While doing some reading online, guess what I found out about the rate of bankruptcy in Malaysia. Below is taken from New Straits Times article on November 17, 2015.
KUALA LUMPUR: Approximately 22,663 Malaysians under the age of 35 were declared bankrupt from 2011 to Sept 2015.
Read More : http://www.nst.com.my/news/2015/11/112007/almost-23000-young-msians-declared-bankrupt-within-five-years?d=1
This is serious. What could be the main reason for bankruptcy? Most probably, the youth are not trained and educated on money management. The education system does not teach on this important subject. Most of the parents do not talk to their children about money management.
It is time to change.