She said that of the total, 5,189 were aged 25 to 34, while 83 others were below 25.

“The trend of bankruptcy among the youth shows an increase, with 877 cases recorded in 2024, which is 150 cases more than the 727 cases recorded in the previous year.

“According to the insolvency department’s records, the main cause of bankruptcy cases in 2024 was personal loans,” she told the Dewan Negara today in reply to Roderick Wong.

The senator had asked about the number of youth aged 35 and below declared bankrupt as of 2025 and the main causes for this.

Yeoh said that factors contributing to youth bankruptcy included business loans (1,148 cases), housing loans (474 cases), other forms of debt (463 cases), vehicle hire-purchase loans (444 cases), corporate guarantees (383 cases), income tax debt (110 cases), credit card debt (89 cases), failure to contribute to EPF (77 cases), scholarships and student loans (nine cases), and social guarantees (four cases).

She said the ministry, through the National Youth and Sports department, had taken the initiative to organise a special nationwide youth financial literacy programme, which aims to enhance the group’s financial resilience, from April to October this year.

“For this year, too, the ministry is also organising the Youth Economic Empowerment programme, focusing on the cost of living elements for youth participants, particularly in the central zone,” she said.

Yeoh said that the government, through the Credit Counselling and Debt Management Agency, had and would continue to carry out various programmes to assist the target groups in becoming more financially savvy and practising responsible financial management.