Members increased savings by over 30% over last year, now leveraging funding ahead of holiday spending needs
SAN CARLOS, Calif., Nov. 20, 2024 (GLOBE NEWSWIRE) -- 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- As of Q3 2024, members had withdrawn an average of $325 from their holiday savings, demonstrating the product’s support for intentional, debt-free spending.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 Oportun
Oportun (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.
Contacts
Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com
