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.

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.