Oportun Holiday Savings Report Reveals Consumers Saved More For This Holiday Season
21 November 2024 - 12:00AM
Oportun (Nasdaq: OPRT) today shared results from its 2024
Holiday Savings Report showing that annual holiday have been higher
than standard and people are now using set-aside funds to pay for
holiday expenses. The report analyzes member year-over-year savings
amounts and behaviors for those savings goals tagged as “holiday”
in its Set & SaveTM product.
“The 2024 Holiday Savings Report shows that setting goals and
saving towards them works,” said Oportun Head of Savings, Annie Ma.
“Our members have saved hundreds of dollars for holiday spending
this year – more than they have in recent years – and we believe
they are now withdrawing that to avoid taking on debt.”
Key findings from the 2024 report indicate:
- Members generally begin creating holiday savings goals each
summer.
- In summer 2024, members saved an average of $396 towards
holiday goals, an approximately 30% increase compared to summer
2023.
- As of Q3 2024, members had withdrawn an average of $325 from
their holiday savings, demonstrating the product’s support for
intentional, debt-free spending.
- In 2024, members saved an average of $150 within the first
30-days of creating a goal labeled as holiday savings.
- Hawaii, Washington, and California led in highest holiday
savings per user in 2024.
- Members who created more than one holiday savings goal in 2024
have saved 13% more on average than members with just one holiday
savings goal.
“Digging deeper, the report also holds a silver lining for those
who have yet to begin saving,” continued Ma. “With an average
savings of $150 in the first 30 days of creating a goal, there’s
still time to save for this holiday season or to have cash on hand
to pay off that first post-holiday credit card statement.”
Named the #1 savings app for 2024 by Bankrate, Set & Save
helps members automatically set aside money for an unlimited number
of savings goals. Using artificial intelligence (AI), its smart
savings feature learns member income and spending habits to
identify and then automatically transfers “safe-to-save” funds into
a separate savings account.
Oportun members have saved more than $11 billion in total using
Set & Save since 2015, with an average annual savings of $1,800
per member.
For more information about Oportun, visit
https://oportun.com.
About OportunOportun (Nasdaq: OPRT) is a
mission-driven fintech that puts its members' financial goals
within reach. With intelligent borrowing, savings, and budgeting
capabilities, Oportun empowers members with the confidence to build
a better financial future. Since inception, Oportun has provided
more than $18.2 billion in responsible and affordable credit, saved
its members more than $2.4 billion in interest and fees, and helped
its members save an average of more than $1,800 annually. For more
information, visit Oportun.com.
ContactsInvestor ContactDorian
Hare(650) 590-4323ir@oportun.com
Media ContactMichael
AzzanoCosmo PR for Oportun(415) 596-1978michael@cosmo-pr.com
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