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

According to the Malaysian Insolvency Department (Mdl), more than 100 bankruptcy cases were recorded involving those aged 31 to 35.

“To help reduce cases of bankruptcy, Mdl has implemented various programmes such as Mdl Prihatin to create public awareness on bankruptcy.

“It is to convey information, provide education and create awareness, especially to youth so the issue can be addressed at an early stage. 

“Talks and briefings also involve public and private agencies, as well as students of institutions of higher learning.”

Shabudin said this in reply to a question from Senator Paul Igai on the number of youths listed as bankrupt and the government’s efforts to help them.

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

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 youth to be prudent in their spending and in financial management to avoid bankruptcy due to the Covid-19 pandemic,” he said. – Bernama, September 10, 2020.