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  • NRI-focused Fintech startup secures $5 million in seed funding from Elevation Capital
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  • New Zealand fintech startups must demonstrate viability in the domestic market before exploring export opportunities, according to a VC firm.
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Home » 3 in 4 finance professionals are considering leaving the sector as they advise Gen Z to seek job opportunities elsewhere
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3 in 4 finance professionals are considering leaving the sector as they advise Gen Z to seek job opportunities elsewhere

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72% of UK finance professionals are looking for new jobs outside the sector as employees say the profession has failed to keep pace with changing expectations.

When asked whether finance professionals would recommend a job in the sector to Gen Z (those born between 1996 and 2010), 75% of respondents said they would not recommend it to the younger generation. The reason? According to those in the sector, other fields now offer better compensation (52%), they have experienced high levels of burnout and poor work-life balance (52%), and a career in finance offers less security and stability than in previous years (36%).

Administrative responsibilities and repetitive tasks are two issues plaguing the profession. 80% of finance professionals say they are responsible for responding to vendor emails, which takes up 8 hours per week. Additionally, 90% are responsible for approving invoices, with most reporting approving 13 invoices per day.

The new findings published today by the fintech, AVERAGEpaint a worrying picture for business leaders in terms of recruiting and retaining talent.

Zeeshan Malik, a former finance professional, says“Having experienced the highly bureaucratic environment of the financial sector myself, these findings resonate deeply with me. While the work was important, it involved repetitive and mundane tasks, for which the compensation was unfortunately below average. The relentless pressure and crushing hours often left me and my colleagues struggling to maintain a work-life balance, leading to severe burnout. My decision to leave finance was driven by the search for a healthier and more fulfilling life. The sector needs to adapt to modern work expectations and undergo significant changes to retain talent and attract the next generation, or it risks losing young professionals like me.”

As finance professionals leave the industry, companies find themselves particularly vulnerable to fraud. 27% of finance professionals say their finance team is solely responsible for protecting the company from fraud, while 56% say invoice fraud is the most common type of fraud their company faces.

Additionally, the survey found that businesses faced around 13 cases of invoice fraud each year and, when asked to quantify the financial loss to their business, finance professionals estimated it to be on average £104,000.

The exodus of professionals also leaves businesses vulnerable to compliance issues and reduced operational efficiency. For example, 20% of invoices require manual intervention despite current automation efforts, and 30% of finance professionals fail to close their books on time, with the main problem being paying vendor invoices.

But it’s not all doom and gloom. While HR functions and operations are taking care of recruiting and retaining finance professionals, positive aspects can also be seen in the use of technology. With the implementation of AI and automation in businesses, 47% of them say they have more time for innovative strategies and 90% are satisfied with their organization’s adoption of AI.

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