Oportun's 2024 Holiday Savings Report reveals increased member savings and spending behaviors, promoting debt-free holiday financing.
Quiver AI Summary
Oportun's 2024 Holiday Savings Report reveals that members are saving significantly more for holiday expenses compared to previous years, utilizing set-aside funds to avoid debt. The analysis shows that members started saving for holidays in the summer, with an average of $396 saved, a 30% increase from 2023. By Q3 2024, members had withdrawn an average of $325 from their savings. The report highlights certain states like Hawaii, Washington, and California as leading in holiday savings. Additionally, members creating multiple savings goals saved 13% more than those with a single goal. The report underscores that there is still time for individuals to save, emphasizing the effectiveness of Oportun's Set & Save app, which has helped members save over $11 billion since its launch.
Potential Positives
- Oportun's 2024 Holiday Savings Report indicates significant member engagement, with a 30% increase in average holiday savings compared to the previous year, highlighting the effectiveness of its Set & Save product.
- The report shows that members are utilizing their savings effectively, with an average withdrawal of $325 for holiday spending, which suggests a shift towards intentional, debt-free financial practices.
- Oportun was named the #1 savings app for 2024 by Bankrate, enhancing its reputation and credibility in the fintech space.
- Since 2015, Oportun members have collectively saved over $11 billion using Set & Save, demonstrating the long-term value and impact of the platform on users' financial health.
Potential Negatives
- The press release may indicate a reliance on members needing to save extensively to afford holiday expenses, which could reflect negatively on their overall financial stability.
- The need for an average withdrawal of $325 from holiday savings to cover expenses may signal that members are struggling to manage finances without dipping into savings, raising concerns about the effectiveness of the company's offerings.
- Despite being named the #1 savings app, the increased reliance on saving for holiday spending may highlight the ongoing financial stress faced by members rather than a strong financial health among them.
FAQ
What are the main findings of the 2024 Holiday Savings Report?
The report indicates members saved an average of $396 for holiday goals, a 30% increase from 2023, and withdrew an average of $325.
How can Oportun's Set & Save product help with holiday expenses?
Set & Save allows members to automatically set aside funds for holiday expenses, supporting intentional and debt-free spending.
What benefits did members experience with multiple holiday savings goals?
Members with more than one holiday savings goal saved 13% more, demonstrating the effectiveness of diversified savings strategies.
When do members typically start saving for holiday goals?
Members generally begin creating holiday savings goals each summer, indicating early planning for holiday expenses.
What recognition did Oportun's Set & Save receive in 2024?
Set & Save was named the #1 savings app for 2024 by Bankrate, highlighting its effectiveness in helping members save.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$OPRT Insider Trading Activity
$OPRT insiders have traded $OPRT stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here's a breakdown of recent trading of $OPRT stock by insiders over the last 6 months:
- KATHLEEN I. LAYTON (Chief Legal Officer) has traded it 2 times. They made 0 purchases and 2 sales, selling 5,288 shares.
- CASEY MUELLER (Global Controller and PAO) sold 373 shares.
- PATRICK KIRSCHT (Chief Credit Officer) sold 7,787 shares.
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$OPRT Hedge Fund Activity
We have seen 29 institutional investors add shares of $OPRT stock to their portfolio, and 40 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- NEUBERGER BERMAN GROUP LLC removed 3,761,139 shares (-100.0%) from their portfolio in Q3 2024
- FULLER & THALER ASSET MANAGEMENT, INC. removed 512,250 shares (-77.1%) from their portfolio in Q3 2024
- ACUITAS INVESTMENTS, LLC added 484,210 shares (+89.1%) to their portfolio in Q3 2024
- RBF CAPITAL, LLC added 443,177 shares (+82.9%) to their portfolio in Q3 2024
- KENNEDY CAPITAL MANAGEMENT LLC added 345,767 shares (+inf%) to their portfolio in Q3 2024
- STIFEL FINANCIAL CORP removed 336,472 shares (-100.0%) from their portfolio in Q2 2024
- MORGAN STANLEY removed 199,194 shares (-75.7%) from their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
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 & Save
TM
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
.
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
