Villa head to Blackburn for the first leg on Tuesday night, having overcome Sam Allardyce's side 3-1 in the third round of the FA Cup on Saturday.
Young said: "Our main priority is trying to get into the Champions League. There is no point in not having a go at it and we have done well during the first half of the season.
"That is our first aim but, if we don't do that, the Carling Cup can be another route into Europe.
"The competition has still got a lot of gloss. It's so difficult to win a competition in this country.
"The big four tend to win everything so to get to any final is a massive occasion and I'm sure the fans will see it that way if we can get to Wembley."
Full-back Young added: "I've never played in a major final. I sat on the bench in the League Cup when I was 19 with Spurs after I played in a couple of the earlier rounds.
"Justin Edinburgh was sent off but we went on to beat Leicester 1-0 with a late goal.
"For me, it wasn't so much missing out, I was just pleased to be there. At that stage I had only played 10-12 games for Spurs so it was all new and exciting.
"I didn't realise it would take 10 years to get there again - if we can get past Blackburn."
Young has a lot of respect for Rovers and feels it is unfair to label them as just a physical side.
He said: "You know when you play Blackburn that is part and parcel of their game. They've got a lot of skill as well. They are not just a tough side who go long ball all the time.
"They have a few flair players in there as well who can cause us damage.
"You know what you're coming up against when you face a Sam Allardyce team but we can cope with that."
Aston Villa 6/4, Blackburn 15/8, Draw 9/4