Inculcate financial literacy in youths

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• According to a survey conducted on those aged 20 to 33 by the Asian Financial Centre (AFC), it was reported that:

• 3. Forty per cent reported spending more than they can afford; and 4. Seventy per cent reported they were living beyond their means. In a study by the Consumer Research and Resource Centre on financial behaviour of youths, it was found that 47 per cent of young workers were excessively in debt.

• A new risk facing youths in Malaysia are the buy now, pay later schemes (BNPL). The majority of customers are younger and lower-income borrowers. BNPL is a serious problem that can lead to over-indebtedness and financial problems.

• There is a dire need for youths' financial literacy to be strengthened to enhance responsible financial management as well as protection from scams.

• Seventy-five per cent have at least one long-term debt and 37 per cent had more than one long-term debt; 2. To offset this debt, respondents were relying on high-cost borrowing — 38 per cent reported taking personal loans and 47 per cent engaged in expensive credit card borrowing;