Charedim 21% no bank accounts

A survey by McCann Erickson Israel of finances and banking among Charedim Orthodox Jews shows that 21% have no bank accounts.
Of those who have bank accounts, 40% have only current accounts: no savings plans, mutual fund holdings, securities, or provident fund membership. 27% have savings plans, 17% have pension savings or provident fund membership, 13% have life insurance or executive pension plans, 4% have mutual fund holdings, and 2% hold securities. 20% did not know, or were unwilling to disclose, what type of investments they had in banks.

The survey found that only 57% of those with bank accounts had credit cards. McCann Erickson Israel said Charedim usually obtained credit for purchases from businesses, which does not require a credit card.

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