In the last four years, about 500 young people between the ages of 30 and 40 were made bankrupt each year, due mainly to credit card debt.
Credit counsellors call this group of debtors the "new poor" in Singapore. They earn more than the bottom 20% of the population but after deducting their loan repayments, their remaining disposable income sometimes puts them in dire situations.
For an in-depth look at this issue, catch "Generation Debt," the next episode of Get Rea! on Wednesday January 18 at 8.30pm on Channel NewsAsia.
In Japan they call them NEET (not in education, employment or training) (Thanks to Marc S. for the link); a British story here.