Numbers of youths declared bankrupt on the rise

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Article from New Straits Times.

 

The number of youths below 35-year-old declared bankrupt continues to increase since 2012, said Deputy Finance Minister Datuk Ahmad Maslan. He said in 2012, a total of 4,100 individuals were declared bankrupt, followed by 5,420 people in 2013 and last year, the numbers went up to 5,497 people.

 

 

"The number has continued to spike and within the first quarter of this year, a total of 948 people under the age of 35 have been declared bankrupt. "This trend is truly worrying," he said in reply to a question from Datuk Nasrun Datuk Mansur (BNSilam) during Question Time.

 

 

Nasrun had asked the ministry to explain the measures taken to provide financial management education to the public as outlined in the Financial Sector Blue Print (20112020). Ahmad Maslan said the Credit Counselling and Debt Management Agency (AKPK) and Bank Negara Malaysia (BNM) have conducted financial management modules as a special subject at 52 higher learning institutions as well as 30 polytechnics.

 

 

"AKPK also has regularly conducted financial talks across the private and public higher learning institutions across the country. "A total of 732, 051 participants were involved in the programmes conducted by the AKPK as at May

this year," he said. For the school level, Ahmad Maslan said element of early financial education started at Year 4 since last year and will be extended to those in Year 5 this year.

 

 

"This will be conducted in stages to ensure that students will be exposed with necessary financial literacy and management financial skills throughout their education period," he said.