A total of 5,272 youths declared bankrupt since 2020

: A total of 5,272 youths below the age of 34 have been declared bankrupt from 2020 to this year, according to Youth and Sports Minister Hannah Yeoh.

She said that of the total, 5,189 were aged between 25 to 34, while 83 others were below 25.

“The trend of bankruptcy among youths shows an increase, with 877 cases recorded in 2024, which is 150 cases higher than the 727 cases recorded in the previous year.

“According to the Insolvency Department’s records, the main cause of bankruptcy cases in 2024 was personal loans, which accounted for 2,776 cases or 46.4 per cent of the total 5,977 bankruptcy cases,” she said in reply to Senator Roderick Wong Siew during Question Time at the Dewan Negara sitting today.

Hannah said that factors contributing to youth bankruptcy include business loans (1,148 cases), housing loans (474 cases), other forms of debt (463 cases), vehicle hire-purchase loans (444 cases), corporate guarantees (383 cases), income tax debt (110 cases), credit card debt (89 cases), failure to contribute to the Employees Provident Fund (77 cases), scholarships and student loans (nine cases), and social guarantees (four cases).