‘Millennials spending beyond their means’


Money matters: (From left) World Bank Group country director for Brunei, Malaysia, Philippines and Thailand Mara Warwick presenting the 21st edition of Malaysia Economic Monitor report to Domestic Trade and Consumer Affairs Minister Datuk Seri Saifuddin Nasution Ismail with Deputy Defence Minister Liew Chin Tong and others looking on.

KUALA LUMPUR: Low-income Malaysians and millennials are piling up debts and risking bankruptcy by turning to banks for loans and credit cards to support their lifestyle choices, says a World Bank Group report.

According to the 21st edition of its Malaysia Economic Monitor, about 27% of households in Kuala Lumpur earn less than Bank Negara’s estimated living wage of RM2,700 for a single adult, RM4,500 for a childless couple or RM6,500 for a couple with two kids.

Article type: metered
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

millennials , debts , bankruptcy , loans , credit cards

   

Next In Nation

Govt urged to implement stockpile policy to address food crisis Premium
Man gets early morning shock as car crashes into his house Premium
Cops detain 10 teens over bullying at Perak school hostel Premium
More Customs checks at M'sia-Thai border to weed out cannabis smuggling Premium
More than 200,000 illegal immigrants repatriated under recalibration programme Premium
B40 group in Ayer Hitam given food aid Premium
DBKK looking at amending city by-laws to resolve stray dogs issue Premium
Chicken price: We listened to the people, says PM Premium
Najib switches roles, becomes actor for a day Premium
Domestic users heave sigh of relief following no increase in electricity, water tariffs Premium

Others Also Read