We often come across stories about young Malaysian adults being declared bankrupt. Often, this stems from poor financial literacy and their tendency for short-term gratification. For example, many spend more than they earn or prefer branded products which they cannot afford.
As a result, they face bleak future either because they keep running away from loan sharks, or face obstacles in upward mobility as they would have problems securing bank loans for cars, house or to start a business. In the end, many would not be able to live up to their fullest potential.
Part of the problem is because we do not really teach financial literacy in schools. We see many fresh graduates who may not realise that they are paying through their noses in interests for bank loans on items like expensive cars or unnecessary home furnishing.
Perhaps, it is time our education system enhances the teaching of financial literacy among students, starting from Primary schools, right up to the tertiary levels. When the people are better able to generate wealth on their own, the nation as a whole prospers.