With United also winning the Barclays Premier League for a second successive year, Scholes, 33, is energised by what the future may hold.
He is convinced that players like Cristiano Ronaldo (23), Wayne Rooney (22), Carlos Tevez (24), Anderson (20) and Nani (21) can only improve at Old Trafford.
Scholes said: "It is an exciting time and a good time to be involved. "The young players coming through are only going to be better next year for the experience they've had.
"Everyone who came in to the team last year played a massive part in our achievements.
"It is a big ask (retaining the Champions League) but I feel we can only go from strength to strength."
Scholes is heartened by the way the young players apply themselves when they are severely tested.
He said: "It is one thing having the talent and doing it in training every day but you have got to do it where it matters.
"Thankfully we have the players who can do that - young lads who do not seem to be fazed by anything. They are very confident and look forward to the big games.
"Hopefully we can get off to a good start and a good finish by winning more trophies."