2024 KIA EV9 launched in Malaysia from RM369k - GT-Line, 2 variants, 505km range, your choice of 6 or 7 seats
Neta L unveiled in China with new Snapdragon Ride Flex Fusion Platform - REEV with over 1,000km range!
Home News Auto News 7 out of 10 youths in Malaysia are in debt, mainly due to car loans 7 out of 10 youths in Malaysia are in debt, mainly due to car loans Auto News Adam Aubrey | February 02, 2023 04:21 pm It seems that cars are one of the main culprits for youths being in debt in Malaysia. Debts can be a heavy burden for youths. When young people are in debt, it can impact their ability to make future financial decisions, limit their financial freedom, and cause stress and anxiety. For this exact reason, we always hope that youths never get themselves into debt, but a recent finding from local University UCSI tells a worrying tale about youths in Malaysia. UCSI has found that 73% of 1,077 Malaysians aged between 18 and 40 are in debt. According to them, the main reasons given for taking loans were financial constraint (42%), inflation (22%) and luxurious lifestyle (21%). According to the report in Malay Mail, "this indicates that about three-quarters of Malaysian youths do not have sufficient capital for financial commitments." "Although the number of borrowers among the youngsters is worrying, 83% of them could pay their loans on time," said UCSI University's head of research and postgraduate studies in its Faculty of Business and Management, Hassanudin Mohd Thas Thaker. What's even more worrying is that youths are burdening themselves just for the sake of a vehicle, which according to the University, is one of the top causes. The survey found that 30% of the loans were for vehicles, 28% were for education, and 16% were for buying houses. "It is alarming to have vehicle loans on top of the pyramid as according to the Insolvency Department Malaysia, vehicle loans (14.39%) have been the second causal factor of bankruptcy rate after personal loans (42.24%) in the year 2022," said Hassanuddin. And it's not like they don't know the consequences of defaulting the loans because 73% of them know what will happen if they don't pay up. Hassanuddin added that this shows Malaysian youths do not apply for loans blindly. But Hassanuddin has given them a hall pass as he believes that one of the reasons that youths are in debt is due to COVID-19. Change in lifestyle may have been necessary to some of the youths because many things changed during the pandemic. “One of the examples are university students’ transition from physical classes to online classes." “This requires each student to have their own laptop and home Wi-Fi facility for them to join online classes, which indirectly affected their daily financial well-being,” he said. Another finding is that most youths are in debt as they do not have enough savings to begin a new chapter of their life which later causes them to apply for loans. “Based on the outcome of this research, it could be concluded that the majority of the youths are having greater financial constraints due to the Covid-19 waves,” he said. ✕ Let's Connect on Whatsapp We protect your personal information in compliance with the PDPA I agree with Carlist.my Terms of Use and Privacy Policy. I agree to receive personalised communication from Carlist.my and its car sellers, business affiliates and partners. Check out the best car deals in town! Prev Next Special offer - call now! days hours Avg. mkt. Why no price is listed? Sometime dealer wants you to contact for the best price. I Why no price is listed? Sometime dealer wants you to contact for the best price. Related Tags Malaysian youth in debts youth car loans Malaysian students spending habit Print Adam Aubrey Content Producer Wants to live the simple life, especially when it comes to cars and bikes. That's what tech is for he reckons, to make motoring simpler Related News Ford’s Driving Skills for Life Programme Is Coming To Sabah Auto News Gokul | October 23, 2020 Sime Darby Auto Connexion (SDAC), the sole distributor for Ford in Malaysia, has announced that for the first time this November, Ford’s global ... Quick Summary Of Brands: New Prices Without GST Here Buying Guides Siew Weng | June 04, 2018 Now that all the mainstream and premium brands have announced their new prices that have withdrawn the GST levy of 6%, we can tabulate all the prices ... MyRapid Releases Stern Warning Towards False News Spreading Auto News Chris Aaron | September 03, 2015 Following this morning’s inaccurate reports that an overhead flyover, or LRT line had collapsed near the SOGO KL shopping complex, Rapid Rail Sdn Bhd ... 13 Pengeluar Automotif Gergasi Miliki Hampir Semua Jenama Kereta Utama Di Dunia Insights Muhammad Sharil Tarmize | August 30, 2021 Dalam dunia ini, ada banyak jenama kereta seperti BMW, Honda, Mercedes-Benz, Volvo dan lain-lain. Tapi tahukah anda dalam banyak-banyak jenama ... Comments
7 out of 10 youths in Malaysia are in debt, mainly due to car loans Auto News Adam Aubrey | February 02, 2023 04:21 pm It seems that cars are one of the main culprits for youths being in debt in Malaysia. Debts can be a heavy burden for youths. When young people are in debt, it can impact their ability to make future financial decisions, limit their financial freedom, and cause stress and anxiety. For this exact reason, we always hope that youths never get themselves into debt, but a recent finding from local University UCSI tells a worrying tale about youths in Malaysia. UCSI has found that 73% of 1,077 Malaysians aged between 18 and 40 are in debt. According to them, the main reasons given for taking loans were financial constraint (42%), inflation (22%) and luxurious lifestyle (21%). According to the report in Malay Mail, "this indicates that about three-quarters of Malaysian youths do not have sufficient capital for financial commitments." "Although the number of borrowers among the youngsters is worrying, 83% of them could pay their loans on time," said UCSI University's head of research and postgraduate studies in its Faculty of Business and Management, Hassanudin Mohd Thas Thaker. What's even more worrying is that youths are burdening themselves just for the sake of a vehicle, which according to the University, is one of the top causes. The survey found that 30% of the loans were for vehicles, 28% were for education, and 16% were for buying houses. "It is alarming to have vehicle loans on top of the pyramid as according to the Insolvency Department Malaysia, vehicle loans (14.39%) have been the second causal factor of bankruptcy rate after personal loans (42.24%) in the year 2022," said Hassanuddin. And it's not like they don't know the consequences of defaulting the loans because 73% of them know what will happen if they don't pay up. Hassanuddin added that this shows Malaysian youths do not apply for loans blindly. But Hassanuddin has given them a hall pass as he believes that one of the reasons that youths are in debt is due to COVID-19. Change in lifestyle may have been necessary to some of the youths because many things changed during the pandemic. “One of the examples are university students’ transition from physical classes to online classes." “This requires each student to have their own laptop and home Wi-Fi facility for them to join online classes, which indirectly affected their daily financial well-being,” he said. Another finding is that most youths are in debt as they do not have enough savings to begin a new chapter of their life which later causes them to apply for loans. “Based on the outcome of this research, it could be concluded that the majority of the youths are having greater financial constraints due to the Covid-19 waves,” he said. ✕ Let's Connect on Whatsapp We protect your personal information in compliance with the PDPA I agree with Carlist.my Terms of Use and Privacy Policy. I agree to receive personalised communication from Carlist.my and its car sellers, business affiliates and partners. Check out the best car deals in town! Prev Next Special offer - call now! days hours Avg. mkt. Why no price is listed? Sometime dealer wants you to contact for the best price. I Why no price is listed? Sometime dealer wants you to contact for the best price. Related Tags Malaysian youth in debts youth car loans Malaysian students spending habit
Special offer - call now! days hours Avg. mkt. Why no price is listed? Sometime dealer wants you to contact for the best price. I Why no price is listed? Sometime dealer wants you to contact for the best price.
Ford’s Driving Skills for Life Programme Is Coming To Sabah Auto News Gokul | October 23, 2020 Sime Darby Auto Connexion (SDAC), the sole distributor for Ford in Malaysia, has announced that for the first time this November, Ford’s global ...
Quick Summary Of Brands: New Prices Without GST Here Buying Guides Siew Weng | June 04, 2018 Now that all the mainstream and premium brands have announced their new prices that have withdrawn the GST levy of 6%, we can tabulate all the prices ...
MyRapid Releases Stern Warning Towards False News Spreading Auto News Chris Aaron | September 03, 2015 Following this morning’s inaccurate reports that an overhead flyover, or LRT line had collapsed near the SOGO KL shopping complex, Rapid Rail Sdn Bhd ...
13 Pengeluar Automotif Gergasi Miliki Hampir Semua Jenama Kereta Utama Di Dunia Insights Muhammad Sharil Tarmize | August 30, 2021 Dalam dunia ini, ada banyak jenama kereta seperti BMW, Honda, Mercedes-Benz, Volvo dan lain-lain. Tapi tahukah anda dalam banyak-banyak jenama ...