Can we survive an economic crisis?

Listening to BFM on my commute to work every morning has become increasingly stressful last few weeks with daily reports of the depreciating ringgit and the woebegone news of our country’s economy.

At the time of writing, US$1 is equal to RM4.07; what is touted as a fresh 17-year low by economists and forex currency observers everywhere. Reports on Bursa Malaysia have been consistently in the red for weeks, if not months.

Let me be clear that I am neither an economist nor a financial expert, but as a Malaysian taxpayer who earns reasonably middle-class income, I am already feeling the pinch. I can’t help but wonder how do those who earn less than me survive?

How much more lifestyle change can we all endure before we break?

What of those who have been laid-off or lose their main source of income?

As recent as last week, a father was sentenced to one-day jail and a fine of RM1,500 for stealing groceries, that included diapers and instant noodles, which amounted to RM520.60 in Seremban.

The accused has a household income of less than RM1,000 a month.

He had to steal everyday items to fend for his family of five. It was his first crime.

He was apparently laid-off from work and could not support his family any longer.

Among friends and colleagues, I have been informed of tough times across many fields.

My field of medical research and academia is no exception, with funding cuts of almost 31% causing many to not have their contracts renewed.

Worst hit globally is the oil and gas industry, where the plunge of oil prices cost 100,000 people their jobs in a Forbes report dated February this year.

Closer to home, 6,000 Malaysia Airlines employees were also laid-off in June. CIMB also reportedly laid off 2,000 workers in a Rakyat Post article dated May 2015.

While comments from netizens cited that as long as we Malaysians do not travel to countries that use US dollars for transactions or shop on eBay and Amazon, we will not be affected; I personally think such statements are made in ignorant bravado.

Just look around the nearest mall to you, how many shops have closed down? How many patrons are dining in the restaurants and cafés?

From personal observations, I found that many small establishments are struggling and a number of others have closed shop.

The number of patrons at restaurants and cafés has dwindled and I, myself have taken to frequenting more affordable tai chau establishments and cooking at home as opposed to visiting the hipster cafés around town.

Chap fan and mamak also saw an increase in pricing for their items.

Further, I think that we can no longer be ignorant or nonchalant about the state of our economy.

Our hopes that a hero, either masquerading as Bruce Wayne or his alter ego, Batman, to save us with billions ringgit in donations and take all of our troubles away, is foolish.

Malaysians all have to come to grasp with the reality that we are all affected by the depreciating ringgit.

What can we, laypeople, do in such situations?
I think first and foremost, we all should care. In the case of the father cited above, I hoped that the case would not have been put to trial – look, the fine amounted to triple the value of what he apparently stole and he stole not for gain but out of necessity.

Now, he has a criminal record which then would impact his ability to find employment in the future. Without a steady source of income, it would only spell a cycle of poverty for the family.

How many more situations like this would we see?

I saw publicity on social media about informing Pusat Zakat in every state about those in need.

Why then, hadn’t this father approached the council, or neighbours, family members, state representatives; for financial assistance while he try to get back on his feet?

Has Pusat Zakat Negri Sembilan tried to assist in this case?

From the billions collected by Pusat Zakat each year, shouldn’t there also be a portion for poor non-Muslims as well, as charity?

I believe that my religion teaches compassion, and one that should be extended to all human beings.

I also personally think it is never to late to learn how to manage one’s personal finances.

There are a number of apps and free-courses online that can assist one with this, and in dire times, it would take us a lot of discipline to stick to our budgets and increase our savings.

We should all buy more local produce and products, this would assist local small and medium-sized entrepreneurs.

Substitute kale with kailan, and choose kopi Cik Nah over Starbucks. Learn skills that could enrich our CVs and open us to new job markets, too.

As with any storm affecting our lives, this is just another one we need to weather. – August 19, 2015.

* This is the personal opinion of the writer or publication and does not necessarily represent the views of The Malaysian Insider.