More Americans hold multiple jobs with Gen Z leading the surge

The trend reflects a broader shift in how Americans earn money, with 57 per cent of Cash App’s users generating income through freelancing, entrepreneurship, content creation, side businesses or multiple jobs. Photo by Justin Sullivan/Getty Images

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As more Americans take on freelance, contract and other side work, earning money from multiple sources is becoming increasingly common. The number of people generating independent income alongside traditional earnings rose 30 per cent from 2024, according to Block Inc.’s Cash App.

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Americans with more than one income stream now number 51 million, up from 41 million two years ago, according to the Cash App study. The growth has been driven by Generation Z, with almost 16 per cent holding multiple jobs, five times the rate of Baby Boomers.

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The trend reflects a broader shift in how Americans earn money. Across Cash App’s customer base, 57 per cent generate income through freelancing, entrepreneurship, content creation, side businesses or multiple jobs. As younger workers increasingly rely on these income streams, demand for tools to manage variable cash flows is likely to grow, according to Owen Jennings, a business lead at Block, who oversees the company’s product, operations and customer-support functions.

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“Younger generations are opting for more flexibility and so I think that means the shape of the labour market has changed meaningfully,” Jennings said in an interview. “The way people are participating in the United States economy and earning money has fundamentally changed.”

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The Cash App study found that many “modern earners” are underserved by traditional financial institutions, which often base products such as credit underwriting and tax services on the assumption that workers receive a single paycheck from one employer. As a result, some are shut out of credit, benefits and homeownership despite having comparable incomes. Just 21 per cent of modern earners on Cash App hold mortgages, versus 32 per cent of salaried workers.

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With the Gen Z generation, those born between 1997 and 2012, accounting for 44 per cent of modern earners, Block’s Cash App is increasingly tailoring banking, investing and other money-management tools to younger consumers. Last week, Cash App unveiled a payment device aimed at teens and young adults that looks like a sparkling wand.

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Cash App has also introduced credit scores for customers with limited credit histories, which the company says can help expand access to financing. Its Cash App Borrow product offers small, short-term loans designed to help users manage periods of uneven income, according to Jennings.

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