Survey finds seven in 10 Malaysian youths in debt, mostly for car loans

The main reasons given for taking the loans were financial constraint , inflation and luxurious lifestyle , according to the findings released today. “This indicates that about three-quarters of Malaysian youths do not have sufficient capital for financial commitments.

“The 58 per cent who were affected by Covid-19 pandemic may be due to unemployment, unstable income and the increase in commitments as the pandemic has affected a lot of companies and individuals in Malaysia,” Hassanuddin said. In seeking insights to the main causes of the youths’ financial constraints, UCSI said its survey points towards increasing living costs and insufficient savings as the top two contributors, followed by lifestyle changes.

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UCSI survey finds seven in 10 Malaysian youths in debt, mostly for car loansKUALA LUMPUR, Jan 31 — Local university UCSI has found that 73 per cent of 1,077 Malaysians aged between 18 and 40 are in debt. The main reasons given for taking the loans were...
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