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Wednesday, 31 Oct 2018
GEORGE TOWN: Postponing weddings, tightening belts – the younger generation isn’t entirely the spendthrift types contrary to common perception, as they anticipate a “painful but necessary” Budget 2019.
“I have an inkling that the coming Budget is not going to offer big incentives to young working graduates due to the cost-cutting measures by the government,” said Kogilavanee Gunasegaran, 24, an analyst with a multinational company.
“I may postpone my wedding because I have a certain goal to achieve and I will not make big decisions until I have reached my target.
“My wish for the Budget is to get some leeway for working adults who are pursuing higher studies.”
“I have a diploma but I need to source for another income as I am now doing a degree, which means I have less savings,” she said.
Executive Kester Hok, 33, said he did not foresee any goodies as the government had been sounding the alarm bells on the economy for some time.
“However, I hope the M40 (middle-income) group will not be left out as usually they would be the ones making the big sacrifices when the economy is down.
“The high cost of living now makes it difficult to save money but my hope is that Budget 2019 could find ways to ease our burden even if there are no cash handouts,” he said yesterday.
Hok said a lot of young people these days think twice before they spend as disposable income has shrunk.
For marketing and communication executive Jason Chee, 28, being thrifty was more of a compulsory thing rather than an option.
“I am planning to settle down in a year or two.
“There were some incentives for those getting married from Budget 2018, but if there is nothing this time around, then I have to adjust accordingly.
“The high cost of living is not making it any easier to plan big.
“My plans are to own a house, get married and settle down. But it looks like I could only do one thing for now,” he said.
For T. Narmatha, 26, a contract employee at a government department, she is hoping that Budget 2019 would have something for the contract workers.
“Fresh graduates who are contract workers still get a raw deal with the government while the private sector looks for experienced people.
“As a contract staff, I do not get EPF contributions or allowances, something the government should look into seriously as we need compulsory savings,” she said.
Ezzad Shareen Bathusha Hamid, 21, is hoping to hear some announcement on savings incentives.
“As a fresh graduate who has just started working, I have little disposable income.
“So, if the coming Budget offers any savings scheme, I would be glad to join,” she said.
Housewife Subariah Ibrahim, 44, from Kulim said she hopes the government will give more money to improve the country’s public transportation.
“We hope that the government will add more public transportation in rural areas, not just cities.
“It’s hard getting around these days as most places are congested and it is hard for us in the outskirts to take any sort of public transport.
“In terms of cost of living, I hope the government will review the Sales and Services Tax (SST) introduced, because it feels the same to the people,” she said adding that things were still expensive and it is hard on the people.
Source/ Reference: https://www.thestar.com.my/news/nation/2018/10/31/its-painful-but-necessary-the-young-willing-to-tighten-their-belts-in-view-of-budget-2019/ (As at 2.11.2018)
Singaporean of Singapore will be greatly benefited by attending the next upcoming Malaysian Budget 2019 of Malaysia Seminar to be announced by Malaysian Finance Minister Lim Guan Eng on 2nd of November 2018 in Malaysian Parliament at 4 pm.