A survey released during the Economics & Business Conference sponsored by Hamodia shows the chareidi tzibur by and large does not take bank loans but will take loans from family members and gemachim. The survey shows that 24% of those questioned have absolutely no savings. The survey was commissioned by Hamodia, conducted by the chareidi Seker K’halacha Institute.

Less than a quarter of participants in the survey said that if they needed to, they would take a loan from a bank. When asked where they would prefer receiving a loan from, 34% responded from a family member or friends and 25% would turn to a gemach while only 24% would head to a bank.

However, 38% feel the banking system is fair while 15% responded they feel the banking system is more difficult for them as chareidim. 29% of respondents feel the banks appreciate the chareidi tzibur.

Seker K’halacha conducted the survey, contacting 425 respondents from the chareidi community in Israel in over forty locations and various chareidi communities. The margin of error is +/- 4.5%.

The survey also checked savings among chareidim and learned 24% of respondents have absolutely no savings. 37% save up to NIS 1,000 a month and 11% save between NIS 1,001 – NIS 2,000 monthly. Only 5$ save up to NIS 4,000 monthly and 2% a higher amount than this. 21% refused to respond to the question.

Chareidim in the litvish community save more than their chassidish counterparts. Yerushalmi chareidim save less. 61% of respondents report they have pension plans and chareidi women are more likely to save to a pension plan than chareidi men.

Respondents were also asked about level of satisfaction, with 40% stating they are pleased with their economic status while 32% are only moderately satisfied and 28% slightly pleased or dissatisfied. 49% of litvish chareidim are satisfied with their economic situation as opposed to only 34% of the chassidim and Sephardim ranking 37%.

Overall, the chareidi community remains optimistic regarding its economic future, with many believing the situation will improve in the next four to five years. 65% of respondents believe things will improve economically speaking while 27% believe things will remain as they are and only 8% believe things will get worse. Overall, chassidim remain more optimistic than litvish and Sephardim. Of all groups, women are the most pessimistic.

(YWN – Israel Desk, Jerusalem)