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New data shows that 4,704 Malaysians aged 34 and below fell into bankruptcy over the last five years
Economy Minister Akmal Nasrullah Mohd Nasir said this figure represents 15% of the 31,517 total cases recorded since 2021.
According to The Star, Akmal Nasrullah noted that the situation underscored an urgent need to strengthen financial literacy across the country.
"The government must not only manage failure but also help people break out of cycles of financial hardship and rebuild with dignity," he said yesterday, 23 April.
Akmal Nasrullah revealed that nearly half of the bankruptcy cases are due to personal loans
The minister was speaking at the launch of the Second Chance Fast Track Policy Programme 2026 in Johor Bahru. The programme prioritises single parents, micro-entrepreneurs, scam victims, and buyers affected by abandoned housing projects.
Akmal Nasrullah added that the policy now includes individuals aged 40 and below with debts not exceeding RM200,000.
By 15 July 2023, nearly 14,000 bankruptcy cases involving debts below RM50,000 had already been discharged through this initiative.
The minister also highlighted that while the economy grew by 5.2% in 2025, inflation rose to 1.7% in March 2026
He said the increase in inflation is due to higher fuel costs stemming from the conflict in West Asia.
Akmal Nasrullah urged Malaysians to manage their finances prudently as the cost of living rises.
