A total of 945 youth aged 18 to 35 were declared bankrupt between January and July this year, says Deputy Minister in the Prime Minister’s Department Shabudin Yahaya.
According to the Malaysian Insolvency Department (Mdl), he said, more than 100 bankruptcy cases were recorded among 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 convey information, provide education and create awareness, especially to youths so that the issue can be addressed at an early stage. The talks and briefings involve public and private agencies, as well as students of institutions of higher learning.”
Shabudin was replying in the Dewan Negara to Paul Igai, who asked about the number of youths listed as bankrupt which might be due to the Covid-19 pandemic as well as the government’s efforts to help them.
Shabudin said the government had also held awareness programmes through the Credit Counselling and Debt Management Agency.
“These programmes can also help youths to be prudent in their spending and in financial management to avoid bankruptcy due to the Covid-19 pandemic,” he said.