Almost half of M'sian youths grappling with high credit card debt

Bernama

KUALA LUMPUR: Forty-seven per cent of Malaysian youths have high credit card debt, while 38 per cent have taken out personal loans.

According to Bank Negara Malaysia (BNM) Assistant Governor Nazrul Hisyam Mohd Noh, in 2017, more than 3,400 people between the ages of 20 and 30 were driven to seek counselling and help from the Debt Management and Counselling Agency (AKPK).

"I challenge all of you to break the myth that the young generation are not financially savvy and do not contribute to these statistics," he said in his speech during the finale of the #IDAREYOUChallenge 2017 here yesterday.

The #IDAREYOUChallenge, held by the Malaysia Life Insurance Association (Liam) and the Education Ministry, selects the best marketing presentations and videos on the importance of life insurance.

Meanwhile, Liam President Anusha Thavarajah said that 56 per cent of Malaysians are currently insured, with the figure expected to reach 75 per cent by 2020.

"Our main obstacle is lack of awareness by the people on insurance. We hope with this competition, more awareness can be created, especially among youths," she said. -- BERNAMA © New Straits Times Press (M) Bhd