Survey shows M’sians not better off despite macro upswing
KUALA LUMPUR: A majority of Malaysians feel their standard of living has not improved despite official government data indicating stronger macro level growth, a survey by pollster Merdeka Centre has found.
Two-thirds of those surveyed between November 4 to 14 said economic issues comprising worries over rising cost of living, economic hardship, jobs and other related matters topped concerns. This cut across all ethnicities.
The latest survey was a follow-up to a similar survey held earlier this year, which indicated a high level of economic stress among majority of Malaysians. The latest findings were not far off, Merdeka Centre noted.
“In our opinion, the survey conveys a picture of a Malaysian electorate that was largely affected by rising costs and feeling some levels of distress in spite of the strong macroeconomic growth numbers,” it said in a statement.
“The survey also indicates between one to two out of every 10 Malaysians are cutting back on essentials such as food in order to make ends meet.”
In the January survey, 33 per cent of respondents said they did not possess a minimum of RM500 of savings to address any emergency. The figures have slightly improved to 29 per cent in November, but the differences are marginal.
The number of respondents saying they felt stressed thinking about the future also dropped by 4 percentage points to 64 per cent compared to 68 per cent in January.
Meanwhile the number of those reported to have delayed or are unable to make payments on utility bills such as electricity and telephone bills has remained unchanged since the last survey at 40 per cent.
In this segment, Malays, Indians and Bumiputera communities recorded the highest complaints — more than 60 per cent. Only 20 per cent of Malaysian Chinese reported problems with paying utility bills.
On debt, 22 per cent said they have taken on new liabilities in the form of personal loans or charging of credit cards, a 2 per cent increase compared to January while those who reported needing to sell or pawn off possessions to meet expenses increased by one percentage point to 11 per cent.
Respondents who reported to have skipped meals in order to make ends meet remained unchanged since January, at 15 per cent.
Prices have risen sharply since the government cut state subsidies and rolled out the goods and services (GST) tax to plug a hole in its finances caused by falling oil and gas revenues.
Global crude prices have recently stabilised, reaching a two-year high at just below US$60 a barrel after OPEC countries agreed to cut output to push down supply.
But while improved oil prices may be good for government coffers, the average Malaysian could be dealing with higher expenses as petrol pump prices shoot up.