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A new survey of senior bosses has revealed that Gen Z workers are increasingly moving away from banking jobs in search of entrepreneurial opportunities or more flexible working.
Most financial companies are taking action to retain their young employees.
According to a KPMG survey, nearly half of leaders in the financial services sector reported an increase in the number of Gen Z employees leaving their organizations over the past year.
This has reached 54% of those in the banking sector who have seen an increase.
The survey found that Gen Z – generally referring to people born between 1997 and 2012 – are often looking for more entrepreneurial-style work in their decisions to leave finance jobs.
The biggest reason cited by finance bosses was preferring to work in a start-up at 42%.
While 35% said they were leaving because of their desire for self-employment or freelance careers.
About 34% said Gen Z workers are choosing to leave because they want more flexibility or remote work, while the same proportion cited cost-of-living concerns as a driver.
The survey, which was of around 150 people at director level or above at financial services companies, found that almost a quarter of young workers have left the finance profession in the past year.
Nearly all business leaders surveyed (96%) said they are taking active steps to improve Gen Z retention at their firms.
More than half said they were working on introducing flexible working policies such as term-time contracts or flexible hours to attract younger workers.
Others said they are 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 signaling a desire for greater autonomy, diversity and entrepreneurial experiences.
“The challenge now for financial services firms is how to create an entrepreneurial experience for the social media generation in a highly regulated environment.
“Presentationism gets a lot of time in the office, but the reality is that most financial services companies have made progress in offering flexibility that goes far beyond remote working, whether that’s staggered hours, flexible contracts or better welfare support.
“This should be appreciated, but at the same time, companies must keep pace with the changing values and expectations of young talent.”