Landing a job isn’t the only challenge for many Malaysian youths, as a recent report showed that we also have trouble keeping with our finances. Oh dear!
According to The Star, about 64,632 Malaysian youths between the age of 18 and 44 years old were reportedly declared bankrupt over the last five years.
Minister in the Prime Minister’s Department Liew Vui Keong revealed in a statement that a total of 13,098 cases were recorded in 2014, according to the statistics from the Insolvency Department. This makes it the highest recorded cases of bankruptcy among youths compared to 13,036 cases documented in 2013.
He was quoted as saying,
“In 2015, a total of 11,277 were declared bankrupt, increasing slightly to 11,875 in 2016.”
“However, we can see a decline from a total of 11,106 people declared bankrupt recorded in 2017 to 4,240 cases until April this year (2018).”
Thank goodness there’s a slight decline in numbers. We’re not doomed, after all!
Liew shared these statistics in response to Paya Besar MP Mohd Shahar Abdullah who requested the (current) government to disclose the statistics of bankruptcy among Malaysians, especially the youths.
Therefore, in light of the issue, Liew said that the government is very worried because this problem may have been caused by weak financial planning and lack of knowledge on 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,” he explained.
Liew then shared that the Credit Counselling and Debt Management Agency (AKPK) will take some steps to plan their own initiatives, which will involve financial literacy in hopes to decrease the number of bankruptcy cases each year. Thank goodness there’s a plan!
FYI, AKPK is working under Bank Negara Malaysia.
Even though the number of bankruptcy cases decreased slightly, the amount of the remaining cases is still very alarming. Hopefully, the government will succeed in its plans to reduce the number of people in bankruptcy.
What do you think is the best way for one to manage their finances? Let us know in the comments below!
Mystery Skin Disease Found On Sabah’s Whitetip Reef Sharks, Possibly Due To Warmer Waters
The whitetip reef sharks in Sabah have mysteriously developed a skin disease, suggesting that sea temperatures are on the rise,...
38 Wives, 89 Kids, 36 Grandkids, Alleged Father Of ‘World’s Largest Family’ Dies Aged 76
The man who is believed to be the father of the world’s largest family has died at 76 years old...
“This Is It, I’m Gonna Die,” US Man Gets Spit Out After Nearly Being Swallowed By A Whale
A lobster diver from Cape Cod, Massachusetts, had the shock of his life last week after he was nearly swallowed...
PDRM Tracking Down PBT Officer Who Didn’t Wear Face Mask While Compounding Trader
The Royal Malaysia Police (PDRM) have shared that they will be taking action against a local authority (PBT) enforcement officer...
Kedah Mosque Records 15 Covid-19 Deaths In 2 Weeks After Virus Spreads In Congregation
Covid-19 is fatal and could put anyone’s life on the line. On 13 June, it was reported that 15 mosque...
News24 hours ago
Man Goes Into Road Rage & Threatens Driver With Iron Rod For Almost Causing Accident In KL
News22 hours ago
Man In JB Kidnapped By 5 Other Men & Released An Hour Later, Motive Still Unknown
Social Stories20 hours ago
“Who fights for our rights?” Seller Forced To Refund Payment After Courier Allegedly Damages Product
News20 hours ago
54 People Compounded RM2k Each After They Were Caught Jogging & Lepaking In Klang