Cost of living crunch: Are we spending wrong or is the system failing us?

THE cost of living has now become a major issue burdening people from all walks of life, regardless of whether they are youths, middle-income families or senior citizens.

This pressure does not only involve rising prices of daily necessities, but also affects lifestyles, financial planning and the overall psychological well-being of the public.

Discussions about the cost of living are often simplified into easy advice, such as urging people to "be thrifty" or "change their lifestyle."

While such advice has some basis, it is often seen as placing full blame on consumers, without assessing the systemic factors that cause essential prices to rise or incomes to remain out of balance with daily living costs.

The issue of the cost of living is not merely about who is best at saving money or who can change their lifestyle.

Instead, it is a complex challenge that requires deep understanding, a comprehensive approach and cooperation among all parties.

Below is the public’s views on facing economic challenges in a calmer and more rational manner:

Many have long been frugal, not just since yesterday

Private-sector worker Muhamad Nuruddin Mohd Nor, 30, said it is unfair to continuously advise people to save money, because in reality many have long been living that way.

He said although he tries to cut expenses such as eating out and delaying personal wants, the cost of basic necessities like rent, food and transportation remains burdensome.

"The main problem is that income has not moved in line with the cost of living. Even though prices are said to be stable, our income is still almost the same as it was several years ago," he said.

He added that previous price hikes have already formed a new baseline price that people are forced to bear every month.

"There is a limit to being thrifty because we can only cut wants, not basic necessities," he said.

People need to adapt

For Mohd Jazri Ikmal Hijaz, a private company director in his 40s, the public needs to be more realistic and adapt to the current economic situation.

He said changes to the pricing system cannot be implemented in a short period of time; therefore, people need to control spending and look for additional sources of income.

"Many daily expenses can be reduced, especially the frequency of eating out. Cooking at home is not only cheaper, but also healthier," he said.

He also suggested buying fresh produce at morning markets or wet markets, which usually offer lower prices.

"Changing one’s lifestyle is not a sign of defeat, but a wise step to survive," he said.

Change spending habits

Meanwhile, housewife, Norhafiza Musa, 45, said rising prices have had a significant impact on household expenses and family needs.

She said expense planning, such as preparing a weekly menu, helps control monthly costs.

"When you buy based on needs, you don’t spend emotionally. Cooking at home is also far more economical," she said.

She added that although price increases are difficult to avoid, there is still room to control some daily expenses.

There is a limit to saving

Politician Mohamad Shahrul Adnan, 33, said the issue of the cost of living should not be placed entirely on the shoulders of the people.

While financial discipline is important, he said there are limits to saving, especially when the cost of basic necessities does not match income levels.

He also emphasised the need to establish a more transparent and fair pricing system to alleviate the burden on the public.

"Solutions must involve a balance between efforts to fix the system and empowering the people," he said.