The FOMO (fear of missing out) and YOLO (you only live once) cultures are reportedly contributing to the rising debt burden among Malaysian youth, starting as early as age 20.

The trend of prioritizing desires and following fads—such as owning the latest gadgets and branded items—has led many young adults in Malaysia to live beyond their means.

According to a Berita Harian report, Consumer Finance Expert Professor Dr. Mohamad Fazli Sabri expressed concern over this issue, stating that young people should not be going into debt just to cover basic necessities.

"Borrowing to purchase essentials is a serious issue because, in proper financial management, we should avoid borrowing just to survive. For example, taking loans from banks or financial institutions to buy daily necessities, pay rent, or afford a car," he said.

He added that 53,000 individuals under 30 have accumulated debts totaling RM1.9 billion, and 28% of working Malaysians are borrowing to meet basic needs.

Dr. Fazli Sabri recommends that young Malaysians return to fundamental financial practices.

"Many are borrowing simply to purchase the latest mobile phones or take out personal loans. These individuals follow the FOMO and YOLO mindsets and chase trends without considering their financial situation," he noted.

"They are influenced by wealthier peers and feel compelled to have what others have, often leading them into debt. Nowadays, it’s easy to secure loans, even online, which has led some students into debt," he added.

He also pointed to the rise of 'buy now, pay later' services that students are using, potentially leading to further debt.

As a solution, he advised saving up for purchases instead of borrowing, or seeking ways to increase income, such as taking on part-time jobs.