Exclusive: Syed Saddiq on Malaysia`s Debt-stricken Youths
20 August 2018 20:22 WIB
TEMPO.CO, Jakarta - In an interview with Tempo, 25-year-old Malaysian Youth and Sports Minister Syed Saddiq bin Syed Abdul Rahman looked athletic with a set of sneakers, black trousers, and a t-shirt under a sporty black jacket.
Saddiq caught the world’s attention after he was appointed as state minister by Malaysian Prime Minister Mahathir Mohamad. In a unique Malay accent, he said that the ministry he spearheaded was one that always kept him on his toes.
According to him, one of the difficult situations he must overcome is the phenomenon of Malaysia's debt-stricken youths.
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On August 15, thestar.com.my reported there were 64,632 Malaysians in the 18-44-year-old demographic who had declared bankruptcy in the past five years. Malaysian Cabinet Chief Liew Vui Keong said the numbers reached its record high in 2014 with 13,098 bankruptcy cases.
One of the factors driving these people filing for bankruptcy is the lavish lifestyle and business-related failures.
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“We need to find a solution and I underscore that this issue is very close to the country’s youths. Many of them yearn to be young entrepreneurs, but lack the place to establish one. This is why I will try my hardest with the [Ministry of International Trade and Industry] to provide special funds for young entrepreneurs. The funds can be billions, perhaps. But at the same time we want the young people to not fall victim to a lavish lifestyle,” said Saddiq on August 19.
In the interview with Tempo, Saddiq said that Malaysia’s youths should focus on allocating their income to bank deposits, which he has done. He also said that he prefered to fly economy everytime he travels overseas.
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The Malaysian government is set to introduce programs that will be able to provide financial education in order to reduce the cases of bankruptcy. Syed Saddiq is also motivated to lower the country’s unemployment rate by building a program that focuses on people before the age of 40 dubbed "before 40".
SUCI SEKARWATI