Increasing life expectancy and the growing number of years people spend in retirement underscore the importance of financial preparedness for old age. Such preparedness is an ongoing process that draws on resources accumulated over the course of life, including pension savings, assets, and insurance coverage, as well as the extent of financial obligations and the ability to meet routine and unexpected expenses. Another component of financial preparedness is financial literacy, which encompasses the knowledge and skills required to understand financial information and make financial decisions. Financial literacy may contribute to informed economic behavior, long-term planning, and the strengthening of financial resilience. Its importance is growing given the complexity of financial products and services and the responsibility placed on individuals to make decisions about savings, credit, insurance, and pensions. The presentation includes an analysis of financial resources and obligations, pension savings and insurance, financial knowledge, retirement preparedness, and financial resilience. The analysis also identifies groups at greater risk of financial insecurity in old age. The analysis is based on data from the 2024 Social Survey of the Israel Central Bureau of Statistics, particularly the chapter on financial literacy and financial inclusion. The study population includes people aged 50 and over, divided into three age groups: ages 50 to 64, 65 to 74, and 75 and over. Differences among population groups and by socioeconomic characteristics were also examined.
Citing suggestion (APA):
Ostrovsky-Berman, E. (2026). Financial Preparedness for Old Age: How Can Financial Security in Old Age Be Achieved? S-248-26. Myers-JDC-Brookdale Institute.