Title: Current CEO reveals the rising trend of multiple jobs among payment customers
Current CEO Stuart Sopp has highlighted the growing need for additional sources of income as almost half of the firm’s payment customers are found to have more than one job. In an interview with CNBC’s “Fast Money,” Sopp revealed that approximately 20-25% of paycheck depositors have at least one extra job. This figure increases by an additional 20% for those with two jobs, indicating the efforts made by individuals to combat inflationary pressures.
Sopp attributes this rise in multiple jobs to the mounting expenses faced by individuals, making it necessary for them to make their income stretch further. From side businesses such as DoorDash to e-commerce platforms like Shopify, people are increasingly engaging in additional work to supplement their primary income.
The CEO believes that wage inflation is not keeping pace with the rising cost of living, leading to a divide between the wealthy and less affluent in American society. This situation is concerning, as it may force those on lower incomes into taking on risky credit card debt to meet their basic needs. Sopp, who launched Current in 2015 to provide accessible mobile banking and secured credit cards without monthly fees, originally targeted medium to lower-income customers. The company currently boasts almost five million members.
Sopp’s concerns are not unfounded, as the Federal Reserve Bank of New York reported that credit card debt surpassed $1 trillion for the first time ever in the second quarter. With the current economic climate, Sopp predicts that this figure will continue to rise.
As the CEO of a digital bank, Sopp emphasizes the importance of financial stability and suitable options for all customers. He cautions against relying on unsecured credit cards, which may not be suitable for everyone, particularly those with limited financial resources.
The rise of multiple jobs among Current’s payment customers reflects the financial challenges faced by many individuals in today’s society. Sopp’s insights shed light on the need for innovative solutions to support those on lower incomes and address the increasing income disparity in the country.
Disclaimer: This article is for informational purposes only.
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