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The Concerning Rise of Youth Debt in Malaysia
A recent AKPK Malaysia report found over 53,000 youth under 30 are in nearly RM1.9 billion of debt, with an average of RM36,000 per person - high compared to the RM2,062 median monthly income for 20-29 year olds. This youth debt crisis is driven by rising costs, over-reliance on credit, and lack of financial literacy, hindering young Malaysians' ability to save, invest and achieve stability; addressing root causes through improved education, counseling, and access to affordable tools like earned wage access is crucial to empower youth, promote economic growth, and secure Malaysia's equitable future.
Paywatch
May 29, 2024
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