PETALING JAYA: Residents in the Klang Valley are poised to attain a “reasonable and acceptable standard of living” if they keep their monthly spending in line with an expenditure guide launched by the Finance Minister.
Employees Provident Fund (EPF) chief executive officer Tunku Alizakri Alias says the “Belanjawanku: Expenditure Guide for Malaysian Individuals and Families” provides an estimation of minimum monthly expenditure on various baskets of goods and services for different households in the Klang Valley.
“It will allow Malaysians to attain a reasonable and acceptable standard of living or well-being.
“It also provides comprehensive guidelines on allocations for basic necessities, social participation, recommended savings, loan repayment and emergencies,” he said in a media release following the unveiling of the expenditure guide by Finance Minister Lim Guan Eng at the EPF Learning Campus in Bangi yesterday.
Tunku Alizakri said the guide was aimed at addressing issues such as low financial literacy, rising cost of living and overindebtedness.
“Money is an essential component of the economy and we are confident that the Belanjawanku serves as a practical reference and foundation for money management,” he said.
He added the guide would be adopted by EPF’s Retirement Advisory Service officers to provide financial guidance and advice to members.
Meanwhile, Universiti Malaya vice-chancellor Datuk Dr Abdul Rahim Hashim said the guide was based on a meticulous study and research.
“It is useful as an indication of cost of living as well as a guide for Malaysians to improve their personal financial management and lead a happy and meaningful life,” he said.
The guide, a collaboration between EPF and the university’s Social Wellbeing Research Centre, can be downloaded from EPF’s website or sourced from EPF offices.