Financial literacy education a vital tool against youth bankruptcy - industry trainer

Financial literacy education is a must for students, advocates a financial services industry trainer.

She lamented that financial literacy education was worryingly low in Malaysia, leading to many cases of youth bankruptcy and the current high withdrawal of i-Sinar. The statistics could worsen as a result of the lockdowns and consequent downturn in business activities over the past one year. State support on education, healthcare and public sector pension were some of the contributing factors to the lack of urgency and emphasis on financial literacy.

Finance Minister Tengku Datuk Seri Zafrul Aziz recently said 40 per cent of millennials were spending beyond their means while 47 per cent of Malaysian youths have high credit card debts.

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