The Insolvency Department says 64,632 Malaysians aged between 18 and 44 were declared bankrupt over the last five years.

A further 13,338 were declared bankrupt as of September this year.

The data highlights the importance of financial literacy in family institutions, according to Deputy Prime Minister Dr Wan Azizah Wan Ismail.

"Financial education, is in fact, critical to the stability and resilience of the family institutions which in turn leads to a financially strong and prudent nation.

“I strongly believe fiscal discipline starts at home. Parents have an important role to play in educating their children on this," she added.

Wan Azizah, who is also the women, family and community Development minister, said this in her opening remarks at the Debt Management and Counselling Agency’s (AKPK) inaugural Financial Literacy Symposium 2018 in Kuala Lumpur today.

"I understand that some non-profit organisations and financial institutions have also conducted financial literacy programmes in schools, aimed at teaching children to differentiate between needs and wants.

"Initiatives such as these should be applauded and I hope more financial literacy programmes will be carried out among school children," she said.

Wan Azizah added that it was important for agencies such as the AKPK and other stakeholders to conduct financial literacy programmes for parents on ways to develop the right financial attitudes among their children.

- Bernama