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Gen Z Has No Choice But To Diversify Income Streams
On the jobs
Gen Z works more jobs concurrently than any other living generation.
The Expensive Picture: For most young people, a single job — if they can even land one — isn’t enough to pay the bills. What millennials once called “hustle culture” is now just culture. That reality requires a rethink of the financial tools that can help young people build wealth.
Between The Jobs: A new report by Cash App found that Gen Z doesn’t just have a fractured culture — it has a fractured work life, too.
54 million people now earn income from more than one source, up from 41 million just two years ago.
15.7% of Gen Zers hold multiple jobs — five times the rate of baby boomers. (Millennials aren’t far behind at 14.5%.)
57% of Gen Z earns extra income through freelancing, entrepreneurship, content creation, side businesses, or multiple jobs.
And the kids are following suit: 22 million teens earn money through part-time, informal, or digital work, including gaming, livestreaming, and reselling items online.
Punching Out: Cash App commissioned the report to better understand how it can serve customers who are juggling varied income streams — and, presumably, the more complicated credit, loan, and tax situations that arise from them. The company found that many “modern earners” (of which Gen Z represents 44%) are underserved by most financial institutions because they still operate under the assumption that most people make their money from a single salaried job.
That’s why Cash App has introduced small, short-term loans and credit scores for people with limited credit histories. In a world where gig work is becoming a larger part of the economy, the idea of a salary with traditional benefits may be becoming the exception instead of the rule.
The Future: Companies like Cash App, Venmo, and Zelle could soon evolve into mini banks geared toward contract-based workers.
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Today’s email was written by David Vendrell.
Edited by Nick Comney. Polled and Copy-edited by Kait Cunniff.
Published by Darline Salazar.