47% of youths have high credit card debts – BNM

KUALA LUMPUR: Forty-seven per cent of Malaysian youths have high credit card debts while 38 per cent have been identified as having personal loans, said Bank Negara Malaysia (BNM) Assistant Governor Nazrul Hisyam Mohd Noh.

Nazrul Hisyam said in 2017, 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 are not financially savvy and do not contribute to these statistics," he said in his speech during the finale of #IDAREYOUChallange 2017 here yesterday.

The #IDAREYOUChallange, held by the Malaysia Life Insurance Association (LIAM) and Education Ministry, selects the best marketing presentation and video on the importance of life insurance from among 10 finalists representing four universities.

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

Thavarajah said few insurance companies have come up with the "Perlindungan Tenang" scheme targeting the bottom 40 per cent household income group (B40) for as low as RM3.80 sen per month.

"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.

The #IDAREYOUChallange was won by Lee Ming Chin of Universiti Malaya, who brought home the grand prize of RM15,000 cash. She also won the best video award of RM2,000.