Kuala lumpur: In the increasingly uncertain global economic situation due to geopolitical conflicts in the Middle East, people not only need to save money but also think about ways to increase their income to ensure that their household finances remain stable.
According to BERNAMA News Agency, Dean of the Faculty of Human Ecology at Universiti Putra Malaysia (UPM), Prof Dr Mohamad Fazli Sabri, highlighted that in the increasingly challenging cost of living situation, many people think that saving measures are enough. However, in reality, increasing income also needs to be given attention to achieve financial balance. He emphasized that financial management cannot be seen only from the perspective of controlling expenses, but must include efforts to increase sources of income.
Prof Dr Mohamad Fazli Sabri suggested that in the current situation, the government or employers can play a role by providing training in new skills such as digital skills, artificial intelligence (AI), and digital literacy. These skills can assist individuals in generating additional income. He noted that training programs like Technical and Vocational Education and Training (TVET) are crucial as they provide practical skills. He mentioned that even basic skills, such as repairing household appliances, can be very useful.
Recently, Prime Minister Datuk Seri Anwar Ibrahim advised all parties to manage their spending prudently due to the ongoing conflict involving Iran, the United States, and Israel. Anwar acknowledged the comfort Malaysia is currently experiencing but stressed the importance of being prepared for changes in an uncertain international situation.
Prof Dr Mohamad Fazli also emphasized that besides improving their skills, individuals need to manage their spending with better discipline and avoid unnecessary expenses. He stated that saving does not only mean reducing spending but also entails using existing skills to manage life better. He cautioned against excessive online shopping, which contradicts the essence of saving.
Furthermore, he urged consumers to enhance their digital financial literacy to avoid falling prey to online frauds, which are becoming more prevalent, especially in challenging economic conditions. He pointed out that in the current digital era, offers of financial assistance or significant discounts shared through online links often trap unwary consumers.
In conclusion, he stressed that improving skills, smart financial management, and awareness of digital security must work together to help people increase their economic resilience in an uncertain global environment.