KUALA LUMPUR: Approximately 22,663 Malaysians under the age of 35 were declared bankrupt from 2011 to Sept 2015.
Minister in the Prime Minister's Department Nancy Shukri said failure to manage their financial resources responsibly was the major reason behind the bankruptcies for the young age group.
Nancy, who is the de facto law minister, said the government was adopting proactive measures to stem the number of insolvency cases among young adults.
This year, the Malaysian Insolvency Department conducted 67 outreach activities to create awareness on the impact of bankruptcy.
"The Insolvency Department is also working closely with the 1M4U movement as well as the Youth and Sports Ministry to constantly provide explanations on insolvency to the youths," she said in a written parliamentary reply.
Nancy was responding to Gerik MP Datuk Hasbullah Osman who wanted the government to state efforts by the Federal authorities to overcome bankruptcy issues among youths.
The minister said the programmes are aimed at creating greater consciousness among youths on how to manage their finances.
"The programmes are expected to educate the youths to be more responsible in managing their financials and to avoid the potential insolvency struggle," she said.