Goodbye Banker Bonuses, Hello Purpose: Gen Z is Changing the Financial Services Game

Well, well, well. It seems the allure of the almighty banker bonus isn’t what it used to be. For years, financial services (and the banks especially) have been pushing the same tired narrative: “Come here, make loads of money, get a fancy bonus, and never see your family again.” But guess what? Generation Z has decided they’d rather have a life than a corner office and a fat bonus cheque. Shocking, I know.

As Kelly Fordham, Investigo’s director of financial services, so delicately put it: "Back in the day, money and bonuses were sexy, but that’s not sexy for Generation Z." And there it is – no more chasing after the shiny pay packets that used to make banking seem like a glamorous choice. No more trading your soul for a double-shot of espresso and a soulless cubicle.

The “job for life” promise that previous generations found so appealing? Turns out Gen Z isn’t biting on that one either. They don’t want to cling to a job like it’s a lifeboat in a sea of economic uncertainty. They’d rather have work-life balance, thanks very much – you know, something resembling a life outside of the office.

And here’s the real kicker. This shift in attitude has the financial services industry in a bit of a tizzy. Fordham goes on to warn of a “huge talent drain” as younger workers jump ship and head off into private equity or other more "glamorous" roles, leaving behind an empty talent pool in the back office. Apparently, keeping the lights on in the less sexy parts of finance is becoming a bit of an epidemic. Who could have seen that one coming?

So, what’s the solution? According to Fordham, the industry needs to, wait for it… “change the narrative around financial services.” Because, yes, what we need is a good old-fashioned rebranding. If we just tell Gen Z how amazing financial services really are, they’ll be queuing up to fill those vacant junior roles, right? Just sprinkle in some buzzwords like “social justice” and “environmental responsibility,” and surely they’ll flock back. Simple, really.

But here’s the thing: Gen Z isn’t buying it. The prestige of banking and finance has been chipped away, and they’re looking for something more substantial than a bonus at the end of a grueling workweek. They want purpose, not profit at any cost. And they’re savvy enough to see through a slapdash PR campaign.

So, perhaps it’s time to face facts: financial services, if you want to keep your workforce, maybe you need to offer them something more than just cold, hard cash. It’s no longer about flashy bonuses; it’s about aligning with the values that actually matter to the next generation. Sustainable practices, genuine diversity, and work-life balance might just be the new “sexy” after all.

But hey, if you don’t adapt, don’t worry. There will always be a few old-school types who still dream of the big bonus cheque. Just don’t expect the queues to be quite so long.