Here’s why we urgently need to teach the younger generation how to manage money: In 2019, almost half of Malaysian households were in debt, with over two-thirds of bankrupt borrowers between the age of 25 and 34. － Filepic/The Star
A few weeks ago, Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz highlighted that 47% of Malaysian youths have high credit card debt, and advised, “Do not save what is left after spending, but spend what is left after saving”, adding “prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5”.
Published on: Wednesday, March 10, 2021
By: Bernama
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According to Bank Negara Malaysia, 47 per cent of Malaysian youths have high credit card debts. (Image: Malay Mail/Firdaus Latif)
Kuala Lumpur: Forty per cent of millennials are spending beyond their means, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz.
He said according to Bank Negara Malaysia, 47 per cent of Malaysian youths have high credit card debts.
“So think thoroughly about what is necessary and prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5, and you will find that every ringgit will go a long way.
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40% of millennials spend beyond their means Tengku Zafrul 09 Mar 2021 / 19:36 H.
KUALA LUMPUR: Forty percent of millennials are spending beyond their means, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz (
pix).
He said according to Bank Negara Malaysia, 47 percent of Malaysian youths have high credit card debts.
“So think thoroughly about what is necessary and prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5, and you will find that every ringgit will go a long way.
“Warren Buffett famously said, ‘do not save what is left after spending, but spend what is left after saving’. In other words, pay yourself first and use the power of compounding to your advantage,“ he said at the Kembara Bijak Wang 2020 (KBW 2020) prize-giving ceremony today.
KUALA LUMPUR (March 9): 40% of millennials are spending beyond their means, said Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz. He said according to Bank Negara Malaysia, 47% of Malaysian youths have high credit card debts. "So think thoroughly about what is necessary and prioritise your purchases, whether it’s a new outfit or new phone, or, like what one of my nephews wants, a PS5, and you will find that every ringgit will go a long way.