#GempakSpot: Going Broke: More Than 80,000 Malaysians Declared Bankruptcy In The Past Four Years

The Star Online reported that a total of 80,625 Malaysians have been declared bankrupt from 2015 until August this year.

That's actually an alarming number.

Quoting Minister in the Prime Minister’s Department Datuk Liew Vui Keong, the highest number of bankruptcy cases were recorded in 2016, with a total of 19,588 cases, followed by 18,457 in 2015.

In 2017 alone, 18,227 Malaysians declared bankruptcy, followed by 16,482 in 2018.

This year, up til August 2019, a total of 7,871 Malaysians have been declared bankrupt.

Liew said in a written reply in the Parliament (quoting statistics from the Insolvency Department) that Malaysians aged between 25-34 years old and 45-64 years old made up the majority of the bankruptcy pie, with 25.3 per cent respectively.

Liew blamed the high bankruptcy rate on youths who tend to spend beyond their means because of influence from the latest trends.

Liew said the Insolvency Department and the Credit Counselling and Debt Management Agency (AKPK) had conducted various awareness programmes for youths on the matter.

If you've noticed that you're spending well beyond your means, it's time you stop and manage your finances.