Not Without Parents' Mistakes – National Insurance Report on Children's Accounts

The National Insurance Institute published a report on children's accounts under the 'Saving for Every Child' program: 25.4 billion shekels accumulated, with profits of 3.85 billion. Nearly 100,000 families moved money from banks to pension funds over the year following January amendments. Leaders: 'Altshuler Shaham' by clients, 'Harel' by returns, 'Apollonim' by closed accounts. Half of families passively use default routes, a third do not double the subsidy.

The National Insurance Institute published a report on children's savings accounts under the state program 'Saving for Every Child', launched in early 2017. These accounts have accumulated 25.4 billion shekels, and investment profits exceeded 3.85 billion. The program stipulates that about 70% of funds are transferred by the National Insurance Institute, and parents can voluntarily double this amount through monthly contributions. Currently, there are over 3.6 million active accounts in the country. The report records a significant capital shift: nearly 100,000 families terminated agreements with banks over the year, taking advantage of January amendments to legislation, and transferred money to specialized pension funds. Among managing structures, 'Altshuler Shaham' leads by number of clients, 'Harel' by profitability, and in the banking segment, the most closed accounts were at 'Apollonim'. Analysts note gaps in financial literacy: about half of families passively leave money on standard default routes, and a third of parents do not double the state subsidy. Earlier, 'Kursor' reported on a shocking mistake by the National Insurance Institute.