diff --git a/rasa/core/policies/flow_policy.py b/rasa/core/policies/flow_policy.py
index 2ca36139f86b..31c6ca93521c 100644
--- a/rasa/core/policies/flow_policy.py
+++ b/rasa/core/policies/flow_policy.py
@@ -568,16 +568,31 @@ def _reset_slot(
             events.append(SlotSet(slot_name, initial_value))
 
         events: List[Event] = []
+
+        not_resettable_slot_names = set()
+
         for step in current_flow.steps:
-            # reset all slots scoped to the flow
-            if (
-                isinstance(step, CollectInformationFlowStep)
-                and step.reset_after_flow_ends
-            ):
-                _reset_slot(step.collect, tracker)
-            elif isinstance(step, SetSlotsFlowStep):
-                for slot in step.slots:
-                    _reset_slot(slot["key"], tracker)
+            if isinstance(step, CollectInformationFlowStep):
+                # reset all slots scoped to the flow
+                if step.reset_after_flow_ends:
+                    _reset_slot(step.collect, tracker)
+                else:
+                    not_resettable_slot_names.add(step.collect)
+
+        # slots set by the set slots step should be reset after the flow ends
+        # unless they are also used in a collect step where `reset_after_flow_ends`
+        # is set to `False`
+        resettable_set_slots = [
+            slot["key"]
+            for step in current_flow.steps
+            if isinstance(step, SetSlotsFlowStep)
+            for slot in step.slots
+            if slot["key"] not in not_resettable_slot_names
+        ]
+
+        for name in resettable_set_slots:
+            _reset_slot(name, tracker)
+
         return events
 
     def run_step(
diff --git a/tests/core/policies/test_flow_policy.py b/tests/core/policies/test_flow_policy.py
index a495e1430a5d..3d78c7d081f8 100644
--- a/tests/core/policies/test_flow_policy.py
+++ b/tests/core/policies/test_flow_policy.py
@@ -371,3 +371,45 @@ def test_flow_policy_resets_all_slots_after_flow_ends() -> None:
         SlotSet("foo", None),
         SlotSet("other_slot", None),
     ]
+
+
+def test_flow_policy_set_slots_inherit_reset_from_collect_step() -> None:
+    """Test that `reset_after_flow_ends` is inherited from the collect step."""
+    slot_name = "my_slot"
+    flows = flows_from_str(
+        f"""
+        flows:
+          foo_flow:
+            steps:
+            - id: "1"
+              collect: {slot_name}
+              reset_after_flow_ends: false
+            - id: "2"
+              set_slots:
+                - foo: bar
+                - {slot_name}: my_value
+            - id: "3"
+              action: action_listen
+        """
+    )
+    tracker = DialogueStateTracker.from_events(
+        "test123",
+        [
+            SlotSet("my_slot", "my_value"),
+            SlotSet("foo", "bar"),
+            ActionExecuted("action_listen"),
+        ],
+        slots=[
+            TextSlot("my_slot", mappings=[], initial_value="initial_value"),
+            TextSlot("foo", mappings=[]),
+        ],
+    )
+
+    domain = Domain.empty()
+    executor = FlowExecutor.from_tracker(tracker, flows, domain)
+
+    current_flow = flows.flow_by_id("foo_flow")
+    events = executor._reset_scoped_slots(current_flow, tracker)
+    assert events == [
+        SlotSet("foo", None),
+    ]