Klang valley residents face 6.7% surge in living costs: EPF report

PETALING JAYA: The cost of living in the Klang Valley has surged by an average of 6.7% between 2022 and 2024, making it Malaysia’s most expensive region, according to the Employees Provident Fund’s (EPF) latest Belanjawanku 2024-2025 guide.

The annual report, developed in collaboration with the Social Wellbeing Research Centre (SWRC) at Universiti Malaya, outlines the minimum monthly expenses needed for various households to maintain a reasonable standard of living.

ALSO READ: ‘Salary rise expected to further increase cost of living’

Klang Valley living costs saw the steepest rise compared to Alor Setar, Malaysia’s least expensive city, New Straits Times reported.

A breakdown of nine household types—including single individuals, couples with children, and seniors—showed increases ranging from 2.1% to 8%.

For instance, single individuals with a car in the Klang Valley now require RM2,800 per month, up from RM2,600 previously, primarily due to higher car prices and maintenance costs, a 7.7% increase.

Married couples with two children faced an eight per cent rise in monthly budgets, now needing RM7,440, compared to RM6,890 in 2022/2023. Childcare costs emerged as a significant factor, with expenses reaching RM1,210 for two children and RM670 for a single child in the Klang Valley.

Senior couples also experienced a 5.6% hike in their monthly budget, now estimated at RM3,390, while single seniors require RM2,690, up from RM2,520 previously.

SWRC director Professor Norma Mansor highlighted financial struggles among Malaysians during a the guide’s briefing, noting that 55.6% of bankruptcy cases between 2020 and October 2024 involved individuals aged 25 to 44.

“During this period, 16,897 of individuals in this age group out of a total of 30,398 cases were declared bankrupt.

“The increase in monthly budget for married couples or single parents with children is due to childcare and food,“ she was quoted as saying.

Norma also attributed the low financial well-being of Malaysians to a combination of factors, including limited financial literacy, rising living costs, and structural wage issues.

Since its launch in 2019, the Belanjawanku guide has expanded to cover 11 cities nationwide, with yearly updates reflecting current economic conditions.

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