By NISSHANTANY A/P THINAGARAN & DR AHMAD SAUFFIYAN BIN ABU HASAN
TANJUNG MALIM - With the ongoing increase in the cost of living in Malaysia, many young individuals have discovered the difficulty of dealing with their own expenses associated with the cost of living. The higher price of goods needed such as food, transportation, and accommodations makes it extremely difficult for Malaysian youth to manage their lives, studies, and aspirations according to their needs.
Students attending universities and young working adults find it challenging to keep up with all their necessities within their budget while maintaining an appropriate standard of living. They are being forced into making changes in their financial management, seeking additional jobs, or reducing the amount spent on non-necessities to be able to cope with increasing expenses. "I find it difficult to create a monthly budget now compared to before. Food prices have risen, and simple meals have become extremely expensive. Thus, I need to make sure to spend my money carefully and sometimes cook at home instead of going out to eat, “said university student Foo Ying Ying. Meanwhile, transportation costs and other academic expenses are among factors too adding to the problem.
Likewise, young executive Uthayavellan A/L Lingam indicated that the increase in the cost of living influences his capacity to save. "Spending on the basics such as rental fee, traveling costs, and other necessities leaves little money to be saved. There are many youngsters who wish to secure their finances, but it is increasingly difficult because of the rising costs," he noted. According to Uthayavellan, several of his peers have engaged in freelance work and other business ventures to earn additional income.
"University student Yashini A/P Vasu admitted that she was now more frugal than before due to higher prices. Yashini explained that she does not spend much going out to restaurants anymore since she can afford to make food at home. Moreover, she tries to take advantage of any available discount offers to lower her expenses. "Many students today are faced with difficulties arising from the increased cost of living, especially those who depend on small monthly allowances or part-time jobs," added Yashini.
While at this, part-time employee and recent college graduate Yuvaraj A/L Arumugam added that finding a way out to make ends meet financially has turned out to be one of the biggest challenges of young individuals entering the workforce. "Prices are higher nowadays for buying food and getting to work. Finding a balance between spending and saving money can sometimes prove to be quite challenging," he commented. Yuvaraj pointed out that his colleagues sometimes turn to freelance work or internet projects in order to get some additional money and handle the difficult times. At the same time, however, many young people in Malaysia demonstrate their persistence and adaptability. They decide to start their own businesses on the web and earn additional money by selling products online. Other young individuals usually manage to keep within their budget, comparing prices and seeking various discounts and deals whenever purchasing anything. Creating a financial plan should become a top priority for young individuals now days. One should allocate one’s funds properly, save up money steadily and spend money only when it is necessary.
Social media also adds to the spending habits of young people. Although digital media provides financial tips and advice, it also contributes to spending through online shopping. Young consumers are now being encouraged to be mindful about what they purchase and how it aligns with their actual needs.
Educational campaigns have been put in place to help educate young people financially. These campaigns aim to prepare young people for making financial decisions based on the economy in which they will be operating. Most young Malaysians are positive about achieving their goals despite any present problems. It is thought that by making the right financial and spending decisions and developing a successful career, they will be able to achieve their objectives.
While there may be continued existence of the issue of cost of living, it has shown the importance of having financial literacy and flexibility. Indeed, with changes in economic situation, there will always need to find ways to ensure financial security.
In summary, solving the problems faced by the youths in Malaysia is a joint effort. All parties discussed above should cooperate in order to ensure effective solutions are found, so that there will be a bright future for its economy.