Bank of Israel Launches Financial Support Program for 4,500 IDF Soldiers Facing Economic Hardship
Translated & summarized from Calcalist by baba
The Bank of Israel has launched a financial support program to assist 4,500 IDF soldiers facing economic challenges over three years, providing personalized financial guidance and tools to improve their economic stability. The initiative, backed by a 7.2 million shekel budget and implemented by two nonprofit organizations, aims to strengthen soldiers' financial resilience during and after their service.
The story in 6 lines · by baba
- Bank of Israel launches a financial guidance program for 4,500 IDF soldiers over three years.
- The program offers personalized financial assessments, budgeting, and digital support.
- Approximately 1,500 soldiers will join the program annually, selected by IDF welfare and commanders.
- The Class Action Fund allocated a 7.2 million shekel budget for the initiative.
- Two nonprofits, Pitchon Lev with Rise Up and HaTashteet with Citizen Impact, run the program.
- Governor Amir Yaron stressed financial knowledge as essential for independence and economic resilience.
The Bank of Israel inaugurated a new financial guidance program aimed at assisting approximately 4,500 Israel Defense Forces (IDF) soldiers struggling with economic difficulties over the next three years. The launch event took place on Thursday, attended by Bank of Israel Governor Professor Amir Yaron, retired Judge Yaakov Shinman, Chair of the Class Action Fund, and IDF Human Resources Chief Major General David (Dado) Bar Kalifa. This joint initiative by the Bank of Israel, the Class Action Fund, and the IDF Human Resources Division seeks to help soldiers without financial backing achieve cash flow balance, enhance their financial resilience, and equip them with tools for long-term economic stability and growth.
Each year, about 1,500 soldiers will be selected for the program based on criteria set by the IDF’s welfare and commanders’ system. The Class Action Fund has allocated a budget of approximately 7.2 million shekels for the initiative. Participants will receive personalized support including comprehensive financial assessments, personal budgeting, ongoing financial management guidance, assistance in claiming entitlements, financial education, and digital support through dedicated technological platforms. The program aims to reduce soldiers’ debts, improve control over income and expenses, and build a stable economic foundation for their futures.
Two organizations were chosen to implement the program: the "Pitchon Lev" association in partnership with Rise Up, and the "HaTashteet" association alongside Citizen Impact. Both combine personalized human guidance with technological tools to provide continuous, accessible, and tailored assistance to the soldiers.
Governor Amir Yaron emphasized the program’s importance, stating, "This project is an opportunity for us at the Bank of Israel to provide knowledge to soldiers serving during challenging times. Financial knowledge is not a luxury but a basic tool for independence. Economic resilience means having the knowledge, tools, and ability to cope with difficulties when they arise." He also highlighted that investing in education and knowledge today will yield future economic growth and prosperity for Israel.
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