SHAH ALAM, April 25 — Financial implications due to urban cost of living pressures are now hitting the middle-income group, though they seem stable from the outside, said Counselling and Credit Management Agency (AKPK) Kuala Lumpur branch head Mohd Nordin Abd Rahman.
He added that incomes of RM5,000 to RM6,000 in larger cities are barely enough to cover basic needs, especially those with families.
“When living in the city, a pay of RM5,000 to RM6,000 isn’t a big amount. With house, car and children commitments, (the amount) is just barely enough,” he said on Media Selangor’s Bicara Semasa programme.
He also said that although the B40 group is more affected, the M40 group and professionals face different pressures, including the need to maintain a lifestyle that matches their social status.
“There are some among them who have to maintain their lifestyle even though their finances are not that strong. This leads to them being unknowingly constrained,” he explained.
Dangers of keeping silent
Nordin said people’s tendency to keep mum on financial troubles without seeking help would only make things worse, like a ticking time bomb.
“Keeping financial troubles quiet is like a time bomb. Eventually, it will explode when the individual can no longer manage the stress,” he said, adding that some people choose to remain silent due to community stigma and shame.
“Some feel that if they share, they would be labelled as failures. Some are even afraid of telling their own spouses because they fear making more trouble.”
According to him, cost of living pressures could affect one not only financially, but also emotionally, in terms of family relationships, and work performance.
“When there is no communication within a family, financial pressures could spread into other issues including household conflicts and emotional stress,” Nordin said.
