Teaching financial literacy from a young age is crucial to prevent debt. Unfortunately, many lack this skill, leading to rising bankruptcy cases, including among civil servants. The Malaysian Department of Insolvency (MDI) reported an increase in bankruptcies from 2020 to March 2024, with rates rising from 10% to 14%. Personal loans were the main cause.
Civil servant bankruptcies reach 14%
Selangor had the most cases, while Perlis had the least. MDI director Datuk M Bakri Abd Majid expressed concern, noting that financial mismanagement affects not only individuals but also the public service ecosystem, potentially hindering career advancements and financial stability.
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