Money cash Shekels currency 521.
(photo credit: Reuters)
Israelis are more likely to opt for long-term savings than their overseas
counterparts but are far less knowledgeable about financial topics, the Central
Bureau of Statistics reported Sunday.
The statistic bureau’s financial
literacy report, which surveyed 1,200 adults, found that 57 percent of Israelis
have a savings account at the bank.
Exactly half of respondents said they
invest in a pension fund, 37% in an advanced study fund, 35% in a provident
fund, 14% in bonds or stocks and 8% in mutual funds.
Only 59% of
respondents were able to correctly calculate 2% annual interest from a sum of
NIS 1,000. Only 65% understood the sentence, “The cost of living rises rapidly
when there is high inflation.”
The global average for these two problems,
based on surveys conducted by the OECD in 14 countries, is 82% and 80%,
About two-thirds of Israeli adults have private health
insurance, the survey found, but there were wide gaps between Jews (71%) and
Arabs (46%). In fact, Arabs were far less likely to have any of the other types
of insurance listed in the report: automotive, home, life, contents and
Large gender gaps were also discovered by the survey. Onethird
of women said their husband or boyfriend was the main financial decision-maker
in their household, but only 9% of men said their wife or girlfriend made the
Financial behavior was also polled: 84% said they keep track
of expenses, 82% said they pay all their bills on time, 81% said they make price
comparisons before purchasing products, and 19% admitted to buying things even
if they did not have the money available.
Returning to one of the main
themes of last year’s protests over the cost of living, 45% reported
difficulties in covering their monthly expenses.