945 youths bankrupt from January to July

A total of 945 youths, aged between 18 and 35 years, were declared bankrupt between January and July this year, said Deputy Minister in the Prime Minister's Department, Shabudin Yahaya.

He added that according to the Malaysian Insolvency Department (MdI), over 100 bankruptcy cases were recorded involving those aged 31 to 35.

“To help reduce cases of bankruptcy, Mdl has implemented various programmes such as community programmes and Mdl Prihatin (Mdl Cares) to create public awareness of the bankruptcy issue.

"It is to... create awareness, especially to youths so that the issue can be addressed at an early stage. The talks and briefings also involve public and private agencies, as well as students of institutions of higher learning.”

Shabudin (above) said this in the Dewan Negara today in reply to a question from Senator Paul Igai on the number of youths listed as bankrupt which might be due to the Covid-19 pandemic and on the government's efforts to help them.

Apart from that, he said the government, through the Credit Counselling and Debt Management Agency (AKPK), also held awareness programmes on the bankruptcy issue.

He said the programmes revolved around financial planning for all groups to enable those involved to address financial management problems at the pre-bankruptcy stage.

"These programmes can also help youths to be prudent in their spending... to avoid bankruptcy due to the Covid-19 pandemic," he said.

- Bernama