May 15, 2018
Updated 15 May 2018.
We are concerned about Malaysians’ financial condition. Many including millennials are finding it hard to keep up given the rising costs of living. Whether it is saving, investing, insurance, or managing money, the financial health status of an average Malaysian highly depends on these fundamentals. Let’s see if you are doing better or worse than the average Malaysian level.
According to a few news reports in February and March 2018, there were a total of 300,958 bankruptcy cases in the country in 2017, up 10,957 from the 290,001 cases a year earlier. This is despite the amendments to the insolvency law to help reduce the number. Malaysians are currently embroiled in bankruptcy cases mainly due to defaulted personal, housing and car loans.
Approximately, 60% of the country’s bankrupts are aged between 35-54 years old. The remaining number of bankruptcy cases are involve those between 21-34 years of age. That’s quite alarming to know that the number of young Malaysians getting into financial trouble is high! Therefore, it is even more important for you to know if you are on the right track to achieve financial freedom or off track to endless financial pit hole.
Millennials in Malaysia are facing high pressure in dealing with their finances and managing debts, Find out if you agree with some of the points shared in our interview with TraXX FM here.
Share this article with your friends and family to see if they are in the same shoes with you.