A shocking revelation was made by the head of the Insolvency Department of Malaysia (aka where you go when you need to declare bankruptcy): six out of every ten cases between 2013 and August 2017 that were labelled as bankrupt were of persons between the ages of 25 and 44.
Director-general Datuk Abdul Rahman Putra Taha told The Star that there were many contributing factors but one that he emphasized was marrying before becoming financially stable. He highlighted that sometimes “in-laws ask for hantaran (dowry) gifts such as cars or a house, [and] they need money.”
He highlighted that youth are still paid quite low early in their career, and the only way to finance such extravagant gifts if to take out a personal loan.
Earlier reports in the Malay Mail from 2013 revealed that weddings were now averaging approximately RM50,000 (US$12,300) across all races. If couples are unable to secure financial support from parents, they are also forced to take out personal loans.
Abdul Rahman also laid out some numbers regarding the top four reasons that bankruptcy cases were being filed: car loans (26.63%), personal loans (25.48%), housing loans (16.87%) and business loans (10.24%). He added that the majority of cases were from Selangor, followed by the Federal Territories, Johor, and then Penang.
There have been 94,408 cases filed since 2013.
Guys, if you can’t afford it — there’s no need for a flashy wedding. Honestly, no one will remember the food, or décor, so save yourselves the grief, and scale it back. Also – no, don’t buy that BMV – you probably can’t afford it, and do you know how fast a new car depreciates?
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