47% of Malaysian youths in steep credit card debt

Nazrul Hisyam Mohd Noh. (Bernama pic)

KUALA LUMPUR: Some 47% of Malaysian youths have high credit card debts while 38% have taken personal loans, according to Bank Negara Malaysia (BNM).

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.

He was speaking at the finale of a presentation contest organised by the Malaysia Life Insurance Association (LIAM).

“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.