65% of Israelis concerned about financial future
Government study finds rising tide of pessimism over economy, job prospects
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A growing majority of Israelis are worried about their financial futures, according to a report released Thursday by the Central Bureau of Statistics.
The report, titled “Welfare of the Individual in Israel: Economic Concerns about the Future,” was based on a survey of Israelis conducted in 2013.
Two-thirds of Israelis (65%) worry that they will not be able to save for the future, the study found.
Fully 59% are concerned that they will not be able to support their children in the future and 55% that they will be impoverished when they reach old age. Half (52%) of respondents are afraid to be financially dependent on others.
The economic mood of Israelis has worsened overall, with 17% of Israelis saying that the economic situation will deteriorate in the future, up from 10% in 2010. The study detected a correlation between age and pessimism. Israelis approaching retirement age were more likely to doubt the economy’s future strength.
The data also showed that 13% of employed Israelis are “very afraid” of losing their jobs in the coming year, compared to 10% in 2010. About 40% of working Israelis estimated that if they lost their job, their chances of finding another job with a similar income level was “small” or “impossible.” Pessimism similarly rose with age, as older respondents were less confident at their future job prospects than their younger counterparts.
Although gross domestic product has grown at an average rate of over 4% since 2010, there is a deepening sense of economic hardship among many in Israel as prices have increased across the board and austerity measures have driven up tax rates.
The Times of Israel Community.