A RECENT survey by UCSI University showed that 89% of the respondents were “very concerned” about the escalating cost of living as it bites deep into their income.

Inflation had risen by 0.8%, from 2.5% in 2021 to 3.3% in 2022, according to the Department of Statistics.

In the survey on Malaysians aged 18 and above, it also found that 61% of the respondents did not think the government was doing enough to address the matter.

As they tightened their belts for the proverbial “rainy days”, the survey found most of the respondents plan to cut spending this year with 33% stating they would lower their monthly expenses, 27% saying they would contribute to retirement savings and another 27% planning to start emergency funds.

However, 13% said they have not thought about it yet.

On what they are most concerned with, 60% of them stated grocery and food prices, followed by utilities (45%) and fuel (43%).

According to the United Nations Food and Agriculture Organization, the global food price index post-Covid had risen from 95.1 in 2019 to 143.7 by end-2022.

“Grocery and food expenses are the respondents’ top priority,” UCSI University said in a statement to release its findings.

“This could be due to the uncontrolled increase in the prices of common foods such as eggs and meat products, which have directly affected their daily expenditure.”

The survey also found that 41% of the respondents said they have to spend less on entertainment due to the rising costs. 

Another 40% have to reduce their social activities and 37% have to work more than they used to.

On which cost of living aspects the government should address first, 60% of the respondents stated “the top priority” is food security where they want the government to set ceiling prices of essential food items.

Fifty-three per cent stated that the government should address the issue of healthcare while 52% said rental rates.

The university said 1,031 people took part in the survey with 59% of them having jobs, 12% unemployed, 23% students and 6% retirees. – February 10, 2023.