YOLO (You Only Live Once) and FOMO (Fear of Missing Out) might sound like fun philosophies, but they’re causing some serious financial headaches for young Malaysians. The desire to keep up with the latest gadgets, branded goods, and lifestyle trends is pushing many to live far beyond their means—and the numbers tell the story. A whopping 53,000 Malaysians under the age of 30 have racked up a combined debt of RM1.9 billion, and it’s raising concerns among financial experts.

Professor Dr. Mohamad Fazli Sabri, a consumer finance expert, warns that this trend of borrowing just to cover everyday needs—like groceries, rent, or car payments—shows that something’s going seriously wrong. Instead of sticking to the basics, more and more young people are falling into the trap of “keeping up” with friends and social media influencers, even if it means going into debt.
“Young people are borrowing for things they don’t really need,” Dr. Fazli explains. “They see their friends with the latest smartphones or branded items and feel they need to have them too, even if they can’t afford them. Many are taking out personal loans or using ‘buy now, pay later’ schemes like Atome to fund their spending. The problem is, it’s become so easy to borrow now without even going through traditional banks.”

The issue is even more widespread than it seems. It’s been reported that 28% of working Malaysians are borrowing money just to buy basic necessities—an alarming trend for a country where financial literacy is becoming increasingly important.
One of the major factors driving this debt spiral is the rise of “buy now, pay later” platforms that make it almost too easy to overspend. Services like Atome, which let you buy items upfront and spread the cost over time, sound convenient but can lead to big financial problems down the line. For students and young professionals, this can quickly snowball into long-term debt.

Dr. Fazli advises young Malaysians to take a step back and rethink their spending habits. Instead of jumping into debt for the latest trend or luxury item, it’s better to save up or explore part-time jobs or side hustles to increase income. The key is distinguishing between needs and wants—understanding that just because your friends or social media feeds are flaunting something doesn’t mean you need to have it too.
At the end of the day, YOLO and FOMO might make life seem more exciting in the short term, but the debt that comes with it will stick around far longer. Dr. Fazli suggests focusing on long-term financial stability instead of temporary thrills.
So, what do you think? Is keeping up with trends worth the long-term financial burden? Feel free to share your thoughts in the comments.
Source: here
Related: 5 Top Ways Malaysians Can Manage Debt
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