{"id":38226,"date":"2019-05-10T11:44:28","date_gmt":"2019-05-10T03:44:28","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=38226"},"modified":"2020-05-22T17:41:17","modified_gmt":"2020-05-22T09:41:17","slug":"malaysian-millennials-credit","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/malaysian-millennials-credit","title":{"rendered":"Malaysian Millennials Are Guilty Of These Money Mistakes"},"content":{"rendered":"

Youths in their 20s and 30s make up a large percentage of the Malaysian population and workforce today and their life choices and financial habits have a big impact on the economy and society.<\/p>\n

They are known as the millennial generation or Generation Y, and loosely groups Malaysians born from 1981 to 1996 into this category.<\/p>\n

Much has been said about their collective habits, thoughts and preferences but one factor that will have far reaching impact is how this generation is managing their finances.<\/p>\n

According to a study<\/a> by the Asia Institute of Finance, millennials in Malaysia are facing mounting debt problems at a young age.<\/p>\n

How are millennials in Malaysia managing their money and credit?<\/h3>\n

A Bloomberg report<\/a> earlier this year had raised alarm bells over millennials facing US$1 trillion in debt. According to the New York Federal Reserve Consumer Credit Panel, debt owed by 19 to 29-year-old Americans exceeded $1 trillion at the end of 2018.<\/p>\n

The report highlighted that this is the highest debt exposure for this age group since late 2007 and a large chunk of it comes from student loans. When millennials end up missing student loan repayments, such as PTPTN<\/a> loans, their credit profile<\/a> is badly affected for years.<\/p>\n

While there are no specific studies on Malaysian millennials and their credit rating, the jury is still out on whether this generation is doing a good job in managing money.<\/p>\n

Our own iMoney Millennial Survey<\/a> revealed that Malaysians aged between 21 and 36 years old are incurring debt-to-income at a ratio of above 50% which will likely affect their credit rating. This makes it much more difficult to apply for products such as credit cards, personal loans, mortgages and car loans.<\/p>\n

If you are in their 20s and 30s now, what are the financial pitfalls you should be on the lookout for?<\/p>\n

We rounded up the key highlights from recent surveys on millennials financial health to give you a snapshot of how Malaysian millennials are managing their money.<\/p>\n

Knowing where you stand in your credit rating is the first step towards improving your finances.<\/p>\n

Check your score now!<\/div>
\n

You can easily find out how financially healthy you are by using iMoney CreditScore<\/a> which takes just minutes and is completely free. <\/div><\/div><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Are you on the fast track to financial distress?<\/p>\n","protected":false},"author":35,"featured_media":38255,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,31,218],"tags":[341],"class_list":["post-38226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-management","category-infographic","category-money-management","tag-credit-score"],"acf":[],"yoast_head":"\nThe Most Common Money Mistakes Millennials In Malaysia Are Guilty Of<\/title>\n<meta name=\"description\" content=\"What are the financial pitfalls that Malaysians in their 20s and 30s should be on the lookout for?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/malaysian-millennials-credit\" \/>\n<meta property=\"og:locale\" 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