Khazanah Research Institute reports are eye-openers

IT has been highlighted in the news lately that the state of households in Malaysia is actually better compared to several years ago. I must say I was enlightened by what I read. The State of Households II Report published by Khazanah Research Institute (KRI) said that Malaysian households were better off in 2014 compared with 2012 due to the higher median income of RM4,585 and average income of RM6,141.

Looking at the current state of the economy domestically as well as globally, I was initially intrigued. But as I read on, it made sense especially since KRI specified that the data were focused on household income and not individual salaries.

Some may argue that these facts could be untrue but KRI said the data were provided by the Department of Statistics Malaysia (DOS). According to the DOS website, compilation of the statistics, derived from 6.68 million people from 80,000 households nationwide, has been carried out since 1973 and the methods used are of global standards.

I commend the work done by KRI. Reports like this are often a critical resource when drawing up policies and are vital for the success of strategies directed at harmonization of existing practices and economic management. Such reports should therefor be viewed objectively as they present facts that should be considered in policy-making.

I believe that such reports are not drawn up to “polish” any party. As such, these reports should not be criticised until they are read in totality.

These findings are an integral source of information for all of us, and especially for the younger generation because KRI also highlights that youth unemployment is a major concern. Perhaps graduates are more demanding in terms of salaries or employers are too rigid when hiring? This is indeed food for thought.

The report also highlights that Malaysians are borrowing too much and not saving enough. We must now think and perhaps find effective ways to save enough money for retirement.

The work done by KRI is important as they create a platform to identify issues of concern to the nation as well as provide solutions that may have an impact in policy making by the Government. I hope more articles and reports from KRI would be published in the press. I believe they would push all of us to take the necessary measures to ensure our future success. GUNA Shah Alam