Prime Minister Najib Abdul Razak today advised Malaysians to spend according to their means even though he noted that their quality of life has improved.

Speaking in a televised address tonight, Najib made several observations and concluded that it was not unreasonable to say that Malaysians enjoy the best quality of life in the region.

"For example, I see parents in the city bringing their children for holidays and shopping during school breaks.

"I am even told that during the Matta Fair, holiday packages and flight tickets sold well and even festival promotions and sales such as for Aidilfitri had started as early as last month.

"Nonetheless, the rakyat must understand that when talking about cost of living in general, the public should practise a prudent way of life.

"In other words, they should spend wisely and according to their means, so that they and their families do get into unnecessary personal financial problems.

Najib also urged Malaysians to think about their children and families and save up for rainy days.

He added that based on facts and figures, no one could deny that the country's economy and the socio-economic situation of the rakyat were on strong footing.

The state of the union address tonight is an annual event where Najib updates the country on his transformation programme which he initiated when coming into power in 2009.

On the education front, Najib pointed out that fees are among the lowest in the country, citing controversial preacher Zakir Naik who recently visited Malaysia.

"Recently, as many would know, famed independent preacher Zakit Naik, when answering questions from local university students, pointed out how lucky medical students were in the country as the fees imposed by the government are very low.

"Quoting Zakir: 'Where in this world can we get medical education at a cost as low as in Malaysia' - This is not me saying it, it's an outsider praising and mentioning it," he said.