Youth Debt: Be Serious About Financial Literacy

The National Credit Counseling & Management Agency (AKPK) reported that 53,000 youths aged 30 and below have debt worth nearly 1.9 billion ringgit in total. The bulk of this is a result of credit card debts and personal loans. Rajen Devadason, a licensed financial planner, highlights the growing concern about how the young are not as financially savvy as they need to be while new products provide them with more ways to incur more debt.

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