Oportun Holiday Savings Report Reveals Consumers Saved More For This Holiday Season
Members increased savings by over 30% over last year, now leveraging funding ahead of holiday spending needs
Oportun 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.”
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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- As of Q3 2024, members had withdrawn an average of $325 from their holiday savings, demonstrating the product’s support for intentional, debt-free spending.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.
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“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.
