Israelis had fewer and fewer discoveries in August
In August 2021, the average overdraft of an Israeli family was 11,216 shekels, down 2.3% from July.
Fewer Israelis had smaller overdrafts in August 2021 compared to July, according to the “Minus Index” compiled by “Globes”, First Digital Bank and the MyFinanda app, based on data from 2,000 users of the application.
In August 2021, the average overdraft of an Israeli family was 11,216 shekels, down 2.3% from July. Also in August, the number of Israeli households in the open fell to 28.7% from 30.6% in July 2021 and 31.2% in August 2020.
These figures are surprising because traditionally August is a month when more people have larger overdrafts with children out of school and in need of entertainment and Israelis taking summer vacations. The assumption is that Covid-19 and green passport requirements and other restrictions have prevented many Israelis from taking vacations or going to places of entertainment. In August, 6.6% less was spent on restaurant meals and 12% less on vacations and travel, compared to July.
The largest drop in overdrafts was recorded in socio-economic groups 3 to 6 where the percentage of families in overdraft fell to 25.2% against 31.2% in July. But those in the red increased their overdraft by an average of NIS 500 to NIS 8,980 in August compared to July. In the upper socio-economic brackets (7-10), the average overdraft in August was NIS 15,515, with 36% of households in these brackets overdraft.
Posted by Globes, Israel business news – en.globes.co.il – September 14, 2021
Copyright of Globes Publisher Itonut (1983) Ltd. 2021