Pool of bankrupt Malaysians under 35 double that in 2005

Kuala Lumpur

MALAYSIA aims to become a "high-income status" nation by 2020, but the number of its young people grappling with higher debts than they can handle is on the rise.

Members of Gen Y who borrow to buy homes, cars and other items have contributed to the country's heavy household-debt burden. Bad debts in Malaysia banks are still low, but there has been a notable rise in the number of people under age 35 who have been declared bankrupt.

Malaysia's Department of Insolvency said 5,547 individuals under age 35 were declared bankrupt last year, more than twice the number in 2005, the first year it began publishing this data. Last year's numbe…