Scotland’s financial and professional services sector has added around 21,000 jobs since 2023, taking total employment to about 157,000, according to a five-year strategy midpoint update from Scottish Financial Enterprise (SFE). The update, published to mark SFE’s 40th anniversary, records 15% employment growth over the period.
The sector’s gross value added has risen from £14.3bn at the launch of SFE’s growth strategy to £17.7bn, while exports have grown 16% to £12bn. Foreign direct investment projects in Scottish financial services have increased from eight to 11 a year since 2023, and legal and professional services have expanded alongside the financial cluster (Herald Scotland; SFE news feed).sfe.org+1
Scotland’s international standing in the sector has also strengthened. Edinburgh has climbed from 34th to 28th in the Global Financial Centres Index, and Glasgow from 51st to 43rd. Scotland remains the largest fintech hub outside London, with 226 firms attracting £2.86bn of investment over the past eight years.
SFE chief executive Sandy Begbie called on both the UK and Scottish governments for policy stability so the sector can accelerate rather than merely sustain growth. Scotland’s Economy Secretary Stephen Flynn described financial services as “a major contributor to the country’s economy”.
SFE also pointed to progress on financial inclusion, with the share of unbanked adults in Scotland falling from 3% to 2%, and to a pilot scheme aiming to ensure every school leaver in Scotland has access to a bank account.
