SOURCE: SaveUp, Inc.


May 23, 2013 08:03 ET

Trend Report: April Savings Bring May Flowers

April's Tax Refunds Drive Increased Savings Balances for May; A Bullish Market May Also Be Key Contributor

SAN FRANCISCO, CA--(Marketwired - May 23, 2013) - SaveUp (, a national online financial rewards program for saving and paying down debt, today announced the findings of its May U.S. Consumer Savings and Debt Report. This month's major findings focus on the aggregate month over month trends across debt and savings accounts.

April may have brought showers, but it also proved to be a month of strong saving for many. The Great Recession seems to have created a true sense of fiscal pessimism, but there is hope. In April, the average American saved over $525 and paid down nearly $200 of debt last month. This equates to a net increase in nearly $725 per person in just one month.

The question is: why would we see such a significant increase in just one month? 

The chart below illustrates that balances across all types of savings accounts increased, most notably, 401k balances increased by over 2.5% or $1,200. Last month we all partook in one of our favorite national pastimes, filing our tax returns. The 59% of Americans who did receive a tax return saw an average tax return this year of $2,755.* Of those who planned to receive a refund 26% were planning to save it.* Additionally, last month the stock market continued its rally with the DJIA, S&P 500 and Nasdaq all up 1.94%, 1.93%, 1.88% respectively.** As a result, the bullish market continues to favor those account types that have high market exposure.

Account Type Avg. Balance Increase MoM
Savings Account $215.66
CD $105.99
401K $1,201.57
IRA $50.64
Taxable Investment $315.66
Money Market $94.60

Average debt across six types of debt-bearing accounts all fell in the month of April, as shown below. Interestingly, while 26% of those who planned to receive a tax refund intended to save it, 37% planned to pay down existing debt with it.* In essence, we put our tax returns to good use. Not only are Americans saving part of their return, but they are also paying down debt.

Debt Type Avg. Debt Paid Down MoM
Mortgage $785.25
Credit Card $18.00
Line of Credit $2,417.94
Loan $711.09
Car Loan $271.90
Student Loan $231.34

April's month over month account balance changes show that Americans are working to increase their financial accountability, to increase their savings and to pay down their debt. One study shows that people intend to use their annual tax returns to their advantage* and our data confirms that we are in fact using our tax returns to better our financial standings.

The SaveUp U.S. Consumer Savings and Debt Report analyzes current savings and debt levels of its user base and makes monthly comparisons pulled at least 30 days prior and no more than 90 days prior to the stated month. This month's report is based on the data of a representative sample of more than 25,000 SaveUp users' savings and debt balances.

About SaveUp
Founded in 2011, San Francisco-based SaveUp is the first free nationwide rewards program that encourages Americans to save money, pay down debt and make positive financial changes. By partnering with major consumer brands and financial institutions, SaveUp gives users the opportunity to win exciting prizes for performing positive financial actions. Individual user information is secure on the site with bank level encryption. Intuit provides the back-end aggregation technology and SaveUp has completed a bank-level security audit.

To get rewarded for your positive financial actions or to partner with SaveUp as a bank or sponsor, please visit us at


  • Taxable investments are any investments of which taxes are not deferred, such as mutual funds, stocks, etc.
  • Account balances for each type of account mentioned represents the average account balance for participants in the data set who have that particular financial vehicle. Not all participants in the data set have every type of financial vehicle mentioned.
  • These trends highlight average month-over-month savings trends and do not represent savings as a percentage of income. National savings rates are, however, a percentage of income.
  • *CNN Money, 2013, Blake Ellis
  • **T. Rowe Price, 2013