Prioritise financial literacy

There is an increasing need to provide individuals with access to financial knowledge through alternative formal channels. For example, the EPF offers its Belanjawanku mobile app, which assists individuals in planning, tracking and managing their expenses, thereby providing much-needed financial guidance. — FAIHAN GHANI/The Star

BANKRUPTCY cases in Malaysia have made headlines again with more than 2,000 individuals declared bankrupt from January to May and over 185,500 old cases still unresolved.

The Insolvency Department says almost half of the new bankruptcies were a result of personal loans, followed by business loans and other types of loans.