Kuala lumpur: Household financial discipline is just as critical as national economic resilience, particularly amid global uncertainties that could affect prices, incomes, and overall financial stability.

According to BERNAMA News Agency, Universiti Teknologi MARA (UiTM) Faculty of Business and Management senior lecturer Dr. Chong Siew Huay emphasized the importance of financial discipline for households in light of geopolitical tensions and economic volatility that could impact Malaysia through fluctuations in commodity prices and rising living costs. Dr. Chong highlighted that during economic uncertainty, prudent spending and building savings are essential strategies for households to cope with unexpected financial shocks.

Recently, Prime Minister Datuk Seri Anwar Ibrahim reminded Malaysians to practice prudent spending, increase their savings, and avoid wasteful expenditure amid global economic uncertainties. Anwar pointed out that geopolitical tensions, particularly conflicts in the Middle East, could disrupt global supply chains and push prices higher, potentially affecting the cost of living.

The UiTM lecturer further stressed that strengthening household savings would ensure families remain financially resilient during periods of economic uncertainty. With the upcoming Hari Raya Aidilfitri, she noted the natural increase in household spending but urged consumers to remain mindful of their financial capacity, emphasizing responsible spending and prioritizing essential purchases.

Dr. Chong advised purchasing essential items early to avoid potential price increases closer to the festive period, provided it is done in moderation. She cautioned against overbuying due to panic or speculation, especially for perishable items.

She also recommended that Malaysians maintain a reasonable level of savings, manage debt carefully, and practice responsible financial planning amid global uncertainties, including conflicts in the Middle East, as geopolitical instability often leads to volatility in commodity markets.

Meanwhile, a civil servant expressed support for the prime minister's advice, underscoring the importance of prudent spending and savings amid rising living costs. Danni Haizal Danial Donald, a 25-year-old federal public sector employee, shared his approach to budgeting for Hari Raya, allocating about RM1,000 for festive items while managing his finances carefully.