PETALING JAYA: A total of 300,908 Malaysians have been declared bankrupt up to August this year, Minister in the Prime Minister’s Department Liew Vui Keong said.
They include 80,625 cases between 2015 and August 2019, he told Willie Mongin (PH-Puncak Borneo) in the Dewan Rakyat.
Those aged 35 to 45 make up the majority during this period with 28,296 cases or 35%, followed by those aged 25 to 34 with 20,461 cases or 25.3%.
A total of 56,173 men were declared bankrupt, compared to 24,452 women.
Liew said Malays make up a majority of those declared bankrupt with 45,147 or 56%, followed by the Chinese with 20,914 cases (26%).
“It cannot be denied that the youths are influenced by the latest trends which see them spend more than they earn,” he said.
Willie had wanted to know the number of bankrupts in the country and efforts undertaken by Putrajaya to help them.
Liew said the government was implementing various initiatives to reduce the number of bankruptcy cases, including carrying out awareness campaigns and outreach programmes.
He said Putrajaya, through Bank Negara and the Credit Counselling and Debt Management Agency (AKPK), also ran financial planning programmes.
“Such initiatives will help individuals, especially the youths, to spend smarter and be more prudent to avoid bankruptcy,” he said.