‘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.