Business, Israeli Politics

Haredim May Be Poor But They’re Not In Debt

Haredim in Jerusalem

In Israel, it has become a source of pride for Haredim to abstain from working for a living, and depending on meagre stipends for learning Torah full time. A study has come to light showing that in spite of being what most people call “unemployed,” Haredim manage to stay out of debt. This is as opposed to the other large low-income sector, Israeli Arabs.

In both groups, the poverty rate stands above 50 percent. It’s in the way they handle their finances that is different. Whereas Israeli Arabs don’t save their money, and borrow a lot, Haredim do the opposite: they save wherever they can and keep borrowing to a minimum. Two very different lifestyles, with similar socioeconomic issues, but two totally different ways of handling things.

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