Relieving The Stress of The Rising Cost of Living: What Matter to be Reviewed by The Law?

Menangani Tekanan Kos Sara Hidup: Apakah Perkara Yang Perlu Dikaji oleh Undang-Undang?

Abstract

Background Problems: There is no denying that continuously rising costs in economics have worsened the standard of living. The population of Malaysia is facing considerable difficulties because of rising prices of living (Sulaiman et al., 2020). It is getting more difficult and harder to maintain a decent lifestyle because of this increasing trend, which has caused several problems for both individuals and households. In this relation, there are a few problems that have been discovered from the study associated with increasing the cost of living. Hence, the study was undertaken to identify what are the possible solutions to this problem in overcoming the rising cost of living by exploring the constructs of product, minimum wage, job opportunities, financial literacy, and price of goods and services. This study utilized a quantitative research approach, in which a total of 260 questionnaires were distributed to participants. Out of these, 253 questionnaires were collected and considered acceptable for analysis as they were completed without any errors.  The distribution of questionnaires was targeted toward all Malaysian citizens between the ages of 18 and 65 years old. The study employed descriptive analysis and multiple regression analysis using SPSS software. The findings reveal that product revisions significantly may resolve the cost-of-living issue among Malaysian citizens (ꞵ= 0.491, p < 0.00). Besides that, minimum income (wage) revisions are also evidence as able to resolve the rising cost-of-living issue (ꞵ= 0.238, p < 0.05). In addition to that, the study showed a significant relationship between financial literacy and the cost-of-living issue among Malaysian citizens (β = 0.166, p < 0.05).  The study confirms the importance of revising relevant laws associated with significant findings. Precisely, to establish a law in emphasizing the importance of creating certain products using Islamic Marketing principles that may ease the burden of the people. Furthermore, the finding also suggests that revisions to the minimum wage that are commensurate with the hike in inflation rate are essential. Besides, the finding also suggests considering providing adequate financial literacy knowledge education to the people. Hence, the policymaker may adopt these findings in adjusting the economy to improve the standard of living of the people and consequently resolve the problem of the rising cost of living.