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.”

New Delhi: The festive spirit roared through India’s automobile market this Dhanteras, as automakers clocked record-breaking deliveries, crossing the 100,000 mark within just 24 hours, according to industry sources. Driven by robust festive demand and the positive impact of GST 2.0 reforms, the auto sector saw one of its strongest single-day performances in years.

According to industry estimates, these deliveries translated into sales worth Rs 8,500–10,000 crore in a single day, based on an average vehicle price of Rs 8.5–10 lakh. Leading carmakers including Maruti Suzuki India (MSIL), Tata Motors Passenger Vehicles, and Hyundai Motor India (HMIL) reported record sales this festive season, as consumer confidence hit a high gear.

Amit Kamat, Chief Commercial Officer at Tata Motors Passenger Vehicles Ltd, said that this year’s Dhanteras and Diwali deliveries were spread over two to three days, aligning with auspicious muhurat timings.

“Overall demand has been robust, and the GST 2.0 reform has further provided positive momentum. We expect to deliver over 25,000 vehicles during this period,” he noted. Echoing the sentiment, Tarun Garg, Whole-time Director and COO of Hyundai Motor India Ltd, said the company witnessed strong customer demand, with deliveries expected to touch around 14,000 units — nearly 20 per cent higher than last year.

The broader festive season has also fuelled consumer spending across other sectors. Gold and silver sales surged over 25 per cent in value, while overall Dhanteras trade was estimated to have crossed Rs 1 lakh crore, according to the Confederation of All India Traders (CAIT).

The All India Gem and Jewellery Domestic Council (GJC) reported strong buying activity following a sharp correction in gold prices. “We expect festive sales to cross Rs 50,000 crore this season. Despite high gold and silver prices, consumer sentiment is upbeat, driven by early wedding purchases and strategic festive buying,” said GJC Chairman Rajesh Rokde.

From automobiles to jewellery, the Diwali season has brought a wave of optimism to India’s retail landscape. Experts say the combination of festive spirit, economic recovery, and tax reforms under GST 2.0 has reignited consumer sentiment — making this one of the most buoyant festive seasons in recent memory.

Mumbai: The RBI is likely to go in for another policy rate cut before the end of the year, which, along with fiscal consolidation and domestic regulatory easing, would lead to a gradual recovery in credit demand, according to a Goldman Sachs report.

“We expect an additional policy rate cut before year-end, and the recent GST simplification signals that peak fiscal consolidation is behind us. We expect this, along with domestic regulatory easing, to foster a gradual recovery in credit demand,” the report said.

The report observes that the recent measures announced by the RBI should ease supply-side credit conditions; however, the extent of incremental lending will depend on the demand situation in the broader economy.

External headwinds continue to weigh on India’s outlook, including tighter US immigration costs for H-1B visas that affect Indian IT services, in addition to elevated US tariffs on Indian goods and “these factors could temper credit demand alongside broader macro uncertainty”, the report states.

India’s inflation rate based on the Consumer Price Index (CPI) declined to an over 8-year low of 1.54 per cent in September this year. This gives the RBI more space to focus on reducing the policy rate and injecting more liquidity into the economy to promote growth.

The RBI has raised its projection of India’s GDP growth rate to 6.8 per cent for 2025-26 from 6.5 per cent earlier, as the implementation of several growth-inducing structural reforms, including streamlining of GST, is expected to offset some of the adverse effects of the external headwinds, Reserve Bank Governor Sanjay Malhotra said earlier this month.

He pointed out that India’s GDP recorded a robust growth of 7.8 per cent in Q1:2025-26, driven by strong private consumption and fixed investment. On the supply side, growth in gross value added (GVA) at 7.6 per cent was led by a revival in manufacturing and steady expansion in services. Available high-frequency indicators suggest that economic activity continues to remain resilient.

Rural demand remains strong, riding on a good monsoon and robust agricultural activity, while urban demand is showing a gradual revival, the RBI Governor further stated.