More and more youngsters are feeling pressured into living luxurious lifestyles, especially after seeing how the other half live on social media platforms.
But, there are also more and more youngsters going bankrupt.
As according to Sinar Harian, Hijrah Wealth Management founder and consultant Rohani Mohd Shahir shared during the Wacana Al-Quran Siri 8 by the Karangkraf group titled, ‘Bankruptcy at a Young Age’, that she rarely used to see people aged 40 and below filing for bankruptcy. But now, there is quite a rise in the number of Malaysian youngsters going bankrupt due to the ‘Five Series Loan’.
The five factors included in the ‘Five Series Loan’ are the personal loan, education loan, car loan, mortgage loan and credit card loan.
“The five factors when combined are very easy when it comes to bankrupting a person, especially a young person. Based on statistics from 2015 to 2019, it also shows that 85,000 people who are bankrupt are those aged 25 years and below,” she shared.
However, she added that the number of people who are bankrupt today is very high and have reached about 600 people including those below the age of 44.
“Included under those numbers are young people aged 25 years and among the reasons for bankruptcy are that many young people are found to be guarantors to their parents’ vehicle loans and there are also groups of young people who go bankrupt because they want to be in ‘style’, which is to have more than one credit card.”
Apparently, Malaysia has reached a level in which 11 million people have been identified as owning a credit card and that 25-year-olds are carrying at least five credit cards.
“I hope that young people will be more focused on such statistics and do not lead their lives to have various debts until bankruptcy as early as 25-years-old,” she added.
Many Malaysians are still stuck in having luxurious lifestyles despite not having the income for it.
We should all learn to cut our coats according to our clothes, and not feel embarrassed by it. You’re not the only one out there who wants to live a luxuriously and comfortable life but can’t because of your income. But hey, the bright side is, at least you won’t go broke.
What do you think about this? Let us know in the comment section.
Deputy Education Minister: UPSR Will Most Likely Be Abolished 2021 Onwards
If this were to happen, that means that standard 6 students this year would be the last batch ever to...
Banks May Disagree To Moratorium Extension As It Won’t Be Good For The Economy
Several senior bankers who are also the main decision-makers at their respective banks hinted that another blanket moratorium “will certainly...
3,000 Malaysians Will Be Involved In Phase-3 Clinical Study Of Covid-19 Vaccine From China
A total of 3,000 Malaysian volunteers will be involved in a phase-3 clinical study of the Covid-19 vaccine next month...
Low Yat Brawl Leads To The Arrest Of 42 Individuals
During the pandemic, the last thing you want to be involved in is a group fight. The close proximity, the...
United Nations Commission Removes Marijuana From List Of Risky Narcotics
The state members of the UN Commission on Narcotic Drugs (CND) have voted to drop the status of marijuana from...
News23 hours ago
ADUN Claims Puncak Alam is “Malay Territory”, Closes Down Non-Halal Section In New Supermarket
Culture22 hours ago
Did You Know M’sian Youtubers Can Earn Up To RM155K/Month? Here’s What You Need To Know!
News21 hours ago
1yo Baby In Seremban Allegedly Dies From Choking On Own Vomit
Social Stories3 hours ago
EPF CEO Slammed For Not Giving A Straight Answer During Interview