Six-point resolution adopted at 'Protect Our Pockets' round-table talk

Smart consumerism education and a call for all Malaysians to commit to live within our means were among the six points in a resolution adopted at The Star's “Protect Our Pockets” round-table discussion. The resolution, which will be presented to the Government before Budget 2012 on Oct 7, was received with a resounding aye' at Menara Star on Tuesday by about 50 members of the public, including those from various residents' associations, consumer organisations and members of the public.

Protect Our Pockets' is a campaign by The to highlight key issues faced by Malaysians in relation to the rising cost of living.
A diverse panel of field experts, including the Federation of Malaysian Consumers Association (Fomca) chief executive officer Datuk Paul Selvaraj, Malaysian Retailers-Chains Associations (MRCA) secretary-general Valerie Choo, Malaysian Association of Shopping and Highrise Complex Management (PPK) president H.C. Chan, Carrefour marketing communications (Singapore and Malaysia) director Low Ngai Yuen, Performance Management and Delivery Unit (Pemandu) senior manager Phillip See, Pemandu director of National Key Result Areas (NKRA) and National Key Economic Areas (NKEA) D. Ravindran and The Star executive editor Datuk Wong Sai Wan, took part in the round-table discussion on Tuesday. The moderator was lawyer Jonson Chong.
The issue that drew the most passionate discourse was on the consumerism culture of Malaysians.
“About 41 bankruptcy cases occur everyday in Malaysia and most of them involve those below the age of 40. It's to do with our value system - for instance, you can only afford a (Perodua) Kancil but insist on buying a Honda City instead (due to brand consciousness),” said Selvaraj.
Choo concurred, saying that financial planning was more than just an ability to manage money.
“It also about a value that needs to be inculcated at a young age,” she added.
A Question and Answer session was held after the panel discussion, which saw Pemandu's See and Ravindran busy replying to queries on the Government's policies to tackle the rising cost of living.
The panellists and attendees later gave their endorsement for the resolution by signing on pledge boards. The pledge boards and support garnered from members of the public in the online campaign for the Protect Our Pocket' campaign, will be presented to Prime Minister Datuk Seri Najib Tun Razak on Sept 27.
The six points in the resolution are:
- To support government and private sector efforts to reduce the cost of food, including making Malaysia a self-sufficient regional food producer and ensuring fair competition in the supply chain of essential food items;
- To support holistic efforts to reduce the cost of transportation, particularly overall improvements of the public transportation system and to reduce reliance and usage of private cars;
- To protect our household income by becoming smart and disciplined consumers through educating ourselves and our family on the importance of financial planning, thereby improving our ability to manage our personal finances and avoid the debt trap;
- To get the Government to invest in consumer and financial education to enhance awareness, knowledge and skills of consumers to combat the rising cost of living;
- To call for more governmental efforts to raise the overall income levels in Malaysia, in line with inflation and befitting the status of a developed nation;
- To call on Malaysians to reflect on our core values and commit to live within our means
> To take part in the online drive for the Protect Our Pockets'