Contradictheory: Would you give a kid a credit card?

Here’s why we urgently need to teach the younger generation how to manage money: In 2019, almost half of Malaysian households were in debt, with over two-thirds of bankrupt borrowers between the age of 25 and 34. － Filepic/The Star

A few weeks ago, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that 47% of Malaysian youths have high credit card debt, and advised, “Do not save what is left after spending, but spend what is left after saving”, adding “prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5”.

The immediate reaction by some was to say, it’s easy to talk about savings when you were earning nearly RM10mil in your last job. For many Malaysians, it’s tough to make ends meet for food, never mind a games console.