I REFER to the report “Almost 65,000 M’sians declared bankrupt in last five years, says Liew” ( The Star, Aug 16). Here we are again with more alarming statistics on bankruptcy in this country. A total of 64,632 Malaysians were declared bankrupt in the last five years, with individuals aged between 18 and 44 years making up the most number.
It’s disturbing that 18-year-olds are being declared bankrupt. Though we are tempted to blame the rising cost of living for their predicament, results of studies done on this issue shows a different picture altogether. A lifestyle of excess among young people appears to be one of the root causes. Flashing branded items, from clothes to shoes and expensive cars, is the fashionable thing to do in their circle. Entertainment also takes a huge chunk of their income.