Connect with us


Bankruptcy Among M’sian Youth Mostly Caused By Personal Loans – Shows Downtrend Since 2020


Collage 3 2
Source: Astro Awani & 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

As of March this year, nearly 300,000 Malaysians have been declared bankrupt. With the figures staring at us, one might wonder what fate has in store for us in the near future, especially when Malaysians are still battling inflation.

The number of bankruptcy cases involving the youth in this country shows a downward trend in the last three years since 2020, said Deputy Youth and Sports Minister Datuk Seri Ti Lian Ker in Parliament today (August 15).
81660546033 Tilianker
According to Astro Awani, he said that based on information from the Malaysian Insolvency Department, the number of bankrupt youth from 2020 until last June was 10,137 people.
“The decrease in bankruptcy cases for youths under the age of 25 recorded 21 youths in 2020 and has decreased to 20 people in 2021 while only six people were recorded until last June.”
In the meantime, he said that the decreasing trend in the number of bankrupt youth can also be seen among youth aged 25 to 34 years old, where in 2020 a total of 1,741 youth have experienced bankruptcy. This number has decreased to 1,060 in 2021 and 425 people until June 2022.
24871282 L
On top of that, the issue of personal loans was the main cause of bankruptcy cases with 1,486 people or 47% of the 3,165 total cases, followed by 249 cases due to vehicle hire purchase and 654 cases involving business loans. He said 284 cases were due to housing loans while 140 cases were due to credit card debt. Listed below are also the reasons why youth were trapped with  bankruptcy.
  • 84 cases (corporate guarantors),
  • 83 cases (income tax debt),
  • 65 cases (failure to pay Employees’ Provident Fund contributions),
  • seven cases (scholarships or education loans), and
  • 113 cases due to other debt-related causes.

It is sad and yet scary at the same time to know that a lot of people are suffering financially to the extent of being declared bankrupt. Before it’s too late, perhaps we should start tracing the flow of our money!


Also read: “Sad infographic” – M’sians Disagree That RM2,570 is Enough For An Unmarried Person To Survive in KL

Collage 20

Source: Astro Awani
Source: 123RF

Follow us on Facebook, Youtube, Twitter, and Instagram for the latest stories and updates daily.

Just In

Collage 35 30 Collage 35 30
News1 hour ago

“As early as 5AM” – Residents of KL Condo Line Up to Use Public Restroom After 9 Days Without Water

One day without the water supply is tough enough, let alone one week. However, residents of a condominium in KL had...

Raub Durian Thief Raub Durian Thief
News2 hours ago

Man Steals 3 Durians From Orchard, His Father Pays RM10,000 to Peacefully Settle Case

It is now durian season, and almost all Malaysians know some of the best durians, which can be found in...

Fan Made Poster Mugshot Fan Made Poster Mugshot
News3 hours ago

Ministry of Youth & Sports Clarifies That Poster With “Mugshots” of Olympic Athletes is Fan-Made

The Olympics will be held soon in Paris, and many people look forward to it. With the anticipation high, many...

Collage 35 27 Collage 35 27
News5 hours ago

PDRM: Farah Kartini Was Brought to Multiple Locations in Tanjung Malim Before Her Murder

The late Farah Kartini was brought to multiple places before she was murdered, according to PDRM. In a report by...

Crowdstrike Risk Of Phishing Crowdstrike Risk Of Phishing
News1 day ago

“Some are exploiting the issue” – National Security Agency Warns M’sians on Crowdstrike Issue

On 19 July, many airports and offices experienced an IT outage. Later, it was revealed that the source of the...

Collage 35 26 Collage 35 26
News1 day ago

MoF: Najib Razak Has Yet to Clear His RM1.7 Billion of Income Tax Debt

Former Prime Minister Najib Razak is behind bars, but his trial is far from over, and he still has massive...

Helicopter Crash In Bali Due To Kite String Helicopter Crash In Bali Due To Kite String
News1 day ago

Helicopter in Bali Crashes After Getting Entangled in Kite Strings

On July 19, a helicopter in Bali, Indonesia, was flying when it suddenly came crashing down. According to The Jakarta...

Feat Image Ktmb Feat Image Ktmb
News2 days ago

KTMB Affected by ‘Crowdstrike’ Issue, Ticketing System & All Customer Service Channels are Down

Following the Microsoft Windows ‘Crowdstrike’ issue that has caused major service outages globally, including flight cancellations in KLIA and airports...


Latest Videos