47pc of youths struggle with high credit card debt
KUALA LUMPUR: Forty-seven per cent of Malaysian youth have high credit card debt, while 38 per cent have taken out personal loans.
Bank Negara Malaysia (BNM) assistant governor Nazrul Hisyam Mohd Noh said, last year, more than 3,400 people between the ages of 20 and 30 sought counselling and help from the Debt Management and Counselling Agency.
“I challenge all of you to break the myth that the young generation is not financially-savvy and does not contribute to these statistics,” he said in his speech during the finale of the #IDAREYOUChallenge here on Monday.
The #IDAREYOUChallenge, organised by the Malaysia Life Insurance Association (LIAM) and the Education Ministry, selects the best marketing presentations and videos on the importance of life insurance.
Liam president Anusha Thavarajah said 56 per cent of Malay-sians were 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 youth,” she said.
I challenge all of you to break the myth that the young generation are not financially-savvy and do not contribute to these statistics. NAZRUL HISYAM MOHD NOH
Bank Negara Malaysia assistant governor