Gen Z workers are increasingly walking away from banking jobs in pursuit of entrepreneurial opportunities or more flexible working, a new survey of senior bosses has found.

Most financial firms are taking action in a bid to hold onto their younger members of staff.

Nearly half of financial services leaders report an increase in Gen Z employees leaving their organisation over the past year, according to polling by KPMG.

This rises to 54% of those within the banking sector who noticed an upsurge.

Gen Z – typically referring to people born between 1997 and 2012 – are often seeking out more entrepreneurial-style work in their decision to leave finance jobs, the survey found.

The biggest reason cited by the finance bosses was a preference for working in start-ups, at 42%.

While 35% said they were leaving because of a desire for self-employment or freelance careers.

Some 34% said Gen Z workers were choosing to leave because they want more flexibility or remote working, while the same proportion cited cost-of-living concerns as the driver.

The poll, which was to around 150 people at director level or above in financial services companies, found that around a quarter of younger employees are estimated to have left finance businesses in the past year.

Almost all of the business leaders surveyed, at 96%, said they were taking active steps to try and improve Gen Z retention at their firm.

More than half said they were working on introducing flexible working policies such as term-time contracts or flexible hours in a bid to appeal to younger workers.

Others said they were revising their office attendance policies as a result.

Karim Haji, global and UK head of financial services at KPMG, said: “Gen Z employees are clearly signalling a desire for more autonomy, variety and entrepreneurial experiences.

“The challenge for financial services firms now is how to create an entrepreneurial experience for a social media generation in a heavily regulated environment.

“Office presenteeism gets a lot of airtime, but the reality is that most financial services firms have made strides in offering flexibility that goes far beyond remote working, whether that’s staggered hours, flexible contracts or better wellbeing support.

“That’s to be applauded, but alongside that, firms must keep pace with the changing values and expectations of young talent.”

Holidays will become more expensive if Rachel Reeves hikes taxes in next month’s Budget, the UK’s two biggest tour operators have said.

Tui’s UK managing director Neil Swanson said holidays will become too costly for some people if the Chancellor does this, while Jet2 chief executive Steve Heapy expressed fears about the Budget raising taxes by £50 billion a year and “screwing Middle England”.

Ms Reeves has acknowledged she is looking at potential tax rises and spending cuts in her Budget on November 26 to fill a black hole estimated at around £50 billion by some economists.

She used her first Budget in October last year to announce £40 billion a year in extra taxes.

Mr Swanson warned that travel companies would be forced to raise holiday prices if taxes on businesses were increased further.

He said: “We won’t be able to absorb the extra costs that come along there, and we’ll need to pass some or all of that on, depending on what actually happens.

“That’s going to price some people out of the market.

“You want travel to be for everyone, not for just the people who’ve got the deeper pockets.

“We need the Government to help us drive some of that growth that the economy needs.”

He said: “If you put too much in our way, then that’s going to be really difficult to achieve.”

Mr Heapy said that taxes were “even higher than when the Conservatives were in power”, with his company suffering a £25 million hit from increased employer national insurance contributions and a higher national minimum wage announced at the last Budget.

“The mood music seems to be that tax will go up again,” he said.

“I don’t think it’s sustainable.”

Asked if tax rises would lead to an increase in holiday prices, Mr Heapy replied: “Probably, yes, because if the Budget is perceived as not being great, the (value of the UK’s) currency could reduce, and if the currency reduces, import costs will rise.”

Mr Heapy said his message to Ms Reeves would be “don’t continue to use Middle England as a cash cow” as he did not believe it was possible to “tax your way out of an economically tight spot”.

He added: “They keep talking about a growth agenda. Well, let’s see it.

“I haven’t seen much so far that I think will result in significant growth in the economy, but I remain hopeful.

“I hope the Budget is a true growth agenda Budget.”

The Treasury was approached for a comment.

More than seven million UK adults have been hit by a scam in the past year, with 20% of them significantly affected by the financial loss, Citizens Advice has found.

Another seven million adults knew of at least one other person who had been deceived by a scam, a survey for the charity suggests.

More than a quarter of those personally scammed were targeted while online shopping (26%), most commonly with fake websites and counterfeit or non-existent goods.

The findings prompted Citizens Advice to urge consumers to be cautious when taking advantage of shopping deals ahead of Black Friday and Christmas.

Of the 20% of those caught out by a scam who were significantly impacted by the financial loss they suffered, 12% said they fell into debt or had to borrow money, and 10% said they had to use emergency savings.

Some 20% were unable to carry out their work or caring responsibilities as a result of being scammed.

Almost a quarter (22%) transferred money after being pressured or convinced to, and 42% were contacted through social media.

Citizens Advice said those it had supported with online shopping scams in the past year included consumers who had forked out “hundreds of pounds” for items such as clothes, mobile phones and furniture, only to receive products that were counterfeit, not as advertised, unsafe – or nothing at all.

Many of those scammed reported that the company they bought from either took more money from their bank account, did not respond, or disappeared online altogether.

Other common scams included investment fraud (18%), such as “get rich quick” and cryptocurrency schemes, as well as fake loans.

Some 16% of those scammed fell for a friend or family member tricking them into believing they needed money urgently.

Another 14% were scammed into taking out a new mobile contract or paying for a new handset.

One woman helped by Citizens Advice, an 84-year-old from north-east England, was persuaded to pay around £40,000 in cash to scammers claiming to be from her bank’s fraud department.

She used her life savings, pension money and was pressured into borrowing from a friend.

Part of the cash came from Mary being duped into taking out a five year, monthly-repayable loan for £30,000.

The ordeal left her traumatised and she has since received treatment for depression from her GP.

She said: “The scammers said my identity had been stolen by internal bank staff and the issue had to be dealt with in absolute secrecy. It was pressure right from the beginning. They don’t give you time to think.

“Straight away I had to go to the bank, even though the nearest branch is 30 miles away. I had to send the cash in packets of thousands of pounds to four different addresses, they gave me explicit details on how to pack it up.

“They caught me at the most vulnerable I’d been for a long time. I thought I was doing my bank a favour by trying to unearth a mole in their staff. There was always this promise I would get the money back but the phone calls started easing off and of course the money never came.”

Dame Clare Moriarty, chief executive of Citizens Advice, said: “Anyone can be scammed and the impact can be devastating, leaving people not only out of pocket but in some cases unable to go about their daily lives.

“It’s important to be alert. If you’re not sure about something, get advice. If you think someone might be trying to scam you, act straight away.”

Kate Dearden, minister for workers rights and consumer protections, said: “Too many of us know the devastating consequences of scams. As part of our Plan for Change, we have taken decisive action to improve transparency, including cracking down on subscription traps, and banning fake reviews and hidden fees once and for all.”

National Trading Standards chairman Lord Michael Bichard said: “We urge anyone who has been targeted by a scam to report it, however large or small the financial loss.

“By coming forward, people can receive the support they need and their information will be vital in helping to stop these criminals in their tracks.”

Citizens Advice warned consumers to be alert for scams if:

– Someone you do not know contacts you unexpectedly, or you are asked to transfer money quickly– You are being asked to share personal or security information like passwords, pins or codes– You suspect you are not dealing with a real company – for example there is no postal address– You have been asked to pay in an unusual way – paying by debit or credit card gives you extra protection if things go wrong– The golden rule is if something seems too good to be true or does not feel right it might be a scam, so take a moment and get advice

Citizens Advice offers advice online and a consumer service helpline on 0808 223 1133.

Scams or suspected scams should be reported to Action Fraud.

Savanta surveyed 2,222 UK adults between September 5-7.