The world of Tzu Chi May 2020 (Vol.122)

Weathering the storm together E ver since the MCO has been enforced, most businesses and industries have ceased operations, with the exception of sectors identified by the government as essential services. The disruption of economic activities has affected the livelihoods of many, especially self-employed individuals and blue- collar workers who subsist on a daily wage. Rather than dwell on our financial quandary, how should we adapt to the uncertain times ahead of us and overcome the challenges in our way? According to Dato’ Chua Tia Guan, the executive director and head of tax and financial consulting at Asia Business Centre, a positive attitude is the key to overcoming challenges successfully. He encouraged those who are still gainfully employed to continue serving their employers, while supporting each other in coping with difficult times. Meanwhile, those whose employment has been temporarily suspended may consider enrolling in various courses to upgrade their skills – some are claimable from the Human Resources Development Fund (HRDF). Chua also advised against giving in to materialistic desires and making impulsive purchases during the MCO period. Now that most of the population are confined to their homes with more time on their hands, the convenience and accessibility of e-commerce platforms and television shopping programmes is likely to induce spending on a whim. To The Covid-19 pandemic has dented a gaping hole in the global economy, leaving many businesses struggling to stay afloat – and the average employee in a sink-or-swim situation. curb unnecessary spending, Chua suggested mulling over this question whenever the urge to make a new purchase arises: Is this item really necessary? Even if the immediate answer is “yes”, he would wait for another two weeks before reassessing the necessity of the desired purchase: Is the item still necessary? If so, is there a substitute for it? He would leave the most critical question for last: Will I be able to survive without the purchase? More often than not, our consumption patterns reflect a major pitfall of consumerism – our purchases are fuelled by desire instead of necessity, resulting in excessive wastage and overconsumption. In addition, Chua reminded those who are looking to purchase property or a car to defer their plans and preserve their savings as a buffer against unexpected circumstances. He stressed the importance of saving for a rainy day and spending within one’s means, as well as making careful and informed decisions to ensure that every cent is spent purposefully, with sufficient savings in case of emergencies. Financial “lifesavers” In a report released alongside the National Strategy for Financial Literacy 2019–2023, 52 percent of Malaysians have difficulties raising RM1,000 as emergency funding. The report, which was published in July 2019, also highlighted that 24 percent of Malaysians are able to sustain their living expenses for at least three months or more after losing their 2020 • 05 24 eature