"Shopaholics and poor management of personal finances - these best describe a good number of Malaysian consumers.
On average, 41 are declared bankrupt every day, mostly due to credit card debts, while every weekend, about five million throng the 300-odd shopping complexes in the country.
These habits are among the shocking revelations on why Malaysian consumers cannot cope with the rising cost of living.
Fomca discovered that many of those declared bankrupt due to credit card debts were below 40 years old.
“And they do not care about the consequences,” said Fomca chief executive officer Datuk Paul Selvaraj. “Many are facing financial difficulties too early in life,” he told the Protect Our Pockets roundtable conference at Menara Star here on Tuesday night.
Selvaraj said Fomca would embark on a financial education push next month with emphasis on teaching the young. “In one of our surveys, we were shocked that many children did not even know where money came from,” he said, adding that most replied “the ATM (automated teller machine).
“And, they do not believe that their parents have to work to earn money,” Selvaraj added".
Vindplaats: thestar.com met dank aan Nadja Jungmann