SHAH ALAM, Oct 10 — Deputy Prime Minister Datuk Seri Ahmad Zahid Hamidi has suggested that financial literacy modules be included in the National Service Training Programme (PLKN) 3.0 as early preparation for the younger generation to face future challenges.
He said this can be achieved through collaboration between the Institute of Leadership Excellence and Development (i-LEAD) under the Youth and Sports Ministry (KBS) and PLKN under the Defence Ministry.
“Several approaches must be taken to address bankruptcy at an early stage. If this is not done, we worry that before entering the job market, they may already have a high level of debt, which is very unhealthy,” Zahid told a press conference today.
Earlier, he officiated the closing ceremony of the National Youth Financial Literacy Convention 2023, organised by i-LEAD at Universiti Teknologi Mara Puncak Alam Campus, with Youth and Sports Minister Hannah Yeoh in attendance.
Zahid said besides PLKN, other educational institutions, including Technical and Vocational Education and Training (TVET) programmes, public and private higher education institutions and colleges should also offer financial literacy courses.
The modules will help prepare the younger generation to face future challenges, including those related to online shopping, card credit offers, and cashless transactions.
Meanwhile, Yeoh said that KBS, via i-LEAD, focuses on youth’s socio-economic development and bankruptcy issues by helping them become aware and acquire skills for prudent spending.
“This year, nine individuals under 25 and 419 individuals between 25 and 34 were declared bankrupt. These people fall within the youth age group, most of whom are just starting their lives and careers,” she said.
5,695 bankruptcy cases were recorded last year, with personal loans being the largest contributor, amounting to 46.8 per cent of bankruptcy causes, followed by business loans, housing loans, hire-purchase, and credit card debt.
— Bernama
