‘Knowledge is power’: Financial Facebook group for olim hits 40,000 members

The Facebook group Living Financially Smarter in Israel (LFSII), founded by Rifka Lebowitz in 2009 to assist English-speaking olim, has just reached a milestone of 40,000 members.

Fifteen years ago, while working at a bank, Lebowitz realized that English-speaking olim lacked a resource in English to assist them in adapting to Israel’s financial landscape.

Lebowitz, who made aliyah from Scotland, has over 25 years of experience in the Israeli financial industry. A CFP (certified financial planner), she is a member of Israel’s Financial Planning Association and the Israeli Union of Home Economic Advisers. Her expertise is portfolio management, investment, personal banking, and budgeting. She is also the author of Smarter Israeli Banking.

“I found myself answering the same questions so many times,” she told the Magazine.

“I thought it would be more efficient to use the [then] still relatively new social media platform [Facebook] to share answers and advice,” she explained. Lebowitz also set up the Facebook group to empower olim to share financial tips and knowledge. What began as a small group has ballooned into a phenomenon.

Members exchange knowledge on a wide range of topics, such as budgeting, investing, banking, and taxes in local financial systems. Individuals can post questions and read answers based on collective experience.

Today, thanks to the Facebook group, the concept of “financially smarter” has become a byword among English-speaking immigrants.

“I have been so surprised and thrilled to see it grow… It’s really a community now,” Lebowitz said.

LFSII is heavily moderated to ensure that members adhere to the goal and spirit of the community. Illustrating that spirit, Lebowitz noted that when a member prefaced a post by referring to it as a “stupid question,” the community always responded with encouragement, with many members commenting that they had the same question.

In addition to steady growth among English-speaking immigrants, members also include native Israelis and those considering aliyah – all seeking practical advice and insight and finding them in a supportive environment. Member-prompted discussion has also increased.

Partnering with Nefesh B'Nefesh

Nefesh B’Nefesh, the one-stop resource shop for olim, refers queries about finances and budgeting in Israel to the Living Financially Smarter in Israel Facebook group. NBN’s senior social media manager, Shara Shetrit, said that the organization considers LFSII “an outstanding resource for those in the process of making aliyah and for those navigating new stages of life in Israel.

“Knowledge is power, and financial knowledge in an unfamiliar setting is priceless,” Shetrit said.

Since 2023, Lebowitz, in partnership with NBN, has organized the annual Living Financially Smarter Conference, which expands the community’s reach and impact. This year’s event, held in June, was sold out.

LFSII has also generated inspiring behind-the-scenes stories of members supporting one another emotionally – and even financially.

In one case, a member anonymously sought financial advice during a tough period. The group rallied around her, organizing a meal rotation and providing babysitting. In another instance, during COVID-19, when a member was forced to shut down the family business, another member stepped in and paid their rent.

Lebowitz personally plays a key role in fostering this spirit of kindness, often facilitating these acts of support.

She has also bolstered the group’s expertise by bringing on accountant Binyamin Radomsky and insurance expert Danny Newman, who freely share their knowledge with the community, offering invaluable guidance and assistance to members.

Lebowitz sends out a regular newsletter as well, which has garnered enthusiastic feedback from members.

Her ultimate goal is to “empower olim and Israelis to achieve financial stability and long-term success.” 