.
Through this engagement, products will be conceptualised to support their requirements, as well as enhancing their understanding of personal finances for the future.
Young Scot is Scotland’s national charity for 11 to 26-year-olds, supporting young people to live their best lives by empowering them to make informed decisions, access opportunities and entitlements, and develop the skills and confidence needed to influence decision-making and share power.
The University’s Compassion in Financial Services Hub has been created to help develop a more inclusive, sustainable and compassionate financial system.
Those leading the Compassion in Financial Services Hub will also work with Young Scot and other partners to better advocate for young people in the finance sector.
Tobi Schneider, Co-Director of the Compassion in Financial Services Hub at the University of Edinburgh, said: “We know that young people are suffering from a lack of affordable financial futures related to housing, family planning, retirement, and many other aspects of financial wellbeing.
“Our aim is to reimagine and redesign financial products and services for young people that not only meet their needs but also have a positive impact on communities and the planet. We are extremely thankful to Young Scot for their trust and look forward to jointly addressing systemic challenges while unlocking new opportunities for innovation."
Young Scot CEO Kirsten Urquhart said: “Financial wellbeing is a huge concern for young people and it’s vital they have a say in shaping the financial products and services that impact their lives. Through this exciting partnership with the University of Edinburgh Compassion in Financial Services Hub, we’re ensuring that young people’s voices, experiences and ideas are at the heart of creating more inclusive and accessible financial solutions. Together, we can help empower young people with the knowledge, tools, and opportunities they need for a more positive financial future.”
The partnership was announced at an event at the Edinburgh Futures Institute, where the Hub will be based, with guests from financial services and the third sector.
Based at the University of Edinburgh, the Edinburgh Futures Institute is a new futures-focused space for learning, research, and innovation, designed to tackle some of the world’s most pressing global challenges.
