65% of Israelis unable to save

The Central Bureau of Statistics found Israelis gloomier than in the past about their economic prospects.

Two out of three Israelis (65%), 3.25 million people, are anxious about being unable to save money for the future, according to a survey published today by the Central Bureau of Statistics under the title, "Personal Well-Being in Israel: Concerns about Economic Future - Findings from the Social Survey 2013."

The survey paints a gloomy picture: 59% of Israelis, 3 million people, are worried about being unable to support their children in the future, while 55% (2.8 million) fear they will be unable to live with dignity in old age, and 52% (2.6 million), are concerned about being economically dependent on others.

The proportion of people believing that their economic situation will worsen in the coming years rose from 10% in 2010 to 17% in 2013. The proportion of those believing that their economic situation will worsen rises with age; as the retirement age nears, anxiety about a worsening economic situation increases. The proportion of those expecting their economic situation to worsen falls after retirement age, however.

The survey reported that 13% of employees (420,000) are very fearful that they will lose their jobs during the coming year, compared with 10% in 2010. 40% of employees (1.3 million) believe that if they lose their jobs, they will have little or no chance to find other employment, at least at the same income level. Older people are more pessimistic about finding a new job.

Published by Globes [online], Israel business news - www.globes-online.com - on September 18, 2014

© Copyright of Globes Publisher Itonut (1983) Ltd. 2014

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