MIDDLE EAST CONFLICT: STUDENTS URGED TO MANAGE FINANCE PRUDENTLY

KUALA TERENGGANU, March 26 (Bernama) -- The conflict in the Middle East not only threatens global geopolitical and economic stability, but also directly affects the daily lives of students in this country.

Head of the Bachelor of Finance Programme at the Faculty of Business, Economics and Social Development, Universiti Malaysia Terengganu (UMT),  Dr Siti Nurain Muhmad said the ongoing conflict in the region has created uncertainty in the global energy market, thus having a knock-on effect on the cost of living in Malaysia.

“Disruptions to strategic routes such as the Strait of Hormuz, which is the main artery of world oil shipments, have caused oil prices to soar.

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“In an interdependent global economy, this increase in energy costs cannot be avoided from directly affecting the global supply chain including Malaysia,” she said in a statement today.

She said the impact is now being felt by students who are facing increased costs of daily expenses including food, transportation and other basic necessities.

In this regard, Siti Nurain advised students to practise greater financial discipline by preparing a realistic monthly budget and prioritising needs over wants and prioritising prudent spending, in line with Prime Minister Datuk Seri Anwar Ibrahim’s call for the people to practise frugality.

“Practices such as cooking for themselves, sharing vehicles and making full use of campus facilities can help reduce the cost burden,” she said.

She also stressed the importance of having emergency savings, even in small amounts, as a protective measure to face unforeseen situations, in addition to advising students to be more careful in making financial commitments, especially involving the use of credit facilities, loans or instalment purchases to avoid long-term debt burdens.

Meanwhile, Siti Nurain said higher education institutions need to play a more proactive role by providing comprehensive support to students including targeted financial assistance, welfare initiatives such as selected food programmes as well as income-generating opportunities through entrepreneurship and the gig economy.

She said educational institutions also need to explore sustainable approaches such as the use of local resources and renewable energy to reduce dependence on uncertain external factors.

“Finally, the conflict that is taking place thousands of kilometres from this country proves that the world today is closely interconnected. What is happening in the Middle East can have an impact on the classrooms and lives of students in Malaysia.

“In this context, universities are not just centres for imparting knowledge, but must act as bastions of resilience that form a generation that is not only knowledgeable, but also adaptive and prepared to face global challenges,” she said.

-- BERNAMA