The findings: According to a recent Bank of America survey and a KNPX News report, 55% of Gen Zers have more than one source of income.

Dive deeper: Bank of America Senior Vice President of Consumer Banking Marketing Mario Gonzalez told KNPX that these younger consumers primarily earn their side-hustle income via apps (e.g., social media and gig platforms), part-time jobs, and small business ownership.

And a significant portion of Gen Zers have achieved financial independence through content creation, per a Credit Karma survey:

• 13% earn money on social media.
• And 13% of those social media earners make at least six figures from their digital side hustles.

What this means for banks: Gonzalez said that while having a second source of income helps these customers save faster, it demands specialized products. Products like side-hustle savings accounts help track multiple income sources, automate tax withholdings, and separate business expenses from personal finances.

Banks must move away from the traditional model built around a single, consistent paycheck. This means offering flexible products that adapt to fluctuating incomes as well as considering customers’ overall financial health—including side-hustle income—when making lending decisions.