INVESTMENT PATTERN OF SALARIED INDIVIDUAL
Short Description
RESEARCH PROJECT...
Description
“Investment pattern of salaried Individual”
Project Report Submitted in partial fulfilment for the award of Master of Management Studies By
RANJANA SINGH MMS (2011 – 2013) Roll No. 40041
Under Supervision of (DR. NITIN WANI) Jankidevi Bajaj Institute of Management Studies (JDBIMS) SNDT WOMEN’S UNIVERSITY MUMBAI
April 2013
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ACKNOWLEDGEMENT
The success of any project is the result of hard work & support of a number of individuals and this project is no different. I take immense pleasure in submitting the project on “Investment pattern of salaried people”. This project has helped me to understand the pattern of investment of salaried investor. I take this opportunity to express my deep and sincere gratitude to Dr.Nitin Wani for his valuable guidance, inspiration and encouragement in completing this project. I would like to express my gratitude to JDBIMS. Who contributed greatly to the accomplishment of the project. Finally I must express my heartiest gratitude toward all those who helped me directly or indirectly in the completion of this project.
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DECLARATION I, Ranjana Singh, student of Master of Management studies Jankidevi Bajaj Institute of Management Studies (JDBIMS), S.N.D.T Women’s University, Mumbai, declare that the work done and the project report titled ‘Investment pattern of salaried Individuals is original work carried out by me. All references, made to any published material in this report, have been duly acknowledged. This report has not been submitted to any University / Academic Institution for the award of any degree or diploma. I solemnly declare that I am singularly responsible for any infringement on the Intellectual Property of anybody else in this report.
Place: Mumbai Date: 22 nd April, 2013
Ranjana Singh
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INDEX
Sr. No.
Title
Pg no
1 Chapters-I Introduction 1.1Background 1.2 Objective of the study 1.3Need of the study 1.5 Scope of the work 2
4
7 8
1 2 3 4 Chapter-II
Theoretical background/Literature Review 2.1Theoretical Background 2.3Review of past study 3 Chapter-III Research methodology/ design 3.1Study 3.2Year of the study 3.3Sample 3.4Type of data 3.5Data source 3.6Statistical tools and techniques used Chapter-IV Data Collection and Analysis Presentation of data collected (Tables) 5 Chapter-V Limitation Findings, suggestion 6 Chapter-VI Summary and Conclusion / Scope for future work Bibliography Appendix
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5-7 8 -13
14 14 15 15 15 15
16-44 45 46 47-48 49-50 51-53
List of table: Source of various investment options…………………………………………………16 saving objective…………………………………………………………………….....16 Sector.............................................................................................................................17 Formal budget................................................................................................................17 Consult your friends and / or relatives...........................................................................18 Investment in share market............................................................................................19 % of your income...........................................................................................................19 Time period....................................................................................................................20 Different tax benefit…………………………………………………………………...20 Invested in mutual funds………………………………………………………………21 Option of investment in mutual fund…………………………………………………..21 Criterion for you for selecting a particular investment option………………………….22 Awareness of the following investment avenues………………………………………..22 Safe and low risk investment avenues Saving account.............................................23 Bank fixes deposits......................................23 Public provident fund..................................24 National saving certificate............................24 Post office saving..........................................25 Government securities...................................25 Moderate risk investment avenues Mutual funds.................................................26 Life insurance................................................26 Debentures.....................................................27 Bonds.............................................................27 High risk investment avenues Equity share market.......................................28 Commodity share market..............................28 FOREX market..........................................29 Traditional investment avenues
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Real estate (Property)..................................29 Gold/ silver..................................................30 Chit funds....................................................30 Emerging invest avenues: Virtual real state..........................................31 Hedge funds................................................31 Private equity investments...........................32 Art and passion.............................................32
factors consider before investing
Saving account.............................................33 Bank fixes deposits.......................................33 Public provident fund...................................34 National saving certificate............................34 Post office saving..........................................35 Government securities...................................35 Mutual funds.................................................36 Life insurance................................................36 Debentures.....................................................37 Bonds.............................................................37 Equity share market.........................................38 Commodity share market................................38 FOREX market................................................39 Real estate (Property).......................................39 Gold/ silver.......................................................39 Chit funds....................................................40 Virtual real state...........................................40 Hedge funds.................................................41 Private equity investments.............................41 Art and passion...............................................42 [6]
General information Gender …………………………… 43 Age : ..................................................43 Annual income of family……………44 Educational qualification…………………44
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EXECUTIVE SUMMERY:
Saving form an important part of any economy of any nation with saving invested various option available to people. An investment refers to the commitment of funds at present, in anticipation of some positive rate of return in future today the spectrum of investment is indeed wide .Individuals are more aware about the different investment avenues. Among all investments avenues individuals consider saving account, fixed deposit, public provident fund, life insurance, gold/silver etc as a safer and low risk investments avenues compare share market, bonds, FOREX, chit funds as high risk investment avenues. Individuals are not aware about virtual real state, hedge funds. Salaried Individuals are aware about share market, mutual funds but they consider these investments avenues as a high risk investments avenue. The main reason behind the the study are the factors like awareness level and factors consider individuals before investments like safe and low investment avenues, moderate risk avenues, high risk investment avenues, traditional investment avenues, emerging investment avenues. The findings relates to the awareness among individuals and individuals risk taking ability while investing in different investment avenues.
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CHAPTER-I
BACKGROUND:
”In investing money, the amount of interest you want should depend on whether you want to eat well or sleep well.” - J. Kenfield Morley An investment is the employment of funds with aim of achieving income and growth in value the main characteristics of investment are waiting for a reward. Investment is the allocation of monetary resources to assets that are expected to yield some gain or positive return over a given period of time. Investment aims at multiplication of money at higher or lower rates depending upon whether it is long term or short term investment and whether it is risky or risk-free investment. Investment activity involves creation of assets or exchange of as- sets with profit motive. “An investment in knowledge pays the best interest”. From the people point of view, the investment is a commitment of a person’s funds to derive future income in the form of interest, dividends, rent, premium, pension benefits or appreciation of the value of their principle capital. Most of the investments are considered to transfers of financial assets from one person to another. Various investment options are available with differing risk-reward trade -offs .An understanding of the core concepts and a thorough analysis. Investment refers to the concept of deferred consumption which may involve purchasing an asset, giving a loan or keeping funds in a bank account with the aim of generating future returns. An understanding of the core concepts and a thorough analysis of the options can help investor create a portfolio that maximizes returns while minimizing risk exposure. Savings form an investment part of the economy of any nation. With the savings invested in various options available to the people, money acts as the driver for growth of the country. Indian financial scene too presents a plethora of avenues the investor. Through certainty not the best or deepest of market in the world, it has reasonable options for an ordinary man to invest his savings. One need to invest and earn return on their idle resources and generate a specified sum of money for a specific goal in life and make a provision for an uncertain future. One of the important reason why one needs to invest wisely is to meet the cost of inflation .inflation is the rate at which the cost of living increases.
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OBJECTIVE OF THE STUDY:
1) To know the mode of investments of the salaried individuals in various investment avenues.
2) To study the factors influencing the investment pattern of the salaried individuals.
3) To study the factors influencing enquires into the profile, portfolio practices, experiences, preferences & risk, perceptions, and intentions of salaried individuals.
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NEED OF THE STUDY:
This analysis on individual investor’s behaviour is an attempt to know the profiles of the investor and also know the characteristic of the investors so as to know their preference with respect to their investments. The study also tries to unravel the influence of demographic factors like age on risk, tolerance level of the investor.
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SCOPE OF THE WORK:
This analysis is based upon investor’s pattern for investment preference, awareness, during normal time Vis-a-vis recessionary period. This analysis would be focusing on the information from the salaried people about their knowledge, perception, and behaviour on different financial products.
1. The total number of financial instruments in the market is so large that it needs a lot of time and resources to analyse them all.
2. As the analysis is based on primary as well as secondary data, possibility of unauthorized information cannot be avoidable.
3. Research was carried on in Mumbai.
4. Investment pattern has been analysis has been limited to only 153 individuals.
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CHAPTER- II THEORETICAL BACKGROUND/LITERATURE REVIEW: THEORETICAL BACKGROUND: In India the socio-economic profile of the people changes dramatically. Today people are not only spending on products and services, earlier considered a luxury but are also looking at smarter ways of investing their money. This is mainly due to the fact, that people today not only have a wider choice of investing in different saving instruments, but are also more educated and aware about their choices. People are now moving beyond the traditional saving options of fixed deposits, post office savings to wider investment options in the form of insurance, mutual funds, bonds, equities and even property. Saving is income not spent, or deferred consumption. Methods of saving include putting money aside in a bank or pension plan. Saving also includes reducing expenditures, such as recurring costs. In terms of personal finance, saving specifies low-risk preservation of money, as in a deposit account, versus investment, wherein risk is higher. What is savings? Income – expenditure = savings. In today’s rapidly changing financial environment, it is critical that individuals not only protect and enhance their current financial resources, but also prepare for future security and against loss of income. This requires careful planning and prudent management of one’s financial assets. (www.deposits.org)....................................... Financial planning is the key and the first step towards fulfilling ones dreams and aspirations whether it is about providing for the family, buying a home or a car. Good planning also ensures financial security for the family throughout life, even in the eventuality of the death of the earning member of the family. An important component of a sound financial plan is not only the inclusion of life insurance investment but also providing for adequate insurance coverage in the plan. It is therefore critical for individuals to discuss their unique needs with qualified Financial Planning Advisers who can assist in determining the right plan and amount of coverage required. Consumers are now exposed to an array of modern and innovative products. Depending on the needs of the customers, Investment is the certain present value for the uncertain future reward. It entails arriving at numerous decision such as types, mix, amounts, timing, grade etc of investment and disinvestment .further such decision making has not only to be order to get return on its in the future, which is known as investment .There are various investment avenues such a equity, bonds, insurance and bank deposit etc. A portfolio is a combination of different investment [13]
assets mixed and matched for the purpose of achieving gold. There are various factors which affects investors
Portfolio such as annual income government, policy natural calamities,
economical changes etc. Financial and economic meaning of investment: Investment is the allocation of monetary resources to assets that expected to yield some gains or positive return over a given period of time .These assets range from safety investment to risky investment. Investment in this form is called as financial investment. Features of an investment program: In choosing specific investment investor will need definitely ideas regarding features which their investment avenues should possess. These features should be consistent with the investor general objectives an in addition, should afford them all the incidental convenience and advantages. Which are possible under the circumstances? The following are the suggested features as the ingredients from which many successful investors compound their selection policies. Safety of principle: The investor to be certain of the safety of principle should carefully review the economics and industry trends before choosing the types of investments. Error are avoidable and therefore, to ensure safety principle, the investor should consider diversification of assets Liquidity: Even investor requires a minimum liquidity in his investment to meet emergence .liquidity will be ensured if the investor buys a proposition of readily saleable securities out of his total portfolio. Income stability: Regularly of income at a consistent arte is necessary in any investment pattern. Not only stability, it is also important to see that income is adequate in after taxes. It is possible to fins outcome good securities, which pay particularly all their earnings in dividends. Appreciation and purchasing power stability: Investor should balance their portfolio s to fight against any purchasing power stability. Investor should judge price level inflation, explore their possibility of gain and loss in the investments available to them. Legally and freedom from care: All investments should be approved by law. Law relating to minors, trusts, shares and insurance be studied will brings out many problem for the the investor. Tangibility: [14]
Tangibility securities have many times lost their values due to price level inflation. Some investor prefers to keep a part of their wealth invested in tangibles properties. Under section 80C of the Income Tax Act, certain investments are deductible from gross total income. This tax exemption is available across individual tax slabs. If you earn Rs 4 lakhs per annum and make investments of Rs 1 lakh in 80c instruments then the taxable amount will be Rs 3 lakhs.
Section 80C benefit has been provided to encourage long term savings and investments. You should choose a combination of fixed income and market linked investments depending on your age and risk profile www.rupeetimes.com) The economy is witnessing an increasing trend in gross domestic savings as a proportion of GDP since 2001-02, with the savings ratio having increased from 26.5 per cent in 2002-03 to 28.9 per cent in 2003-04 and further to 29.1 per cent in 2004-05. The rise in savings has been witnessed across all the constituent sectors, the sole exception being household sector for 2004-05 which witnessed a decrease from 23.5 per cent in 2003-04 to 22.0 per cent in 200405. ( report of the working group on savings for the eleventh five year plan(2007-08 to 201112)
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REVIEW OF PAST STUDY:
1. An empirical analysis on preferred investment avenues among rural and semi urban households. kantidas Sanjay (2011) The study reveals that in most cases investors across all categories found them to be safer with taking up the insurance policies. A significant portion of respondents also shows keen preference towards unit linked insurance policies so as to get short term gains. It is also observed that most of the respondents show their keen interest towards the insurance products so as to get tax benefits, life protection and average profitable investment avenues. This is perhaps the most striking features of general investors and the most important factor that influences the investment decisions. Further, it is observed that the level of income also Influences the investment decisions. Higher income group shows relatively high preference towards investment in share market, conversely lower and average income group shows keen preference towards insurance and banks as the most preferred investment avenues. In fine, the changing pattern of Indian household savings is the result of a number of factors. The household savings in India has experienced a variety of changes over the past one or two decades. The changes in lifestyles and consumption models in a developing country like India have also contributed towards those variations. The trends of investment by households are not similar in nature and they vary between several financial instruments. This results from the changing preference of the investors. Previously, household savings in financial securities outperformed household savings in physical properties. Nonetheless, the trend has changed now. Household savings in physical properties are greater than household savings in financial instruments. This is assumed to be a consequence of a preliminary preference shift. (Kantidas Sanjay(2011)Journal front line research in arts and science ,Pg no.26-36)
2. Savings and Investments Attitude of Salaried Class in CUDDALORE District L. Pandiyan, Dr. T. Aranganathan May-June 2012) Investment climate must attract the people to save from their income at times even by forgoing the enjoyment of comforts and luxuries. Countries can never sustain development unless they have adequate savings. So, Favorable climate is to be assured by the government to provide investment climate guaranteeing acquisition, maintenance and liquidation of assets. Since savings is the main factor for investment, the government though legal measures encourage savings accumulation. For the growth of a disciplinant investment market a well organized monetary system though protecting the investments against the eves of inflation or [16]
depletion is to be kept by government. . (Pandiyan, Dr. T. Aranganathan , IOSR Journal of Business and Management May-June 2012 pg no.40-49)
3. Investment Pattern of Salaried People – A study in Coimbatore district R. SreePriya ,P. Gurusamy ( Jan 2013) This study has made an attempt to analyze the saving and investment pattern of salaried class investor. An in dept analysis is done to identify the attitude, factor influencing investors to save and savings preference of investors. It is hoped that the saving public (particularly salaried class) will analyse their savings and investment. This study identified the problem faced by the investors and the impending problems could be solved in the right direction. (R. SreePriya ,P. Gurusamy,2013 International journal of scientific research ,issue 1)
4. A study of investment perspective of salaried people (private sector) prof. ca yogesh p. patel; prof. cs charul y. patel (oct 2012) Investment is the employment of funds with the aim of getting return on it. It is the commitment of funds which have been saved from current consumption with the hope that some benefits will accrue in future. Thus, it is a reward for waiting for money. So the first step to investment is savings. In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. In a broader sense, saving is typically used to refer to economizing, cutting costs, or to rescuing someone or something. In terms of personal finance, saving refers to preserving money for future use typically by putting it on deposit – this is distinct from investment where there is an element of risk. The main elements of Investments are Return, Risk and Time. This research aims to study and understand the behavioural pattern of investment among the salaried people working in private sector and the difference in perception of an individual related to various investment alternatives. It also aims to provide an insight into factors considered for an appropriate investment. Gives a wider scope to understand various issues related to investment by salaried people. (prof. ca yogesh p. patel; prof. cs charul y. patel ,oct 2012 ,Asia Pacific Journal of Marketing & Management Review ,pg no 145-146) 5. Investment Preferences of Salaried people. Nanavati Nihar K (June2012) The investment ideology depends upon the individuality and many other factors. Here is an attempt to find the solution to a problem of where to invest by a middle and lower income [17]
level of the society. A market survey has been conducted of 25 people in sub-urban Ahmadabad to identify their investment psychology and relevant preference. The survey is giving us an insight towards traditional approach of savings and investment pattern. The detailed analysis of the survey is presented hereunder. Inclination towards safe, secure and tax beneficial investment is more than that of risky or high return investment. With lower income segment, one cannot create wealth but with good combination of investments, one can create a better and respectable living. Only a sample size of 25 in a mega city Ahmadabad with large number of population the conclusion drawn is always a kind of limitation of survey. The biased opinion and hesitant respondents are also the constraints of the ideal study. (Nanavati Nihar K , Journal of Advances in Developmental Research June2012)
6. A Study on People’s Preferences in Investment Behaviour N. Geetha,Dr. M. Ramesh(Nov 2011) The study on people’s choice in Investment Choices has been undertaken with the objective, to analyze the investment choice of people in Kurumbalur. Analysis of the study was undertaken with the help of survey conducted. After analysis and interpretation of data it is concluded that in Kurumbalur respondents are medium aware about various investment choices but they do not know aware about stock market, equity, bound and debentures. The study is conducted by taking a limited number of sample sizes which is stated earlier. And this study reflects the perceptions of those respondents who are residing in Kurumbalur. There might be a chance that the perceptions of the respondents of different are varied due to diversity in social life, living pattern, income level etc. All the age groups give more important to invest in Insurance, NSC, PPF and bank deposit. Income level of a respondent is an impotent factor which affects portfolio of the respondent. Middle age group, Lower income level groups respondents are preferred to invest in Insurance, NSC, PPF and bank deposit rather than any other investment avenues. In Kurumbalur respondents are more aware about various investment avenues like Insurance, PPF, bank deposits, small savings like post office savings etc. For that awareness program has to be conducted by Stock Brokering firms because most of the respondents unaware about this new service and about stock market. (N. Geetha,Dr. M. Ramesh,IJMER,Nov 2011)
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7. Mutual Fund Attributes and Investor Behaviour(Feb2006) This paper analyzes the dynamics of investor fund flows in a sample of socially screened equity mutual funds. Mutual fund companies, which continually compete to offer new funds in an effort to attract investor capital, can expect SR investors to be more loyal than investors in ordinary funds. Nicolas P.B. Bollen(Feb2006)
8. Mutual fund is the better investment plan(2005) Institute of management technology Ghaziabad In few years mutual funds has emerged as a tool for financial well being. Mutual funds have not only contributed to the growth story but have also helped families tap into the success of Indian industry .This paper analyze the market research on saving and investment practices of the investor and preference of the investment in mutual funds. Akilesh Mishra (2005)
9. Gold etfs : An emerging investment option(2008) An investor has numerous investment options to choose from depending on his profile and expectation of returns .different investment options represent risk-reward trade off .of the various types of investment options in stock market, gold exchange traded funds. (Asia pacific journal of research in business management Dr.Prashnata Athma(2008)
10. Awareness of commodity market with reference derivative investor. (2009) Commodity futures markets are new and emerging market. The awareness of the market is very less among the investor who can use this trade to sell their products without the middlemen or agents it also help the actual buyer too. Here trader also can transfer his risk to some other who can handle it or can appetite the risk trough hedging technique
11. A Study on Preferred Investment Avenues among Salaried Peoples with Reference to Namakkal Taluk,Tamil Nadu, India V.R.Palanivelu K.Chandrakumar (March 2013) The study reveals that Investment is the employment of funds on assets with the aim of earning income or capital appreciation. Investment is the most important things today. People are earning more, but they do not know where, when and how to invest it. A proper [19]
understanding of money, its value, the available avenues for investment, various financial institutions, the rate of return/risk etc., are essential to successfully manage one’s finance for achieving life’s goal. Through this study, an analysis has been made into preferred investment avenues among salaried peoples in Namakkal Taluk, Tamilnadu, India. The results highlight that certain factors like education level, awareness about the current financial system, age of investors etc… make significant impact while deciding the investment avenues. The study is based on personal interviews with salaried peoples, using a structured questionnaire. Actually, the present study identifies the preferred investment avenues among the individual investors using self assessment test. The study is based on primary sources of data which are collected by distribution of a close ended questionnaire. The data has been analyzed using percentage and chi-square test with the help of statistical software. There are large numbers of investment opportunities available today. In this paper is going to briefly examine how the salaried peoples managing their investment India respondents are medium aware about various investment choices but they do not know aware about stock market, equity, bond and debentures. All the age groups give more important to invest in Insurance and bank deposit. Income level of a respondent is an important factor which affects portfolio of the respondent. Middle age group, Lower income level groups respondents are preferred to invest in Insurance and bank deposit rather than any other investment avenues. (V.R.Palanivelu K.Chandrakumar,IBEA ,March 2013 Pg no 20-23)
12. Small Investors Perception on Post office saving Schemes Karthikeyan (2001) Karthikeyan has conducted research on Small Investors Perception on Post office Saving Schemes and found that there was significant difference among the four age groups, in the level of awareness for kisan vikas patra (KVP), National Savings Scheme (NSS), and deposit Scheme for Retired Employees (DSRE),and the Overall Score Confirmed that the level of awareness among investors in the old age group was higher than in those of young age group. NO differences were observed among male and female investors except for NSS and KVP. Karthikeyan (2001) IJMER
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13. Profile and awareness of salaried class investors and their attitude and satisfaction towards investment.(2008). Krishnamoorthy,c, in his study has analyzed the profile and awareness of salaried class investors and their attitude and satisfaction towards investment. In has been concluded that all salaried people were aware of bank deposits, PF schemes, insurance schemes, post office savings schemes, gold and however only few were aware of UTI ( Krishnamoorthy,c,(2008).
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CHAPTER III RESEARCH METHODOLOGY/DESIGN:
Year of the study: The 10 months are divided according to the following manner in order to be an effective project. July to September: Focusing on the study as a whole and identifying the problems and framing the title, collecting information as well as details raring industry and also framing objectives. October to December: Literature review. Framing of questionnaire for data collection, information collected through questionnaire for data collection for interpretation. January to April: From the interpretation the researcher list out certain findings, suggestion, conclusion & rough copy submission for correction, after the correction fair copy was prepared and submitted. Sample Size: The sample size denotes the number of elements selected for the study. For the present study, Questionnaire distributed to 640 individual’s .out of 640,153 individuals responded. Data collection: Data was collected by using main two methods i.e. primary data and secondary data. Primary data: - Primary data are those collected by the investigator himself/herself for the first time and thus they are original in character, they are collected for particular purpose. Combination of non probability connivance sampling technique and snowball sampling will be used for collecting the data from different investor. The salaried people are selected by the connivance sampling method. The selection of units from the population based on their easy availability and accessibility to the researcher is known as sampling. Information is collected by conducting a survey by distributing a questionnaire to 153 salaried people. These 153 salaried are of different age group, different occupation, different income level and different qualification.
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We choose the following resources for our research. Questionnaire Design: - Here in our research we set questions for salaried individuals and answer can be easy to fill out with minimum amount of time and efforts and request the customer to answer these questions with correct information. The questionnaire consisted of Close ended questions. Close ended question: It contains those questions in which the respondent is given a limited number of alternatives responses from which he/she is to select the one that most closely matched his attitude. The fixed alternative questions may be taken in the form of Dichotomous question Multi - choice question Dichotomous Question: It refers to one which offers the respondents a choice between only 2 alternatives and reduces the issues to its simplest terms. Multi-choice questions: A multiple – choice question refers to one, which provides several set of alternatives. Multiple – choice questions can be used when an issue has more than 2 aspects. Customer: - Customer helps in creation of more accurate idea about our research. Secondary Data: Secondary data are those, which have already been collected by some other persons for their purpose. Secondary data are usually in shape of finished products. External data: was generated from internet websites………………………………… Statistical tools and techniques used: The data has been analyzed by graph and charts
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CHAPTER-IV DATA COLLECTION AND ANALYSIS From which source you come to know about various investment options?
Other
Other , 5 T.V./Newspaper , 41
T.V./Newspaper
Friend/Relative , 70
Friend/Relative Banker
Banker, 25
Broker
Broker , 10 0
10
20
30
40
50
60
70
80
Interpretation: Out of 153 salaried individuals 70 Friends /relative, 41T.V. newspaper,25 banker,,10 broker, and 5 other, these are the sources from where individuals come to know about various investment option. What is your saving objective?
3 short term growth
5 15
Long term growth
25 28
Healthcare
25 14
Home purchase
18 15
Children’s education
5 0
5
10
15
20
25
30
Interpretation: From the data it can be inferred that out of 153 salaried ndividuals28 Income and capital preservation is the main objective of the salaried individuals, followed by 25 healthcare ,25 long term growth and income ,18 home purchase, 15 retirement,15 growth and income,5 short term growth,5 children’s income, and 3 other.
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In which hich sector do you prefer to invest your money?
Foreign sector, 6, 4% Public sector, 18, 12% Private sector
Government sector , 52, 34%
Private sector , 77, 50%
Government sector Public sector Foreign sector
Interpretation: Out of 153 salaried people 77 individuals prefer to invest in private sector, followed by 52 government sector,18 individuals and 6 foreign sector.
Do you have a formal budget for family expenditure?
No, 44, 29%
Yes No
Yes, 109, 71%
Interpretation: From all salaried individuals109 109 people have formal budget for family expenditure,44 don’t have.
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Usually do you consult your friends and / or relatives before making an investment choice?
Never , 6, 4% Everytime, 41, 27%
Sometime, 40, 27%
Everytime Often Sometime Never
Often, 63, 42%
Interpretation: Out of 153 salaried individuals 40 people often consult friends/relative before making an investment choice ,41 every time , 40 sometime6 never. Do you invest your money in share market?
Yes, 54, 35% Yes No No, 99, 65%
Interpretation: Out of 153 salaried individuals 99 said they don’t invest money in share market and only54 invest money in share market.
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What % of your income do you invest?
100 80 60 40 20 0 0 to 15 15 to
%
30 to 50%
30%
Interpretation: Out of 153 salaried individuals ndividuals 92 people invest 0to15% income,52 15 to 30%,9 30 to 50 %.. What is the time period you prefer to invest? Long term (> 5 years), 19, 12% Short term (0 to 1years) , 49, 32% Short term (0 to 1years) Midterm (1 to 5 years) Long term (> 5 years)
Midterm (1 to 5 years) , 85, 56%
Interpretation: From above chart it can be seen that 85 salaried individuals prefer midterm i.e.1 to 5 years,49 short term and19 long term.
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Are you aware about different tax benefit of investing into mutual funds?
No, 53, 35% Yes No Yes, 100, 65%
Interpretation: Among the total sample size 100 salaried individuals are aware about different tax benefit of investing into mutual funds. Have you ever invested in mutual funds of any company?
100 80 60 40
Yes, 68
No, 85
20 0 Yes No
Interpretation: Out of 153 samples, 85 salaried individual had not invested in mutual funds and only 68 had invested.
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Do you know about different option of investment in mutual fund?
Yes, 66, 43%
Yes No
No, 87, 57%
Interpretation: Out of 153 data 87 salaried individuals don’t know about different option of investment in mutual fund and only 66 people know. What is the most important criterion for you for selecting a particular investment option?
7, 5% 13, 8% Past performance Service 50, 33%
83, 54%
Promoters background Any other
Interpretation: 83 individuals consider past performance as a important criterion for selecting a particular investment option,50 service ,13 promoters background,7 another
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Are you aware of the following investment avenues(Saving Account) 160 140
Yes, 146
120 100 80 60 40 20
No, 2
0 Yes
No
Interpretation: Out of 153 salaried individuals 146 are aware about saving account as an investment avenue and only are not aware. Are you aware of the following investment avenues(Bank fix deposits) No, 8, 5%
Yes No
Yes, 145, 95%
Interpretation: From above data 145 individuals are aware about bank fix deposits and 5 are not.
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Are you aware of the following investment avenue (Public provident funds)
No, 15, 10%
Yes No
Yes, 138, 90%
Interpretation: Among all salaried individuals 138 are aware about public provident funds and 15 are not aware about these investment avenues. Are you aware of the following investment avenue (National National saving certificate)
No, 17, 11%
Yes No
Yes, 136, 89%
Interpretation: Out of 153 data 136 individuals are aware about national saving certificate and 17 are not aware.
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Are you aware of the following investment avenue (Post office saving)
No
No, 30
Yes
Yes, 123
0
50
100
150
Interpretation: Out of 153 data 123 individuals are aware about post office saving and 30 are not aware. Are you aware of the following investment avenue (Government securities)
No, 17, 11%
Yes No
Yes, 136, 89%
Interpretation: Out of 153 data 136 individuals are aware about government securities and 17 are not aware. [32]
Are you aware of the following investment avenue ( Mutual funds )
Yes, 72, 47% No, 81, 53%
Yes No
Interpretation: Out of 153 data 81 individuals are not aware about mutual funds and 72 are aware. Are you aware of the following investment avenue(Life avenue( insurance)
150
Yes, 136
100 50 No, 17 0 Yes
No
Interpretation: Out of 153 data 136 individuals are aware about life insurance as an investment option and 17 are not aware.
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Are you aware of the following investment avenue(Debentures)
Yes, 68, 44%
Yes No
No, 85, 56%
Interpretation: Out of 153 data 85 individuals are not aware about debenture and 68 are aware. Are you aware of the following investment avenue(Bonds)
No, 48, 31%
Yes No
Yes, 105, 69%
Interpretation: Out of 153 data 136 individuals are aware about national saving certificate and 17 are not aware.
[34]
Are you aware of the following investment avenue(Equity share market)
No, 47, 31%
Yes No
Yes, 106, 69%
Interpretation: Out of 153 data 106 individuals are aware about equity share market and 47 are not aware. Are you aware of the following investment avenue(Commodity share market)
No
No, 68
Yes
Yes, 85
0
20
40
60
80
100
Interpretation: Out of 153 data 85 individuals are aware about commodity share market and 68 are not aware.
[35]
Are you aware of the following investment avenue(Forex market)
No, 65, 42% Yes No Yes, 88, 58%
Interpretation: Out of 153 data 88 individuals are aware about Forex and 65 are not aware. Are you aware of the following investment avenue (Real estate (Property)
No, 18, 12%
Yes No
Yes, 135, 88%
Interpretation: Out of 153 data 135 individuals are aware about real state and 18 are not aware about real state as a investment avenues.
[36]
Are you aware of the following investment avenue (Gold/ ( silver)
Yes, 135 140 120 100 80 60 40 No, 18
20 0 Yes
No
Interpretation: Out of 153 data 135 individuals are aware about gold/silver as investment avenues and 18 are not aware Are you aware of the following investment avenue (chit ( funds)
140 120 100 80
Yes, 135
60 40 20 0
No, 18 Yes No
Interpretation: Out of 153 data 135 individuals are aware about chit funds as investment avenues and 18 are not aware.
[37]
Are you aware of the following investment avenue (Virtual real state)
Yes, 55, 36% Yes No No, 98, 64%
Interpretation: Out of 153 data 55 individuals are aware about virtual real state as investment avenues and 98 are not aware. Are you aware of the following investment avenue (Hedge funds)
No, 68, 44% Yes, 85, 56%
Interpretation: Out of 153 data 85 individuals are aware about hedge funds as investment avenues and 68 are not aware
[38]
Are you aware of the following investment avenue (Private (Private equity investments)
Yes, 85
100 80
No, 68
60 40 20 0 Yes No
Interpretation: Out of 153 data 85 individuals are aware about private equity investment as investment avenues and 68 are not aware Are you aware of the following investment avenue (Art ( and passion)
No
No, 68
Yes
Yes, 85
0
10
20
30
40
50
60
70
80
90
Interpretation: Out of 153 data 85 individuals are aware about art and passion as investment avenues and 68 are not aware. Which of the of following factors which you consider before investing(Saving investing(Saving account)
[39]
160
141
140 120 100 80 60 40 20
0
6
2
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
4
0 Safe and low risk Moderate risk investment investment avenues avenues
Interpretation: Among all salaried people 141 individuals consider saving account as a safe and low investment
avenue,6
traditional
invetsmnet,4
moderate
risk
investment
avenues,2emerging investment avenues.
Which of the of following factors which you consider before investing(Bank fixes deposits)
Emerging investment avenues
0
Traditional investment avenues
6
High Risk investment avenues
0
Moderate risk investment avenues
16
Safe and low risk investment avenues
131 0
20
40
60
80
100
120
140
Interpretation: Among all salaried people 131 individuals consider bank fix deposit as a safe and low investment avenue, 16 moderate risk investment avenues, 6 traditional investment Which of the of following factors which you consider before investing(Public provident fund) [40]
140
120
120 100 80 60 40
20
20
7
6
0
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
0 Safe and low risk Moderate risk investment investment avenues avenues
Interpretation: Among all salaried people 120 people consider public provident as a safe and low investment avenue,20 moderate risk investment avenues, 7 high risk investment avenues 6 traditional investment.
Which of the of following factors which you consider before investing (National saving certificate)
140 120 100 80 60 40 20 0
120
20
Safe and low risk Moderate risk investment investment avenues avenues
7
6
0
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried people 120 individuals consider bank national saving certificate as a safe and low investment avenue,20 moderate risk investment avenues, 7 high investment avenues ,6 traditional investment.
[41]
Which of the of following factors which you consider before investing (Post office savings) 120
105
100 80 60 32
40
15
20
1
0 0
Safe and low risk Moderate risk High Risk Traditional Emerging investment avenues investment avenues investment avenues investment avenues investment avenues
Interpretation: Among all salaried people 105 individuals consider post office saving as a safe and low investment avenue,32 moderate risk investment avenues,15 traditional investment,1 emerging investment avenues.
Which of the of following factors which you consider before investing (Government securities) 100
80
80 53
60 40
10
10
High Risk investment avenues
Traditional investment avenues
20
0
0 Safe and low risk investment avenues
Moderate risk investment avenues
Emerging investment avenues
Interpretation: Among all salaried people 80 individuals consider government securities as a safe and low investment avenue,53 moderate risk investment avenues, 10 high investment avenues and 10 traditional investment.
[42]
Which of the of following factors which you consider before investing (Mutual (Mutual funds
2
Emerging investment avenues
10
Traditional investment avenues High Risk investment avenues
53
Moderate risk investment avenues
80 8
Safe and low risk investment avenues 0
20
40
60
80
Interpretation: Among all salaried people 80 individuals consider mutual funds as a moderate risk investment avenues, ues, 53 high investment avenues,10 avenues,10 traditional investment. 8 safe and low investment avenue,2 emerging investment avenues Which of the of following wing factors which you consider before investing (Life (Life insurance)
0
Emerging investment avenues Traditional investment avenues
55 8
High Risk investment avenues Moderate risk investment avenues
50
Safe and low risk investment avenues
40 0
10 20
30
40
50
60
Interpretation: Among all salaried people 55 individuals consider life insurance as a traditional investment,50 moderate risk investment,40 safe and low investment avenues,8 avenu high investment avenues.
[43]
Which of the of following factors which you consider before investing (Debentures) 2, 1%
10, 7% Safe and low risk investment avenues
19, 12%
Moderate risk investment avenues High Risk investment avenues 52, 34%
70, 46%
Traditional investment avenues Emerging investment avenues
Interpretation: Among all salaried people 70 individuals consider debenture as a moderate risk investment avenues, 52 high risk investment,19 traditional investment avenues10 safe and low investment avenues,2 emerging investment avenues.
Which of the of following factors which you consider before investing (Bonds)
Emerging investment avenues
4
Traditional investment avenues
19
High Risk investment avenues
82
Moderate risk investment avenues
14
Safe and low risk investment avenues
10 0
10
20
30
40
50
60
70
80
90
Interpretation: Among all salaried people 82 individuals consider bonds as a high risk investment avenues ,19 traditional investment avenues 14moderate risk investment avenues ,10 safe and low investment avenues,4emerging investment avenues.
[44]
Which of the of following factors which you consider before investing (Equity share market) Emerging investment avenues
10
Traditional investment avenues
75
High Risk investment avenues
40
Moderate risk investment avenues
6
Safe and low risk investment avenues
22 0
10
20
30
40
50
60
70
80
Interpretation: Among all salaried people 75 individuals consider equity share market as a traditional investment avenues, 40 high risk investment avenues,22 safe and low investment avenues, 10emerging investment avenues. 6 moderate risk investment avenues
Which of the of following factors which you consider before investing (Commodity share market) Emerging investment avenues
10
Traditional investment avenues
75
High Risk investment avenues
40
Moderate risk investment avenues
6
Safe and low risk investment avenues
22 0
10
20
30
40
50
60
70
80
Interpretation: Among all salaried people 75 people consider commodity share market as a traditional investment avenues, 40 high risk investment avenues,22 safe and low investment avenues, 10emerging investment avenues. 6 moderate risk investment avenues.
[45]
Which of the of following factors which you consider before investing (FOREX)
Emerging investment avenues
4
Traditional investment avenues
19
High Risk investment avenues
75
Moderate risk investment avenues
45
Safe and low risk investment avenues
10 0
10
20
30
40
50
60
70
80
Interpretation: Among all salaried people 75 individuals consider FOREX high risk share investment avenues, 45 moderate risk investment avenues,19 traditional investment investment avenues, 10 safe and low risk investment avenues. 4 emerging investment investment avenues
Which of the of following factors which you consider before investing (Real estate (Property) 80 70 60 50 40 30 20 10 0
75
40 22 10
6 Safe and low risk Moderate risk investment investment avenues avenues
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried people75 individuals consider real state as a traditional investment avenues, 40 high risk investment avenues,22 safe and low investment avenues, 10emerging investment avenues. 6 moderate risk investment avenues. [46]
Which of the of following factors which you consider before investing (Gold/ silver)
Emerging investment avenues
10
Traditional investment avenues
83
High Risk investment avenues
20
Moderate risk investment avenues
15
Safe and low risk investment avenues
25 0
10
20
30
40
50
60
70
80
90
Interpretation: Among all salaried people 83 individuals consider gold /silver as a traditional investment avenues,25 safe and low investment avenues, 20 high risk investment avenues. 15 moderate risk investment avenues, 10emerging investment avenues.
Which of the of following factors which you consider before investing (chit Funds) 80
70
70 60 50 40
32 25
30 12
14
Safe and low risk investment avenues
Moderate risk investment avenues
20 10 0
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried people 83 individuals consider chit funds as a high risk investment avenues,32 traditional investment avenues 25 emerging investment avenues 14 moderate risk investment avenue 12 safe and low investment avenues.
[47]
Which of the of following factors which you consider before investing (Virtual real state) 70
64
60 50
40
40 25
30 20
15 9
10 0 Safe and low risk investment avenues
Moderate risk investment avenues
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried people 64 individuals consider virtual real state as high risk investment avenues, 40 emerging investment avenues 25 traditional investment avenues 15 safe and low investment avenues, 15 moderate risk investment avenue Which of the of following factors which you consider before investing (Hedge funds)
Safe and low risk investment avenues, 9, 6%
Moderate risk investment avenues , 10, 7%
Emerging investment avenues, 49, 32%
High Risk investment avenues, 65, 42%
Traditional investment avenues , 20, 13%
Interpretation: Among all salaried people 65 individuals consider hedge funds as a high risk investment avenues, 49 emerging investment avenues 20 traditional investment avenues, 10 moderate risk investment avenue, 15 safe and low investment avenues.
[48]
Which of the of following factors which you consider before investing (Private equity investments) 70
64
60
50
50 40 30
20
20
10
9
10 0
Safe and low risk investment avenues
Moderate risk investment avenues
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried people 64 individuals consider private equity investments as a high risk investment avenues, 50 emerging investment avenues, 20 moderate risk investment avenue, 10 traditional investment avenues 9 safe and low investment avenues.
Which of the of following factors which you consider before investing (Art and passion)
74
80 70 60 50 40 30 20 10 0
30
30
10
Safe and low risk investment avenues
9 Moderate risk investment avenues
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Interpretation: Among all salaried individuals 74 individuals consider art and passion as a emerging investment avenue,30 traditional ,30 moderate 10 safe and low ,9 high risk investment avenues respectively. [49]
GENERAL INFORMATION Gender
:
59, 39% Male Female 94, 61%
Interpretation: Out of 153 salaried individuals 94 were male and 59 female. Age
:
11, 7%
20-30
39, 25% 70, 46%
31-40 41-50 50 and above
33, 22%
Interpretation: Out 153 salaried individuals 70 individuals were from 20-30 30 age group ,39 people were from 41-50,33 from 31-40,11 40,11 were from 50 and above.
[50]
Occupation:
6
other Profession
30
service
85
Business
32 0
20
40
60
80
100
Interpretation: Out of 153 salaried individuals 85 people work in service occupation,32 business,30 profession,6 other. Annual income of family: 80 70 70 60 50 40 27
30
30 20
20 10
6
0 Below 1 L
2-3L
3-4 L
5 to 10
10 & above
Interpretation: Among all salaried individuals,70 70 individuals have 5 to 10 L annual family income,30 people 3-4L,27 people 2-3L,20 individuals 10 and above,6 below 1L.
[51]
Total
family
8 and above
member:
3
6-8 PERS ON
36
2-5 PERS ON
101
0
20
40
60
80
100
120
Interpreation Out of 153 individuals 101 individuals have 2-5 members in their family,36 individuals have 6-8 and 8 and above
other
1
post graduate
60
Graduate
85
Undergraduate
7 0
10
20
30
40
50
60
70
80
90
Interpretation: Out of 153 salaried individuals,85 are graduate ,60 post graduate ,7 undergraduate,1 other.
[52]
LIMITATION OF THE STUDY:
1. Reluctances of the people to provide complete information about them can affect the validity of the responses.
2 The lack of knowledge of customer about the financial instrument can be a major limitation.
3. The information can be biased due to use of questionnaire.
[53]
CHAPTER-V FINDINGS: 1 Study reveals that major information sources for investments option are T.V., friends/relative. 2. Most of salaried individuals prefer to invest in private sector. 3. Most of individuals often discuss with their family friends before making an investment decision. 4. Majority of the salaried individuals prefer midterm to invest. 5. Most of the individuals are aware about different tax benefits. 6. Most of the individuals are aware about investment avenues like life insurance, FD, gold, real state etc. 7. Majority of the individuals consider FD, Gold/silver, saving account, post office savings as a safe and low investment options. 8. Study reveals that majority of the individuals consider bonds, FOREX, chit funds, private equity as high risk investment avenues.
SUGGESTIONS: 1.
Study reveals that individuals spend long time watching T.vs, Therefore it is
recommended that financial advisor or financial institution should use T.V. as a marketing media. 2. Investments in government sector should increase. 3. Investor who wants to avoid risk should invest in saving account, FD, provident funds, National saving certificate, post office saving, life insurance etc. 4. Investments avenues like share market, mutual funds need more awareness among salaried individuals so that more individuals can be attracted.
[54]
CHAPTER-VI
SUMMARY AND CONCLUSION:
This report is a reflection of the awareness and factors considering, risk taking ability of the various categories of salaried individuals. Selection of the perfect investment avenue is a difficult task to an individual. An effort is made to identity the taste and preference of a sample of individuals selected by connivance and snowball sampling. Despite of many limitations to the study i was successful in identifying some investments patterns there is some commonness in these individuals. This report concentrated in identifying the factors considered individuals before investment, awareness level of salaried individuals towards various investment avenues are identified based on their occupations, investors risk in selecting a particular avenue. The presents study has important implication for investment manager as it has come out with certain interesting facets of salaried individual. The individual investor still prefers to invest in financial products which give risk free returns. This confirms that individuals even if they are of high income, well educated, independent are conservative individual prefer to play safe. The investments product designer can design products which can cater to the individuals, who are low risk tolerant, tax savings and use T.V. as a marketing media as they seem to spend long time watching T.vs. The study also draws an important conclusion from study that the individuals are keen to invest in midterm products.
[55]
SCOPE FOR FURTHER RESEARCH:
The study was conducted by taking limited number of sample size which stated earlier and this study reflect awareness, factors consider for investment, risk taking ability of those salaried individuals residing in Mumbai .There might be chances that the awareness, factors consider for investment, risk taking ability of those salaried individuals of different nature are varied due to diversity in social life, living pattern, income level etc that need to studied further.
[56]
BIBLIOGRAPHY: Web Reference: http://www.businessdictionary.com/definition/savings.html http://www.rupeetimes.com/article/home_loans/admissible_deductions_under_section_80c_5 055.html http://www.phdcci.in/media_center_details.php?id=330 http://www.studymode.com http://www.economist.com/topics/indian-economy www.taxindia.com Reference:
•
Sanjay kantidas an empirical analysis on preferred investment avenues among rural and semi-urban households, journal of frontline research ,vol(01)2011 26-36 research paper, Department of commerce ,Lumding college,Lumding,Nagaon,Assam
•
V.R.Palanivelu K.Chandrakumar (March 2013) A Study on Preferred Investment Avenues among salaried Peoples with Reference to Namakkal Taluk,Tamil Nadu, India, international conference on business,economics and accounting 20-23
•
R. SreePriya ,P. Gurusamy ( Jan 2013) . Investment Pattern of Salaried People – A study in Coimbatore district ,vol2 issue 1,international journal scientific research
•
prof. ca yogesh p. patel*; prof. cs charul y. patel, of salaried people
a study of investment perspective
(private sector),Asia pacific journal of marketing and
management,vol no2 cot2012
•
Savings and Investments Attitude of Salaried Class in CUDDALORE District
•
L. Pandiyan, Dr. T. Aranganathan May-June 2012) (prof. ca yogesh p. patel; prof. cs charul y. patel ,oct 2012 ,Asia Pacific Journal of Marketing & Management Review ,pg no 145-146),www.isorjounrnel
•
N. Geetha,Dr. M. Ramesh(Nov 2011) A Study on People’s Preferences in Investment Behaviour ijmer,vol 1 issue 6.
•
Nanavati nihar k,invetsmnet pattern of salaried people ,Journal of advance development research ,2012,vol 3 . [57]
•
Nicolas P.B. Bollen† Mutual Fund Attributes and Investor Behavior, February 2006, Journal of Financial and Quantitative Analysis
[58]
Appendix:
Title: Investment pattern of salaried people. Dear Respondent, Sub: Request to fill the Questionnaire regarding research study. I am final year student currently pursuing MBA at JDBIMS.I am conducting a research study on “Investment pattern of salaried people”. This research is taken as a partial requirement for the completion of my MBA.I seek your kind assistance in completing the attached questionnaire which would take approximately 10 minutes of your valuable time. Your response will be treated as “strictly confidential” From which source you come to know about various investment options? Broker
Bank
Friend / relative
T.V./Newspaper
other……………..(specify)
What is your saving objective? Children’s education Healthcare
Retirement
Home purchase
Income and capital preservation
Growth and income
short term growth
children’s marriage Long term growth
other
In which sector do you prefer to invest your money? Private sector
Government sector
Public sector
foreign sector
Do you have a formal budget for family expenditure? Yes
No
Usually do you consult your friends and / or relatives before making an investment choice? Every time
Often
Sometime
Never
Do you invest your money in share market? Yes
No
What % of your income do you invest? 0 to 15 %
15 to 30%
30 to 50%
What is the time period you prefer to invest? Short term (0 to 1years)
Midterm (1 to 5 years)
[59]
Long term (> 5 years)
Are you aware about different tax benefit of investing into mutual funds? Yes
No
Have you ever invested in mutual funds of any company? Yes
No
Do you know about different option of investment in mutual fund? Yes
No
What is the most important criterion for you for selecting a particular investment option? Past performance
Service
Promoters background
Are you aware of the following investment avenues? Safe and low risk investment avenues Saving account Bank fixes deposits Public provident fund National saving certificate Post office saving Government securities Moderate risk investment avenues Mutual funds Life insurance Debentures Bonds High risk investment avenues Equity share market Commodity share market FOREX market\ Traditional investment avenues Real estate (Property) Gold/ silver Chit funds Emerging invest avenues: Virtual real state Hedge funds Private equity investments Art and passion
[60]
YES YES YES YES YES
NO NO NO NO NO
YES
NO
YES YES YES YES
NO NO NO NO
YES YES YES
NO NO NO
YES YES YES
NO NO NO
YES YES YES
NO NO NO
YES
NO
Any other
Which of the of following factors which you consider before investing? Safe and low risk investment avenues
Moderate risk investment avenues
High Risk investment avenues
Traditional investment avenues
Emerging investment avenues
Saving account Bank fixes deposits Public provident fund National saving certificate Post office saving Government securities Mutual funds Life insurance Debentures Bonds Equity share market Commodity share market FOREX market Real estate (Property) Gold/ silver Chit funds Virtual real state Hedge funds Private equity investments Art and passion General information Gender : Male Female Age : 20-30 31-40 41-50 50 above Occupation: student Business service Profession other (specify) Annual income of family: Below 1 L 2-3L 3-4 L 5 to 10 10 & above Total family member: 2-5 6-8 8 and above Educational qualification Undergraduate
Graduate
post graduate
[61]
other
[62]
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