Cost of Living

Cost of living has been a controversy and is hotly debated  in public and in Parliament. Oppositions will use the platform during the General Election to argue and stir the emotion of the constituents. It is not only a local issue but a global phenomenon. It is about the standard of living as we become more affluent. When we talk about the cost of living, people generally want to compare the disparity in income between the rich and the poor and their spending power. It is only natural  as we progress and prosper as a nation, the income rises especially for those who are more qualified and experienced. With higher income, the expectations on their lifestyle also increases. No wonder many successful younger professionals and executives want to enjoy and have the 5Cs - cash, credit card, car, condominium, and club membership. It is the aspiration and envy of younger generations.
 

What is exactly the cost of living all about? Is it about the bread and butter issue or is it about rapid rising cost of living expenses? Responsible government will take constructive measures to cap and control on the rising cost. Government has the responsibility to leverage the income of the bottom end of the population. As lasses-faire (free and open) economy, the government cannot control on the disparity on the income of individuals especially those who are better qualified and experienced. The market forces will determine on the salary scale of the more able and compensate those who have special skills and abilities. 
     

The government can intervene by controlling on the inflation by strengthening on the currency since most of our consumable goods are imported from overseas. The stronger dollars can lower our import cost and, hence, pass on the savings from the exchange rate to the consumers. Government can also encourage fair and open competition by forming co-operative stores or supermarkets so that it gives the consumers the choice where to shop and buy their goods at lower prices. The government can consider giving grants, subsidies and rebates on the municipal services, including rental and utilities if there are surpluses on the budget from the thriving economy. The best measure and to create long term impact, the government can consider giving bursaries and scholarships to those who excel and perform outstanding in their studies. For adult workers and learners, the government can support with incentives to encourage them to upgrade and go for training. Government can help them with job placement if they are retrenched or change of career after they have acquired new skills. However, in desperate and worst scenario cases, government can give interim financial assistance to help them tie over the difficult period, such as, retrenchment or complete loss of income if they are sole breadwinners.
 

While the government can do their part to help and relieve the financial woes of the unemployed or lower income earners, it is nothing better to be self reliance. The worker must be prepared to go for training and upgrade their skills and abilities. They must cultivate the learning habits and become a lifelong learner to stay relevant and employable. They must change their attitudes and cultivate in them the values of hard work, honesty, work discipline, determination, commitment, sense of responsibility and perseverance in overcoming challenges. They must believe and build the confidence in themselves to have self esteem. Ultimately, they must live their own life and be accountable to themselves and that no one owe them a living. In Jack Neo's film "Money Not Enough" only reveals the reality and practicality of every day's life. One must lives within their mean no matter what is their income. Most important of all, they must prepare to work and ask themselves what they should do to increase their earning capacity.