Almost half of Current's digital bank customers hold multiple jobs, according to a recent survey.

A top digital bank executive stated that the demand for multiple incomes is increasing.

Nearly half of the company's payment clients are employed in multiple jobs, according to CEO Stuart Sopp.

According to Sopp, if you received a paycheck in the past year, 20% to 25% of paycheck depositors have at least one extra job. Additionally, 20% more have two jobs, as they are trying to stretch their money further due to inflation.

Sopp discovered that the number of side businesses is increasing due to the fact that money doesn't stretch as far as it used to.

The wealthy and less affluent are the two groups in America right now, with wage inflation moderating substantially.

In 2015, Sopp launched Current, a mobile banking platform that does not charge monthly fees and offers secured credit cards. The company initially targeted medium to lower income customers. Today, Current has nearly five million members.

He is particularly worried that less affluent consumers may fall into debt to cover basic necessities.

Sopp, a former Morgan Stanley trader, pointed out that people are being coerced into taking on risks with unsuitable financial products like unsecured credit cards.

In the second quarter, credit card debt reached a record high of $1 trillion, according to the Federal Reserve Bank of New York.

This year, it will be significantly larger, according to Sopp.