Less than half of Israelis, 46%, know how much money they spend every month. Just 23% can tell you the interest rates they pay every time they take out a loan or go into overdraft or how much interest they make on savings.
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The findings are the results of a survey on Israelis' financial behavior carried out by Sapio Research at the initiative of Bank Hapoalim's Financial Growth Center ahead of An IDC Herzliya conference titled "From Crisis to Growth" to be held on Monday.
Around half of Israelis, 51%, report that one year of the coronavirus pandemic has increased their desire to learn how to better manage a budget and improve their financial habits. A majority of Israelis, 80%, have learned how to manage a budget as they go.
Nearly one-third of Israelis, 30%, rely on family and friends for guidance when making financial decisions, while 21% said they researched the subject online. Just 5% of Israelis said they had met with a professional one-on-one for guidance, while 6% said they had taken a course on the subject. Nine percent of Israelis said they had gone to employees at their bank for advice.
While 43% of Israelis said they were on a set budget, a vast majority, 84%, said they needed significant guidance in financial issues.
Nearly all Israelis surveyed, 97%, agreed it was important to formally educate children on how best to manage their money.
Around half of Israelis, 53%, reported receiving no financial guidance, and just one-third said they were knowledgeable of the details of their pension plans.
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