KUALA LUMPUR, Nov 15 — The Malaysia Department of Insolvency says 64,632 Malaysians aged between 18 and 44 have been declared bankrupt over the last five years.

Additionally, 13,338 have also been declared bankrupt as of September this year. 

The data highlights the importance of financial literacy in family institutions, said Deputy Prime Minister Datuk Seri Dr Wan Azizah Wan Ismail.

"Financial education, is in fact, critical to the stability and resilience of the family institutions which in turn leads to a financially strong and prudent nation.

"I strongly believe fiscal discipline starts at home. Parents have an important role to play in educating their children on this,” she added.

Wan Azizah, who is also the Minister of Women, Family and Community Development, said this in her opening remarks at the Debt Management and Counselling Agency’s (AKPK) inaugural Financial Literacy Symposium 2018, here today.

"I understand that some non-profit organisations and financial institutions have also conducted financial literacy programmes in schools, aimed at teaching children to differentiate between needs and wants.

"Initiatives such as these should be applauded and I hope more financial literacy programmes will be carried out among school children,” she said.

Wan Azizah added that it was important for agencies such as the AKPK and other stakeholders to conduct financial literacy programmes for parents on ways to develop the right financial attitudes among their children. — Bernama