Business
Gen Zs quitting banking jobs for ‘entrepreneurial experiences’, bosses say
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.”
Jennifer MeierhansBusiness reporter
Getty ImagesJazz singer Billie van der Westhuizen started using Vinted about six months ago to sell clothes and shoes she hadn’t worn for ages.
“I got really into it and was selling loads of stuff,” she says. “Then I got a message saying I needed to enter my National Insurance number. It wasn’t clear at all why it was asking.”
Vinted users who have sold 30 items or made £1,700 in a year are being asked for their NI number, leaving many like Billie confused and some panicking that they will have to pay tax.
But this is not about any tax changes – it’s due to reporting rules for websites and apps that allow users to sell goods or services, including eBay, Etsy, Depop and AirBnb.
Billie, 30, from London, says she entered her NI number as prompted but in hindsight was not sure what it was about.
Billie van der Westhuizen“I just sent it but I thought there’s no way they could tax the amount of money I’ve made off this,” she says.
“If I was making thousands maybe, but I reckon I’ve made maybe £500 and I’m selling things for less than I paid for them.”
The pop-up alert Billie received sends Vinted users to a form asking for their name, address and NI number “as required by UK law”.
Some Vinted sellers have posted screenshots of the messages on TikTok and Instagram asking if they have to give their details, and if they do, will they be taxed.
VintedOne user posted on Reddit: “Vinted is asking for my National Insurance number, does this mean I have to pay taxes? I barely make money on Vinted – what happens if I ignore this?”
Chartered accountant Abigail Foster says while a lot of people may panic when asked for tax information by Vinted, for most users this is nothing to worry about.
“If you’re simply selling your own second-hand clothes or household items, you won’t owe any tax, even when Vinted shares that data with HMRC,” she says.
“This rule is aimed at people who are effectively running a resale business, not those decluttering their wardrobes.”
It would be very easy for HMRC to tell if someone was trading by checking for multiple listings of the same product or items bought and quickly resold for higher prices, she adds.
New reporting requirements for digital platforms came into effect on 1 January 2024 with the government saying they would help it “bear down on tax evasion”.
Vinted sellers reported receiving in-app messages asking for their NI number around this time last year.
Information must be shared with HMRC by the end of the calendar year that sellers hit the 30 item or £1,700 threshold, according to Vinted.
VintedAn HMRC spokesperson said: “People remain responsible for their own tax affairs, and for assessing whether they need to complete a tax return to report trading income.
“As your side hustle grows, any unpaid tax might come under the spotlight.
“This could lead to an unexpected and possibly very large tax bill if you haven’t told us about the extra money you’ve been earning. That’s why it’s really important to stay on top of your tax affairs.”
Research commissioned by HMRC in 2022 suggested around one in 10 UK adults participated in what it called the “hidden economy” – earnings that are entirely or partially concealed from the tax authority to avoid paying taxes.
What are the tax rules for online selling?
- Platforms must tell HMRC about anyone who sells more than 30 items or whose total sales hit £1,700 in a year
- This does not automatically mean these people have to pay tax
- Selling your own clothes or other items is not taxable if you’re selling them for less than you originally paid as you are not making a profit
- Tax only applies if you are buying stock to resell, or making more than £1,000 in profit per year
- If you sell an item for more than £6,000, you may need to pay Capital Gains Tax.
- You can use HMRC’s online tool to check if you need to tell the authority about your income
The announcement that England’s group stage matches in the World Cup will kick off before midnight is a “welcome boost” for pubs and bars, the boss of an industry body has said.
There had been some concerns among fans that late fixtures could curtail celebrations as next summer’s tournament will take place in the US, Canada and Mexico, meaning some games will not start until 3am UK time.
Dates, kick off times and stadiums for group stage matches were confirmed on Saturday, with Thomas Tuchel’s side to face Croatia at 9pm UK time on June 17, 3pm local time in Texas, at the home of the Dallas Cowboys NFL team.
The second match against Ghana on June 23 is a 4pm kick-off in Boston, 9pm in the UK, while the final group game against Panama at the MetLife Stadium in East Rutherford, New Jersey, is a 5pm kick-off local time – 10pm in the UK on June 27.
Kate Nicholls, the chairwoman of UK Hospitality, said: “This news is a welcome boost for the hospitality industry.
“Everyone knows that if you aren’t able to attend the game itself, your local pub or bar is the next best place to do it.”
But there are concerns that venues in Scotland risk missing out on that boost with later kick-offs for their national team.
There will be late nights for armchair fans watching Scotland’s games, with the opening game against Haiti in Boston kicking off at 9pm local time – 2am on June 14 back at home.
The second game against Morocco on June 19 is also in Boston, kicking off at 6pm – 11pm in the UK, and in the final group match they will take on Brazil in Miami on June 24, again at 6pm, or 11pm in the UK.
Paul Togneri, of the Scottish Beer and Pub Association, called for flexibility from licensing boards following the announcement.
“This is a once-in-a-generation moment for Scotland fans and should be a major boost for Scotland’s pubs, but with kick-offs at 11pm and 2am, that opportunity is at risk,” he said.
“Each match should give an estimated £3 million boost to Scotland’s pubs but we need licensing boards to show flexibility and allow pubs to open their doors, that’s why we’re calling for temporary licensing statements for the whole of the tournament.
“People will rightly want to come together and celebrate, like they did a few weeks ago when we qualified. Let’s make sure they can do that in a safe, regulated environment, and give our pubs a chance to benefit from this incredible occasion. No Pubs, No Party.”
Football fans across the UK may appreciate the 8pm kick-off for the final, which will take place at the MetLife Stadium in New Jersey on July 19.
For England and Wales, the Government on Thursday launched a consultation on extending pub licensing hours for the tournament next summer.
If approved, already licensed venues could have their licensing hours extended for the semi-finals and final until 1am, if matches for England, Wales, Scotland or Northern Ireland kick-off at 9pm or earlier UK time.
The power was recently employed for the Women’s Euros in summer and it was also used during the King’s coronation in 2023.
Ms Nicholls said: “Big sporting events always provide a sales boost for the sector and operators will be pulling out all the stops to ensure fans get the very best experience, as they come together to cheer on the home nations teams this summer.”
Business
Inside Bengaluru Billionaire Nikhil Kamath’s 7,000-Sq-Ft Home, Hidden In The Posh Corner Of The City
Last Updated:
Kamath’s 7,000-square-foot home in one of Bengaluru’s most exclusive apartment buildings, gives a glimpse into how India’s young billionaires live
From Kamath’s apartment, the city stretches out in every direction, offering views of Bengaluru’s skyline that are both relaxing and inspiring.
In the busy city of Bengaluru, known for its tech hubs and start-ups, one name stands out – Nikhil Kamath. He is the co-founder of Zerodha, one of India’s most successful online brokerage firms. Starting in his 20s, Kamath built his business into a giant in the finance world, making him one of India’s youngest billionaires. As of 2025, Forbes estimates his net worth at around $2.5 billion.
But it’s not just his wealth that grabs attention. Kamath’s 7,000-square-foot home in Kingfisher Towers, one of Bengaluru’s most exclusive apartment buildings, gives a glimpse into how India’s young billionaires live. The apartment is a mix of comfort, style, and quiet luxury, showing that Kamath enjoys the finer things without needing to be flashy.
Bengaluru’s Poshest Neighborhood
Kingfisher Towers is a 34-storey luxury building in central Bengaluru, home to some of the city’s wealthiest residents. From Kamath’s apartment, the city stretches out in every direction, offering views of Bengaluru’s skyline that are both relaxing and inspiring. Living here means being in the middle of the action while enjoying privacy and security.
Elegant Interiors
Inside, the apartment is decorated in calm, neutral colours like white, beige, and soft greys. Wooden touches and modern art pieces give the home a warm and stylish feel. The living room, for example, is both elegant and inviting, perfect for relaxing or entertaining friends and family.
A Balcony Made for Relaxation
One of the home’s standout features is the balcony. With a wooden deck, a small canopy bed, candle stands, and plenty of plants, it’s the ideal place to enjoy a cup of tea, read a book, or take in the city view. It’s a quiet corner that contrasts with the hustle and bustle of Bengaluru’s streets below.
Rooms That Feel Special
The bedrooms match the rest of the apartment in style and comfort. One bedroom has a canopy bed on a wooden floor and floral wall prints that add a personal touch. Floor-to-ceiling windows let in sunlight and offer sweeping city views, making every morning feel bright and calm.
A Home That Reflects His Journey
Kamath’s home isn’t just about space or luxury, it reflects his journey as a self-made billionaire. He built Zerodha with his brother Nitin Kamath in 2010, creating a platform that now serves millions of active users across India. His wealth also comes from other investments, including True Beacon and various asset management ventures.
The 7,000-square-foot apartment in Kingfisher Towers shows that Kamath values comfort, elegance, and practicality. It’s a place designed to unwind after long days of running one of India’s largest brokerage firms. For many, it’s inspiring to see how a young entrepreneur can achieve so much and create a home that reflects both success and personal style.
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