Reminder for youths to manage finances prudently

In several reports on Thursday (June 23), the Insolvency Department revealed that the number of bankruptcies totalled at 274,628 as of May 2022. More worryingly, statistics showed that an average of 18 people were declared bankrupt daily in the first 5 months of 2022, while more than 200 of those declared bankrupt since 2018 were aged 25 or younger.

According to the report, almost half of the bankruptcies were caused by personal loans, vehicle hire purchases, business loans, and outstanding credit card payments. In other words, it can all be linked to overspending.

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 48
Cxense type: NA
User access status: 3
Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In Letters

Centralised reporting system reduces teachers' burden
RM20,000 raised to help single mom in custody tussle begin life anew
Holistic approach key to reforming national healthcare system
The six resolutions proposed by Wanita BN will chart the path for women’s empowerment
True picture of the cost of living
Let us foster national unity through sport
The aim is to make Malaysia completely smoke-free
Malaysia must be ready to embark on IR5.0
Windows into our hearts
There’s a climate crisis, why are we felling trees?

Others Also Read