CONSUMERS are suffering. They are on lower incomes and are facing severe increases in their costs of living, struggling to sustain their quality of life.

It is no wonder indeed that in the Suara Rakyat Malaysia survey, the number one issue of concern for Malaysian voters was cost of living and prices of goods.

Some 57% of respondents said it was their prime concern, while 49% worried about job opportunities and salaries.

Is this an election that gives hope to the rakyat? Or is it going to be business as usual?

Fomca chooses to be optimistic. Here are eight suggestions for the new government:

1. Food prices and food security. Increases impact the low-income group in particular, which have to spend a greater portion of their income on this.

After years of underinvestment in food crops, resulting in excessive dependence on imported food, the government should make agricultural production a priority.

Food security should be a major priority in the new economy to ensure affordable food for all.

The supply chain should also be liberalised to ensure open competition at all levels. Monopolistic practices and price manipulation result in excessive prices.

Research and development is also crucial to ensure farmers get a decent income, as well as attracting the next generation.

2. Healthcare: The current public healthcare system is overburdened. Patients have to wait too long to get access to treatment and access to specialists.

Most low- and middle-income families are dependent on the public healthcare system. In the survey, 38% of voters indicated that healthcare was of one of the major areas of concern.

The government should increase healthcare expenditure to at least 5% of GDP. The present healthcare system needs to be upgraded, with attention given to maintaining medical professionals and specialists in the public sector.

This – along with improvement in hardware such as building new hospitals, upgrading present centres, new and upgrading of medical equipment – will undoubtedly improve personnel morale and efficiency.

3. Public transport: We want a government committed to:

• Increasing services (more vehicles, more vehicle miles)
• Improving services (more comfortable, convenient, reliable)
• Incentives to use public transport (lower fares)
• Transit orientated development (walkways, development around transit station and corridors).

4. Housing: Housing is a basic right. Some 31% of voters indicated that housing was a major area of concern.

The government needs to intervene and regulate the private sector to supply more affordable homes with protection for first-time buyers, while promoting a thriving rental market.

5. Banking and insurance: The National Consumer Complaints Centre has been receiving increasing number of complaints on banking and finance issues. Stronger regulation is needed.

Areas where there is greatest need for enforcement and regulation are:

• Information design and disclosure:
  • Consumers should be given financial information that is clear, sufficient, reliable, comparable and timely.

• Contracts, charges and practices:
  

  • Ensure products and services are comprehensible
  • Ensure the availability of simple standard products
  • Ensure minimum standards for key products
  • Ensure consumers give their informed consent
  • Ensure contracts are fair
  • Protecting consumers from aggressive marketing
  • Protection of consumer data and privacy
  • Regulating insurance premiums, especially medical insurance, to ensure that affordability.

6. Climate change and environment: In early August 2021, the UN’s intergovernmental panel on climate change released a major new report about the devastating impact of climate change, but it suggests a narrow window of hope.

In Malaysia, we are suffering torrential rain and flooding in months that used to be the hottest months in the year.

Further, it is occurring in areas that had never flooded previously. The report suggests that aggressive, rapid and widespread emission cuts, beginning now could limit the warming beyond 2050.

The new government must be committed to promoting sustainable production and consumption at all levels of society.

7. Digital financial literacy: It has become an increasingly important aspect of education.

Consumers must have a higher level of financial sophistication to make effective use of decentralised financial technology products and services, and to avoid fraud and costly mistakes.

Consumers should be aware of digital financial risks and how to mitigate them.

They are more diverse – such as online fraud and cyber security risks – but sometimes harder to spot than traditional methods.

Fomca calls on policy makers to formulate and implement a national programme for digital financial literacy to empower all consumers.

8. Consumer and financial education: To face these challenging times it is vital that consumers are empowered with the attitudes, knowledge and skills to protect themselves and thrive in this challenging economic environment.

Fomca hopes that the new government will be committed to empower consumers through nationwide extensive, evidence based consumer and financial education.

Hope? Will we indeed have an election that brings hope to the rakyat? Or will it be back to business as usual? – November 2, 2022.

* Paul Selva Raj is secretary-general of Fomca.

* This is the opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insight. Article may be edited for brevity and clarity.