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

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 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.”

• 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