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EMPEROR INTERNATIONAL JOURNAL OF FINANCE AND MANAGEMENT RESEARCH
[EIJFMR]
ISSN: 2395-5929
Volume-IV Issue - 01 January - 2018
UGC Approval Jr. No. 45308
Impact Factor: 1.14 | SJIF 2016:3.343 | SJIF 2017: 4.253 | ISI 2017-2018: 0673
Chief- In - Editor Dr. C. THIRUCHELVAM
Former Registrar
Bharathidasan University
Tiruchirapalli – 620 024
Advisory Board
Dr.S.GURUSAMY
Professor and Head
Chairperson - School of Business and Management
Dean - Academic
University of Madras
Chennai - 600 005
Editor
Dr. R. MAYAKKANNAN
Assistant Professor in Commerce
Sri Sankara Arts & Science College (Autonomous)
Enathur, Tamil Nadu – 631 561
Published by
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Tamilnadu | Kerala | Karnataka | New Delhi
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Editorial Board Members
Dr. R. MAYAKKANNAN
M.Com., M.Phil.,MBA.,MFC., MA(Eco).,PGDFM .,PGDCA., Ph.D.
Mayas Publication®
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Chief- In - Editor
Dr. C. THIRUCHELVAM
Former Registrar
Bharathidasan University
Tiruchirapalli – 620 024
Dr.S.GURUSAMY
Professor and Head
Department of Commerce
Chairperson - School of Business & Management
Dean - Academic University of Madras.
e-mail : [email protected]
SCHOOL OF COMMERCE, MANAGEMENT, ECONOMICS
Dr.Balakrishnan
Department of International Business,
Administration,
Nizwa College of Applied Science,
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Head & Assistant Professor,
Department of Commerce,
Barathiyar University Constitutional College,
Coimbatore, Tamilnadu, India.
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Saurashtra University, Rajkot,
Gujarat. India.
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Tamilnadu,India.
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Department of Administrative Studies and Politics,
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Gujarat University,
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India.
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(Autonomous),Vyasarpadi,
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Professor of Commerce,
Management and Information Sciences,
Sri Venkateswara University,
Thirupati, Andhra Pradesh, India. [email protected]
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Professor of Commerce,
T.S.Narayanaswami College,
Chennai,
Tamilnadu , India. [email protected]
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University of Kota, Kota.
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Professor of Commerce,
School of Management Studies,
University of Kerala
Thiruvanathapuram, Kerala, India. [email protected]
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Assistant Professor of Commerce,
VELS University,
Chennai, Tamilnadu.
India. [email protected]
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Gulbarga University,
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India.
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Tamilnadu. India.
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HOD of Commerce TKU Arts College
Karanthai,Thanjavur,
Tamilnadu
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Head & Assistant Professor of Commerce
Bharthi College of Arts and Science, Thanjavur,
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National College,
Trichy,
Tamilnadu
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Dr.Ambedkar Government Arts College
(Autonomous), Vyasarpadi, Chennai, India.
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Assistant Professor of Commerce,
Agurchand Manmull Jain College, Meenambakkam, Chennai.
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Assistant Professor, Management Studies
SASTRA University, Thanjavur, Tamilnadu, India.
Dr.S.Raju Assistant Professor of Commerce,
A.V.V.M Sri Pushpam College (Autonomous) ,
Poondi, Thanjavur.India.
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Statistician and Research Adviser,
Bangalore.
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Assistant Professor in Commerce,
Annamalai University,
Chidambaram,
Tamilnadu, India.
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Professor & Head , Department of applied
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Cochin University,
Kerala.
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Chennai, Tamilnadu, India.
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Bangalore University,
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Assistant Professor in Corporate Secretary Ship,
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University of Madras,
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Department of Management Studies,
Mother Teresa Women’s University, Kodaikanal. [email protected]
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Sri Venkateshwara University
Andhra Pradesh India.
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Coimbatore,
Tamilnadu, India.
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Professor & Head Department of Management Studies
PSCMR College of Engineering and Technology
Kothapet, Vijayawada , Andhra Pradesh, India.
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Karanataka, India. [email protected]
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Department of Political Science,
P.T.M.T.M.College, Kamudhi,
Ch. Anjaneyulu
Assistant Professor, Department of Business
Management
Telangana University
Dichpally Nizamabad, Telangana India.
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Board of Studies in Commerce
Department of Commerce, Telangana University
Dichpally, Nizamabad, Telangana, India.
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Department of Commerce,
Mangalore University Karnataka.
Ms.Bhagyshreehiremath Assistant Professor of Economics
Indian Institute of Information Technology
Dharwad.
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Department of Bank Management
Alagappa University
Karaikudi, Tamilnadu.
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Telangana University
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Department of Computer Science and Engineering
Indian Institute of Information Technology
Dharawd.
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Indian Institute of Information Technology Dharawd.
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Adirampattinam, Tamilnadu.
SCHOOL OF AGRICULTURAL & RURAL DEVELOPMENT AND EDUCATIONAL
TECHNOLOGY, ENVIRONMENTAL SCIENCE
Dr.V.M.Indumathi Dept. of Agricultural and Rural Management Tamil Nadu Agricultural University,
Coimbatore, India.
Dr. K. Boomiraj Assistant Professor Department of Environmental Sciences,
Tamil Nadu Agricultural University, Coimbatore.
Dr. M.Mirunalini Assistant Professor Department of Educational Technology
Bharathidasan University,Khajamalai Campus,
Thiruchirappalli.
R.Ganesan Professor and Head, Department of English,
Kongu Engineering College,
Perundurai.
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Assistant Professor
Department of Agricultural Economics,
Tamil Nadu Agricultural University, Coimbatore, Tamil Nadu, India.
Prof. V.Murugaiyan
Assistant Professor
Post Graduate & Research,
Department of History H.H.Rajah’s College,
Pudukottai. Perundurai
SCHOOL OF MATHEMATICS, PHYSIC, EARTH SCIENCE, BOTANY,
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Dr. Dhiraj Saha, Assistant Professor (Senior Scale),
Insect Biochemistry and Molecular Biology
Laboratory,
Department of Zoology, University of North Bengal.
[email protected]; [email protected]
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Department of Mathematics
V V College of Engineering
Tisaiyanvilai,
Tamil Nadu, India
Dr.Biju V Assistant Professor of Mathematics
College of Natural & Computational Sciences
Debre Markos University, Federal Democratic
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Turkey.
Dr.S.Priyan
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MepcoSchlenk Engineering College,
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India.
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Assistant Professor, School of Physics
University of Mumbai,
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Telangana University
Nizamabad. Telangana State India.
Prof.B.Vidya vardhini Professor in Botany, Principal, University College of Science
Head, Department of Botany, Telangana University
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Laboratory,
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Impact Factor.1.14: Mayas Publication UGC Jr.No.45308
Emperor International Journal of Finance And Management Research [EIJFMR] ISSN: 2395-5929
EMPEROR INTERNATIONAL JOURNAL OF
FINANCE AND MANAGEMENT RESEARCH
[EIJFMR] ISSN: 2395- 5929
CONTENTS
S.no Title of the Paper Author Name Page No
1
The Impact of Demonetisation on Bengaluru’s Retail
Vendor Market
Vinod Kumar M
Eshwarankrishnaswamy
Stevon Jose
1-8
2 A Study on Interrelations among Service Quality, Customer Perceived Value and Loyalty Intention in E-
Tail Service Quality
C.Balamuralikrishnan 9-15
3 Child Labor in Urban Informal Sector of Madurai City
of Tamilnadu State
P.Paramasivam
Dr. J. A. Arul Chellakumar 16-23
4
Correlates Between Work Life Balance and Factors
Causing Work Life Imbalance among Women Teaching
and Non-Teaching Staffs of Schools in Puducherry
Sankar.R
24-31
5
Dividend Declaration and Its Impact on Shareholder’s
Wealth A Study on Selected Listed Hotels in India
Anson K.J
Ambily Alex
Akhil Michael
32-38
6 A Study on Stress Management of Private Security
Guards with Special Reference to Chennai City
M. Kamaladevi
Dr. A. Krishnan 39-47
7 Factors Influencing the Investment Culture: A Study of
Thalikulam Panchayath
Krishna M B 48-52
8 FDI in Retail Sector: Opportunities and Challenges Dr.Thushara George 53-58
9 Demystifying Online Healthcare Services Dr.K.Krishnakumar
S.Saranya 59-67
10
Issues in Service Quality on Event Management
Practices (A Study with Reference to Unorganized Event Management Practitioners in Salem District)
Dr.K.Krishnakumar
M.Arul 68-73
11 Health Services and the Impact in Hong Kong Niharika Bohra
Akash Harlalka 74-77
12 Economic Empowerment of Women on Self Help Group
in Tamilnadu
Dr. R. Leelavathy 78-83
13 Quality of Work Life in Coal Industry - A Selected
Study of SCCL, Ramagundam
Dr.E.Raju 84-89
14 Financial Inclusion with the Aid of Technology L. Balaji 90-93
15 A Study on Financial Literacy among College Going
Girl Students of Kerala
Dr.Sneha Gopeekrishna
Dr K.T Geetha 94-98
16 Consumer Preference towards Selected Luxury Products
in Namakkal Town, Tamil Nadu
Dr. R. Mathavan 99-103
17
A Comparative Study on E –Banking Service of Public
And Private Sector Banks in Kaniyakumari District
Jeniffa Justus
Dr. D. Jacquline Pon
Mabel
104-110
18
A Gap Analysis on Consumers’ Expected and Perceived
Services with Respect to Online Shopping at Chennai,
Tamilnadu
Mr. P. Rajendra Prasad
Dr. S. Bama 111-116
19
Comparative Effect of Different Intensity of Physical
Fitness Exercises on Muscular Strength and Anaerobic
Power of Obese School Boys
Mr. K. Chandrasekar
Dr. D. Jim Reeves Silent
Night 117-124
Impact Factor.1.14: Mayas Publication UGC Jr.No.45308
Emperor International Journal of Finance And Management Research [EIJFMR] ISSN: 2395-5929
20 A Study on Service Quality Perception and Satisfaction
Adopted by Technology Banking in Chennai District
Dr. V. Abrar ahmed 125-130
21 Customers' Perception Towards Service Quality of
Commercial Banks in Tiruvannamalai District
P.Nandhini Devi
Dr.G.Sasikumar 131-141
22
Job Satisfaction of Nationalised Bank Employees in
Kanyakumari District
Dr.J.Anisha Shainne
Thangam
S. Sheeba Gladis
142-150
23
A Study on Physico-Chemical Parameters of Pechiparai
Dam Water
K.S.Anuja
Dr.B.Indirani
Dr.C.Vaithya Nathan 151-155
24 Cost and Returns in the Production of Paddy – A Study
From Salem District
Dr. S. Revathy 156-166
25 Human Resource Adopted by Textile Industries with
Special Reference to Tiruppur District-Case Study
Dr .M.Malathi 167-174
26 A Study on Online Shopping and Consumer Satisfaction
in Bangalore District
Jayaram.A 175-182
27 Financial Literacy among the Customers of Commercial
Banks in Tirunelveli District – A Critical Review
K. Mekala Sharmini
Dr. A.Venkateswaran 183-189
Impact Factor.1.14: Mayas Publication [ISSN: 2395-5929] UGC Jr. No. : 45308
Emperor International Journal of Finance and Management Research [EIJFMR] Page 48
Paper ID: 13180107
FACTORS INFLUENCING THE
INVESTMENT CULTURE: A STUDY OF
THALIKULAM PANCHAYATH
KRISHNA M B
Assistant Professor
Department of commerce and Management
Amrita School of Arts and Sciences, Kochi
Amrita VishwaVidyapeetham, India..
Abstract
Investment culture among the people of a country
is an essential prerequisite for capital formation and
the faster growth of an economy. Investment culture
refers to the attitudes, perception and willingness of
the individuals and institution in placing their savings
in various financial assets more popularly known as
securities. The major objective of investor is to invest
in a variety of investments that deliver expected
returns and meets the risk preferences. Financial
literacy is one of the essential requirements for
selecting the best investment option. The present
study makes an attempt to examine the various
factors influencing the investment culture of people in
Thalikulam Panchayath of Thrissur district. It is
designed as a descriptive one mainly based on
primary data. The profiles of the respondents of the
study are examined using the variables like gender,
age, occupation, educational status, monthly income,
distribution of investment amount. The result of the
study reveals that the level of financial literacy, Age
and gender of the respondent had a significant
positive impact on investment culture.
Keywords: Investment, financial Literacy,
Investment Options, investment decision.
I. INTRODUCTION
An investment is an asset or item that is
purchased with the hope that it will generate income
or will appreciate in the future. The main purpose of
investors engaged in investment is to both maximize
their income and minimize their expenses.There are
many types of investments and investing styles to
choose from. Various short term and long term
investment options are available in the market. Bank
deposits, mutual funds, post office savings, securities,
real estate are just a few examples. One can opt for
the most appropriate investment options as per their
needs, budget and future plans.
Investment culture is most important concept in
the world. Now a days the opportunity of investment
was increased. This study aims to gain knowledge
about key factors that influence investment behavior.
The individuals may be equal in all aspects but their
financial planning needs are very different. The
present study is an attempt to find out Factors which
affects individual investment decision with special
reference to Thalikulam Panchayath of Thrissur
District. Thalikulam Panchayath is one of the smallest
village in mid- Kerala which lies between Arabian
Sea and kanolikanal in Thrissur district. It’s a part of
Thalikulam block Panchayath and it consists 16
wards. Thalikulam Panchayath was established in
January 1, 1962.The main occupation of people in
this area is fishing.
Investment behavior of individuals is affected by
a number of internal and external factors. Investors’
decision is affected to a great extent by the factors
including age, gender, educational qualification,
occupation, monthly income, awareness level
etc.Literacy has a significant impact on individual
savings, as more knowledge on financial matters
enable individuals to make more substantive financial
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Emperor International Journal of Finance and Management Research [EIJFMR] Page 49
Paper ID: 13180107
plans and more informed decisions regarding
allocations of their money and saving. Majority of
investors want to get low risk and higher returns.
Their preferred investment alternatives are bank
deposit, post office savings, real estate, gold and chit
funds.
II. LITERATURE REVIEW
Shanmughan and remya(2010)An impressive
body of research supports the personality and
knowledge governs the individual behavior. People
with particular traits tend to the relatively consistent
in their attitude and behavior overtime and across
situations. The study examines two issues firstly
categorizing the investor into internal and external.
Secondly the relationship between the control and
investment behavior and investment knowledge and
investment. It also found that there is a significant
difference between the means of internal and external
behavior.
Geetha and Vimala (2014) investigated the effect
of demographic variables on the investment decisions
by performing a sample survey method in Chennai,
India. According to analysis results, from the
investors’ point of view, changes in demographic
factors such as age, income, education, and
occupation had an influence in the investment avenue
preference.
Mason and Wilson (2007)in their study, financial
literacy of university students: A case study for
Anadolu, University, Turkey” the study stated that
the concepts of financial awareness are not properly
conceptualized this may be because of the
synonymous use of the term financial awareness.
Studies have shown that financial literacy does not
mean that aperson would be able to make the right
financial decision as that person may not be familiar
with the financial awareness of the financial construct
or particular instrument.
Kiran and Rao (2005) examined whether
demographic and psychographic variables were
effective on risk-bearing capacity of Indian investors
by conducting a sampling survey. By analyzing the
collected data through multinomial logistic regression
and factor analysis (FA) of SPSS, they verified a
strong relationship between risk taking attitude and
demographic and psychographic variables.
Barber and Odean (2000) explored the impact of
intuitive thinking on investment preference to study
the experience of actual investors. The ET Retail
Equity Investor Survey (2004) in the secondary
market identified different categories of investors
based on their characteristics and attitude towards
secondary market investments. A study by on 245
Kuala Lumpur Stock Exchange individual investors
from Kula Lumpur and Petaling Jaya, reveal that
there are some differences between active and
passive investors in terms of demographic and
psychographics, investment characteristics as well as
investment behavior
III. OBJECTIVES OF THE STUDY
1. To evaluate the saving habits of households in
Thalikulam Panchayath
2. To analyze the investment pattern of
household
3. To identify the factors influencing the
investment culture
IV. RESEARCH DESIGN AND
METHODOLOGY
The study is designed as a descriptive one mainly
based on primary data. The descriptive research
explains the state of affairs as it exists at present.
4.1. Sources of Data
Primary Data
The primary data have been collected by using
structured questionnaire from 100 selected
households of Thalikulam Panchayath of Thrissur
District.
Impact Factor.1.14: Mayas Publication [ISSN: 2395-5929] UGC Jr. No. : 45308
Emperor International Journal of Finance and Management Research [EIJFMR] Page 50
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Secondary Data
Secondary data relating to the study have been
collected from the websites, books, journals and
periodicals.
4.2. Tools for Data Analysis
The study uses simple mathematical tools like
ratios and percentage for analyzing the data.
V. EMPIRICAL RESULTS AND DISCUSSIONS
In this study an attempt is made to identify the
factors influencing the investment culture, with
special reference to Thalikulam Panchayath of
Thrissur District. This study is a descriptive one
mainly based on primary data collected through
structured questionnaire from 100 respondents. The
collected data are to be processed carefully, classified
systematically and tabulated rationally. The collected
data were analyzed in realization of the objectives.
Table 5.1 Gender Wise Classification
Gender Number of respondents Percentage
Male 62 62
Female 38 38
TOTAL 100 100
Gender is a useful variable to identify the investment culture. The table 5.1 shows that 62% of respondents are
male. Generally men bear the financial responsibility of home and men are more able to save. Women were
usually less financially informed than men.
Table 5.2 Age Wise Classification
Age Number of respondents Percentage
20-30 9 9
30-40 18 18
40-50 21 21
50-60 35 35
Above 60 17 17
TOTAL 100 100
The age of the investors plays a crucial role to identify the investment behavior. Table 5.2 reveals that only 9%
belong to the age group of 20-30. When age increases, people save more money, because elderly people are
more likely to be concerned about their retirement period. Younger generation does not think of investment in
their early stage of employment.
Table 5.3 Occupation Wise Classification
Occupation Number of respondents Percentage
Govt. employee 15 15
Private firm employee 24 24
Business 13 13
Self-employment 19 19
Farmers 9 9
others 20 20
TOTAL 100 100
Table 5.3 provides the information regards occupation of respondents. 24% of the investors are employed in the
private sector. 19% are self-employed. 15% are employed in public sector. Private sector employees invest more
as they are not secured as government employees. Only 9% farmers invest money in formal investment avenues.
Table 5.4 Educational Qualification
Qualification No.of respondents Percentage
Primary school 17 17
SSLC 25 25
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Emperor International Journal of Finance and Management Research [EIJFMR] Page 51
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Plus Two 20 29
Degree 29 20
other 9 9
TOTAL 100 100
The investment behavior of rural people mainly depends upon the level of education attained by them to a
certain extent. Among 100 respondents 29 % of the investors are graduates followed by SSLC and Plus –Two
holders that constituting 25% and 20% respectively.
Table 5.5 Monthly Income
Monthly income Number of respondents Percentage
1000-5000 18 18
5000-10000 47 47
10000-20000 27 27
Above 20000 8 8
TOTAL 100 100
Income level is an important variable for differentiate the investment segments. The respondents are divided
into four income groups according to their monthly income. As regards monthly income a majority of the
respondents (47%) have income ranging from 5000-10000 followed by 27% respondents in the income group of
10000-20000. Those who earn above 20000 are only 8%.
Table 5.6 Nature Of Investment
Investment options No.of respondents Percentage
Bank deposits 24 24
Post office savings 18 18
Real estate 11 11
Securities 3 3
Gold 22 22
Mutual fund 2 2
Chit fund 10 10
LIC 10 10
TOTAL 100 100
Bank deposits, post office savings, and chit funds are the traditional way of investing. Rural people follow this
way of investing at present time also. Out of 100 respondents 24 respondents save their money with bank, and
22 respondents invest in gold. Only 2 respondents invest in mutual fund because people are not aware of
securities and mutual fund.
Table 5.7 Awareness About Different Investment Options
Investment avenues Know very well Know some in what Don’t know
Bank deposit 54 28 18
Post office savings 37 60 3
Real estate 40 45 15
Securities 2 34 64
Gold 49 50 1
Mutual fund 10 29 61
Chit fund 62 19 19
LIC 52 45 3
Table 5.7 indicates the awareness level of respondents about different investment avenues. It is clear from the
table that majority of people are more aware of chit funds, bank deposits, goldand LIC. People who know about
securities are only 2. The number of people who know about mutual fund is also less.
Impact Factor.1.14: Mayas Publication [ISSN: 2395-5929] UGC Jr. No. : 45308
Emperor International Journal of Finance and Management Research [EIJFMR] Page 52
Paper ID: 13180107
VI. FINDINGS
• Most people preferred the investment in
gold, bank deposits and chit fund
• Female having medium level of awareness
about investment alternatives
• Middle age group is more literate about the
investment culture
• Educational qualifications of people are
positively related with the investment culture. Highly
educated people are aware of different kind of
investment avenues
• Well occupied people have more knowledge
and awareness regarding the investment avenues
• Majority of respondents are more aware of
bank deposits and chit funds. Most of them are not
aware regarding mutual funds and securities
VII. SUGGESTIONS
• Research needs to be carried out on specific
segments of investors such as Wealthy investors,
Women investors etc.
• Proper awareness regarding the investment
schemes should be given to the people
• Methodologies to assess existing financial
literacy programs should be developed
• Financial literacy programs should started at
school, as students and parents to be educated as early
as possible
• Proper literary programs is needed in order
to make people understand their financial needs at
different stages of life and the investment options
available to them
• The Government has to take several
measures to stable the investment sector.
VIII. CONCLUSION
The present study makes an attempt to examine
the various factors influencing the investment culture
of people in Thalikulam Panchayath of Thrissur
district. The study reveals that majority of the
respondents want to get high returns with less risk
profile. Their preferred investment alternatives are
bank deposits, post office savings, gold and chit
funds. Females are having medium level of awareness
about investment alternatives. Age also have a
significant role in deciding investment option. The
study suggest that proper literary programs is needed
in order to make people understand their financial
needs at different stages of life and the investment
options available to them.
IX. REFERENCE
1) Daniela, Laura. (2011). The saving and investing
consumer behavior analyses on the Romanian
financial market. Annals of the University of
Oradea. Economic Sciences, 2, 798–804.
2) Jain, Dhiraj&Mandot, Niklhil. (2012). Impact of
Demographic Factors on Investment Decision of
Investors in Rajasthan. International Refereed
Research Journal, 2(3), 81-92
3) Mehta, Kiran&Renuka Sharma. (2015).
Individual investors’ behavior: In demographical
backdrop. SCMS Journal of Indian Management,
12(3), 25-36.
4) Praba, R. Suyam. (2011). Investors’ decision
making process and pattern of investments – A
study of individual investors in Coimbatore.
SIES Journal of Management, 7(2), 1–12.
5) Sahi, ShaliniKalra, Ashok Pratap Arora & Nand
Dhameja. (2013). An exploratory inquiry into the
psychological biases in financial investment
behavior. Journal of Behavioral Finance, 14, 94–
103.