Malaysia’s Gen Y face financial stress, live beyond their means

KUALA LUMPUR: Malaysia’s Gen Ys are experiencing significant financial stress early in their life with many living beyond their means and trapped in emotional spending, according to a new study by the Asian Institute of Finance (AIF).

The survey showed a majority of Gen Ys were relying on high cost borrowing, with 38% reported to be taking personal loans and 47% engaged in expensive credit card borrowings, while only 28% felt confident in their financial literacy.