(Kuala Lumpur, Malaysia) A recent survey conducted by the UCSI University Poll Research Centre has revealed that 73% of Malaysian youths aged between 18 and 40 are struggling with debt and do not have sufficient funds to meet their financial commitments. The report, cited by “The Malaysian Insight,” identified three key reasons for the heavy financial burden faced by young Malaysians: financial constraints, inflation, and a lavish lifestyle.
Dr. Hasanuddin, a scholar at UCSI, emphasized that the rising cost of living and inadequate savings are the primary reasons for young people’s financial stress, while lifestyle changes are the third most significant factor. He noted that for some young people, lifestyle changes may be necessary due to the many changes brought about by the pandemic.
Dr. Hasanuddin cited the example of university students who now require their own laptops and broadband to attend online classes, which indirectly affects their daily financial situation. He added that young people need to save more to start a new chapter in their lives, leading them to apply for loans.
Despite the worrying number of young borrowers, the survey found that 83% of them were able to repay their debts on time, indicating a sense of responsibility and financial literacy among Malaysia’s younger generation.