Minister Announce 40 Per cent of M’sian Youth are Spending Beyond They Can with High Credit Card Debts
With the recent news and study where a huge number of youth in Malaysia are mired in debt due to their spending habits where the Ministry of Finance revealed where the Finance Minister Tengku Datuk Seri Tengku Zafrul Abdul Aziz told Malay Mail that Bank Negara Malaysia data revealed that 40 per cent of millennials is spending more than they earn. And around 47 per cent of Malaysian youths reported having high credit card debts too.
Tengku Zafrul also added that Malaysian are not saving enough for retirement based on data provided by the Employees Provident Fund (EPF) where 50 per cent of EPF members have less than RM200,000 in their accounts, which is lower than the average of RM240,000 they should have in their basic savings by the time they turn 55 years old.
For the several years, the data consistently has been showing that more and more people are going bankrupt at young age and between 2015 and 2019, about 85,000 Malaysians below the age of 25 were declared bankrupt, a Sinar Harian article shows. Rohani also said that when she was working in the banks in the 1980s and 1990s, it was very rare to see people below the age of 40 being declared bankrupt, but that has since changed.
