MIC is calling for schools to be roped in to combat what it says is an alarming rate of bankruptcy among Malaysian youths.

This should be done with money management skills being taught in schools at an early age, MIC Youth chief C Sivarraajh proposed.

“Schools should teach such values, either by introducing new subjects or by incorporating these with existing subjects, to create the necessary awareness among the youths,” Sivarraajh said in a statement today.

He said this is to address the culture of "buy now, pay later" among youths which has contributed to the high rate of bankruptcy.

Sivarraajh ( left ) cited a report by the Credit Counselling and Debt Management Agency (AKPK). which showed there were 22,000 bankruptcy cases in the first half of this year alone.

Easy access to credit cards has youths indulging in a happy-go-lucky lifestyle of splurging, he said.

Youths are tied down by the likes of personal and car loan and they faced the risk of bankruptcy, with little ability to manage their incomes, he added.