But what we didn't realise is the fact that the situation seems to be more dire than we thought.
Lack of funds
The World Bank’s 'Malaysia Economic Monitor — Making Ends Meet' report revealed that nearly three in 10 Malaysians feel that they do not have enough money to buy food.According to a report by The Malaysian Insight, citing the Gallup World Poll, the sentinment was felt more by those living in urban areas.
Quoting World Bank Group senior economist (poverty and equity) Kenneth Simler, the report said that poor households are experiencing “higher than average” inflation because food prices have increased faster than other items.
Therefore, these families feel that they are spending a high proportion of their household budget on food.
The report, which surveyed 60 focus-group nationwide, found that 23 per cent of respondents said they lack money for shelter while the number of urban residents who don’t have enough funds for housing increased from 7.4 per cent in 2012 to 24.8 per cent last year.
“Although high housing costs are typically seen as an urban issue, it is noteworthy that 17 per cent to 18 per cent of rural folk reported not having enough money for shelter in 2012 and last year,” said the report.
A total of 55 per cent of respondents in Kuala Lumpur and 63 per cent in the Petaling district said they lack access to cheap housing.
“Households in the RM6,000-to-RM10,000 income bracket can typically afford to buy a house in the RM230,000-to-RM500,000 price range, but the availability of such units is uneven,” said the report.
Guess we Malaysians as a whole are struggling in one way or another, huh?