The Central Bureau of Statistics reported today the figures for household ownership of financial assets for 2018 data. It stated that 42% of Israel's households had reported having an overdraft in at least one of the past 12 months in the survey year, while 29% of households had loans not related to mortgages. 22% of households reported having an overdraft in 10 or more months in the past year. 26% of households with an overdraft were contacted by their bank at least once for exceeding the permitted credit in their account in the past year. Only 60,000 households, 5% of those that had an overdraft, reported that their bank had blocked their account at least once on the past year.
The figures show that 2.5% of all Israeli households, 69,400 households with 242,400 people, had no bank account. 13% of Arab households had no bank account, compared with less than 1% of Jewish households. 51% of Arab households reported that none of the household members had a credit card, compared with 11% of Jewish households.
Average loan of households: NIS 96,200
Asked about their mortgage debt, 27% of the respondents, 740,000 households with 2.96 million people living in them, said that they had a mortgage. 31% of Jewish households reported having a mortgage, compared with 4% of Arab households. 44% of the families with children and at least one child under 18 had a mortgage, and 27% of single-parent families had a mortgage.
789,800 households, 29% of the total, with 2.9 million people living in them, reported having non-mortgage loans of various types. The estimated average unpaid balance of non-mortgage loans was NIS 96,200. 92% of households with loans had bank loans, 7.5% had loans from credit card companies, 5% from insurance companies, and 5% from a private person or a private entity.
Almost two million households, 71% of the total, reported having savings of various kinds. At least 1.78 million households, 66% of the total, reported that at least one family members had pension fund savings. 51% of households reported that at least one family member had provident fund savings. 87% of those in the top 20% had pension fund, times as many as in the bottom 20%. 28% of households reported having savings that were neither pension fund nor provident fund savings. 38% of households in the top 20% had savings plans, 2.9 times as many as households in the bottom 20%.
Published by Globes, Israel business news - en.globes.co.il - on December 10, 2019
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