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National Insurance Urges Parents to Boost Children's Savings Accounts
Israel's National Insurance Institute is urging parents to actively manage their children's "Savings for Every Child" accounts to maximize potential earnings. By doubling the monthly contribution from 58 to 116 shekels and choosing appropriate investment tracks, parents can significantly increase the final sum.
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What happened
- 01National Insurance urges parents to boost children's savings by doubling monthly contributions.
- 02Doubling the monthly deposit to 116 shekels can potentially yield over 122,000 shekels by age 21.
- 03Choosing investment tracks in provident funds or banks significantly impacts accumulated savings.
- 04Parents can manage their children's savings, contributions, and investment options online.
- 05Funds are accessible from age 18 with parental consent, or from age 21 without it.
For example, a high-risk provident fund with doubled contributions could yield over 122,000 shekels by age 21, compared to around 63,000 with the basic contribution. Parents can manage these accounts and explore options on the institute's website.
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