Helping youth avoid bankruptcy

THE Federation of Malaysian Consumers Associations (Fomca) deeply appreciates Youth and Sports Minister Hanna Yeoh’s efforts in highlighting and committing to solving the issue of youth bankruptcy. Fomca has long advocated the necessity of financial empowerment among the country’s youth.

Between 2018 and 2022, of the 48,791 individuals declared bankrupt, 22% were below the age of 34 while 37.5% were between the ages of 35 and 44; in total 57.5% bankrupts were below the age of 44 – an issue of serious concern indeed. Yet, this is not, perhaps, where we should start to address youth bankruptcy.