Americans are missing car loans and credit card payments more than ever as higher prices and borrowing costs continue to squeeze household budgets. The onus lies on brands to develop innovative solutions to help people manage their debt and navigate financial challenges.

Feelings of shame around debt and a lack of engagement from traditional institutions have long hindered financial discussions among women. Gen Y ‘finfluencers’ are changing this status quo, using their social media savvy and relatability to improve their followers’ relationships with money.

It’s the age-old problem: people aren’t comfortable talking about money even though it’s affecting their mental health. The Money and Mental Health Policy Institute is aiming to help them understand how to get out of debt and encouraging banks and brands to stop helping people get into it.

Young people in Malaysia are increasingly saddled with debt as they struggle to sustain their livelihoods in a post-COVID economy. As they continue to aspire towards milestones like car and home ownership, the demand for higher wages and more effective financial literacy education is likely to grow.