YOUNG people need to be financially knowledgeable to avoid falling into heavy debts and being declared bankrupts.
MCA Youth chief Chong Sin Woon said last year, it was estimated 70% of persons declared bankrupt were the young.
Last year, out of nearly 300,000 people declared bankrupt, 70% were young people … these groups are most vulnerable to incurring financial burdens such as personal loans, vehicle loans and credit cards.
Many young people believe in trends like quick rich schemes, for example. Actually, they know it is a fraudulent scheme, but sometimes they just want to try their luck, he said after launching the Financial Planning Literacy Programme for Youth in Seremban today.
Also present was Malaysia Financial Pla…
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