CBS: At least 42% of households were in overdraft mode

CBS data shows that 26% of those in overdraft received at least one request from the bank due to a deviation from the framework

Overdraft (Photo: shutterstock)

Illustration (Photo: ShutterStock)

The Central Bureau of Statistics released data on households' financial asset data for 2018, according to which less than half of households reported overdraft in at least one of the last 12 months of the survey, and one-third of households have unrelated loans Mortgages.

The data shows that at least 42% of households with a bank account have been in overdraft (bank overdraft) for at least one month during the past year. Of these, 22% reported that this was their condition and that they had been in overdose for 10 months or more in the past year. 26% of households in Overdraft received at least one request from the bank due to an exception to the limit in their account last year. Only 5% of those who were in overdraft mode, i.e. 60,000 households, reported that their bank account was blocked at least once during the past year.

The data also shows that 2.5% of households have no bank account at all. This is 69.4 thousand households with 242.4 thousand persons. Among Arab households, 13% do not have a bank account, compared to less than 1% among Jewish households. 51% of Arab households reported that none of the households had a credit card, compared to 11% of Jewish households.

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Mortgage Households

Mortgage households (Photo: Globes, PR)

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The average household loan: NIS 96.2 thousand

Regarding household mortgage debt, 27% of survey respondents indicated that they have a mortgage. These are 740,000 households with 2.96 million persons. 31% of Jewish households have a mortgage, compared to 4% of Arabs. About half (44%) of their families have children and the youngest child under 18 has a mortgage, as does a third (27%) of single-parent families.

Regarding non-mortgage loans, 29% of households reported having different types of loans. These are 789,800 households with about 2.9 million persons. The average mortgage loan for a non-mortgage-backed household is NIS 96.2 thousand. Distributed to loan providers, 92% of households reported taking a loan from the bank, 7.5% from a credit card company, 5% from an insurance company, and 5% from a private individual or private organization.

And now for an encouraging picture of the future. Nearly 2 million households (71%) reported having different types of savings. At least 66% of households reported saving on one family member's pension fund. This amounts to 1.78 million households. Half of households (51%) reported that at least one of them had savings in a provident fund. The decimals show that 87% of those in the top quintile have savings in a pension fund - 2.6 times the households in the bottom quintile. 28% of households reported having a savings plan other than a pension or provident fund, while 38% of households in the top quintile had a savings plan - 2.9 times lower households.