Up to 13% of Malaysian Civil Servants Declared Bankrupt, Mostly Due to Personal Loans

In 2022, over 287,000 Malaysians were declared bankrupt, with most of them being young adults. In a span of 2 years, have we improved in terms of financial

literacy?

The state that records the most bankruptcies is Selangor, with a total of 6,364 as of March this year, followed by the Federal Territory which records a total of 3,442 bankruptcies.According to data collected from July 2021 to March 2024, over 5% of civil servants faced bankruptcies exceeding RM1 million. Most civil servants who were declared bankrupt suffered a loss between RM100,000 and RM499,999.

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