70% of respondents reported they were living beyond their means theSun theSundaily news Opinion youth Bankruptcy Malaysia CostOfLivingCrisis
appreciates the efforts by Youth and Sports Minister Hannah Yeoh in highlighting and committing to the issue of youth bankruptcy. Fomca has long advocated the necessity for financial empowerment among youths.
People with debt problems can go to the Credit Counselling and Debt Management Agency for assistance. The agency provides financial counselling and debt management services. In a study by the Consumer Research and Resource Centre on financial behaviour of youths, it was found that 47% of young workers were excessively over-indebted.88.9% made late bill payments;19.4% were facing bankruptcy procedures.
The 12th Malaysia Plan found that low purchasing power, high cost of living, lack of social protection and low financial education have a strong negative impact on the well-being of the people.
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