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.
Also read: Study: M’sian Millennials Spend 40% of Income on Food But On The Verge of Bankruptcy
