Local eateries in the Klang Valley have reported a decline in customers since the middle of the year, noting that many Malaysians now prefer to eat at home or bring packed lunch to work. This trend reflects the findings from the 2023 RinggitPlus Malaysian Financial Literacy Survey (RMFLS), which noted that many Malaysians have taken active measures to improve their financial situations – one of which is to eat out less frequently.

According to restaurant owner, Alia Zaisun, the number of customers at her Subang Jaya outlet have been declining since July, and is likely due to the recent trend where people would pack lunch to work to save money. Many would also opt to eat at home, she said.

Another restaurant owner in Shah Alam, Hazwandi Hassan said that his number of customers have dropped by approximately 20% since August. “People still need to eat, but they are not eating as much as they used to. For example, if they used to order five portions, they now only order three,” he said.

These observations are in line with the data found in the latest RinggitPlus financial literacy survey, where it was highlighted that 94% of respondents are consciously taking steps to improve their financial situations in 2023 – such as eating out less frequently. In addition to that, many have also decided to cut back on leisure activities and are now tracking their expenses more diligently.

This comes as 32% of respondents believe that their financial situation is worse in 2023 as compared to the previous year. Meanwhile, 55% reported feeling anxious, frustrated, or embarrassed about their current financial situation. 71% of respondents also said that they could only save less than RM500 each month, and 67% shared that their emergency savings can only last them for three months or less.

Aside from these data, RMFLS 2023 also drew attention to various other financial challenges that are faced by Malaysians, as well as behaviours that they adopt. Among other things, it was noted that Malaysians are now more inclined to rely on social media to learn and research about financial matters, as opposed to traditional sources such as banks and financial institutions. Additionally, 94% of respondents have encountered potential fraud attempts this year, indicating a need for better scam awareness among Malaysians.

RMFLS – which first began in 2018 – is an annual survey conducted by RinggitPlus to gain a better understanding of how Malaysians manage their finances, as well as their level of financial literacy. In the latest survey, a group of 3,211 respondents aged 18 and above were polled for their insights.

(Source: Free Malaysia Today)

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• Dining Out
• RinggitPlus
• RinggitPlus Malaysian Financial Literacy Survey
• RinggitPlus Malaysian Financial Literacy Survey 2023
• RMFLS
• RMFLS 2023