The cost of living in the Klang Valley continues to record a significant increase of 6.7% between 2022 and 2024, according to the 2024-2025 My Budget guide issued by the Employees Provident Fund (EPF).
The Klang Valley remains the most expensive region in Malaysia, with cost increases varying between 2.1% and 8% depending on the type of household.
For example, a single car owner will now have to spend RM2,800 per month, an increase of 7.7%, mainly due to the increasing price of cars and soaring maintenance costs.
For married couples with two children, their expenses will also increase by 8%, bringing their total monthly expenses to RM7,440, with a significant increase in childcare and food costs.
This My Budget guide provides a clear picture of the growing financial burden, but it also highlights the challenges faced by many Malaysian families.
According to a report by the Social Wellbeing Research Centre (SWRC) of the University of Malaya, almost 55.6% of bankruptcy cases registered between 2020 and October 2024 involved individuals aged between 25 and 44.
This provides an important reminder of the importance of smart financial management, especially amidst the increasingly uncertain cost of living.
