Nearly 65,000 Malaysian Youth Have Been Declared Bankrupt In Less Than 5 Years

According to The Star, it has been revealed that a total of 64,632 Malaysians between the ages 18 and 44 have been declared bankrupt since 2013.

That's an average of 12,926 youth in just under five years!

Minister in the Prime Minister's Department Liew Vui Keong gave a breakdown of the numbers recorded during a parliament session.

He said that based on statistics from the Insolvency Department, the highest number of cases was recorded in 2014 with 13,098 cases in total.

This 'rank' is followed by 2013, which reported 13,036 cases.

Subsequently, 11,277 cases were recorded in 2015, then increasing to 11,875 in 2016.

Nevertheless, there is still hope left for young Malaysians as the total number of bankruptcy cases declined from 11,106 cases in 2017 to 4,240 cases recorded as of this April.

This issue could be related to poor financial planning and insufficient knowledge regarding financial management.

"The government, via the Insolvency Department, is committed to carrying out awareness programmes regarding bankruptcy to the people and via its outreach programmes with other government ministries, agencies and bodies," Liew said.

Besides that, the Credit Counselling and Debt Management Agency (AKPK) under Bank Negara Malaysia will also take on initiatives involving financial literacy to help reduce the number of cases among Malaysians moving forward.