Bankrupts Rising

Poor financial management resulted in 22,663 Malaysians under the age of 35 being declared bankrupt between 2011 and September 2015, according to the Malaysian Financial Planning Council (MFPC).

MFPC Deputy President Michael Kok Fook On said this group of people fail to manage their financial resources and do not understand the importance of proper financial planning.

“Young Malaysians are not prepared to deal with financial debt and are irresponsible in managing their finances,” he said at the 3rd MFPC National Financial Planning Tournament 2016 here today.

“Bankruptcy at a young age can be harmful to youths and could affect their future and daily life.

“Stress, family pressure and social expectations can all take a toll psychologically on youths facing bankruptcy,” he said.

Kok said financial awareness among the country’s youths and undergraduates is vitally important for their own wellbeing and Malaysia’s economic future, adding they should become financially literate from an early age.

“We at PFPC, in line with the aspirations of Bank Negara and Securities Commission Malaysia, are trying our very best to help spread financial literacy not only to youths but also to the public at large.

“From my very young age, I have always been reminded by a wise saying, ‘It is not how much you earn, but more importantly is how much you can save’,” he said.

Held at Universiti Putra Malaysia, the three-day event ending on Oct 9 is a platform for undergraduates to demonstrate their knowledge, skills and attitude towards financial planning.