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International Journal of Economics,

Commerce and Research (IJECR)


ISSN(P): 2250-0006; ISSN(E): 2319-4472
Vol. 6, Issue 2, Apr 2016, 1-12
TJPRC Pvt. Ltd.

INVESTMENT PREFERENCES OF SALARIED PERSONS OF INDORE


SUNITA TOTALA
Department of Commerce, Shri Cloth Market Girls Commerce College, Indore, Madhya Pradesh, India
ABSTRACT
Salaried persons receive a definite amount out of which they are to spend for maintenance and provident for
future with the help of investment. It is very difficult to decide about to investment because investment depends upon so
many factors like gender, age, family background, profession, educations, health status, taxation, number of dependent
members, number of other earning members, ancestral property, retirement age, type of employer, etc. So, the study aims
to decide about investment by salaried persons and the problem is that how much amount, at what stage, at what income
level, for what time period, in which portfolio assets, with what objective, with what risk assumption, should be invested
in taking care of risk and return, maturity period, earnings and appreciations, safety and security, liquidity, lock in
period, cost of transaction, return, capital appreciation, etc. In the field of behavioral finance investment is not done
only on profit earning motive but it has inputs of psychological needs, aspirations and satisfactions. Data analysis has
been done on the basis of percent analysis. The study concludes that ten factors predominantly decide the individual

Original Article

investment patterns and people differ on the basis of annual income, age, gender and profession while investing.
KEYWORDS: Investment Preferences, Salaried Persons

Received: Mar 03, 2016; Accepted: Mar 14, 2016; Published: Mar 16, 2016; Paper Id.: IJECRAPR20161

INTRODUCTION
Many individuals find investments to be fascinating because they can participate in the decision making
process. One expects to earn a positive return on a diversified portfolio. Investing is not a game but a serious
subject matter that can have a major impact on investors future wellbeing. Virtually, everyone makes investments.
Each of the investment has common characteristics like, potential return, capital appreciation and the risk one must
bear. The future is uncertain, and one must determine how much risk one is willing to bear since higher return is
associated with accepting more risk (Totala, et. al., 2011). The capital market plays an important role in the
development of the country for mobilizing and allocation of domestic and foreign savings. It plays crucial role to
channelize the savings from household sector of the country, which in turn enhance the capacity of the economy to
product goods and services to society. Therefore capital market plays a very crucial role in stimulating industrial
growth as well as economic growth and development. Indian financial systems formal part is consisting of an
existence of stock exchange and an active new issue market. This market is consisting of primary and secondary
segments, which deal with new issues of securities and trade the existing securities, respectively. Securities in both
the market comprise of debt and equity instruments. Both are open for individual retail investment to park their
saving (Jariwala and Pandya, 2012).
Investment
Investment is an employment of funds with the aim of achieving additional income or growth in value.
The essential quality of an investment is that it involves waiting for a reward. Investment is the allocation of
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Sunita Totala

monetary resources to assets that are expected to yield some gain or positive return over a given period of time. These
assets range from safe investments to risky investments. These forms of investments are also called as financial
instruments. (Suryavanshi, 2011).
Salaried Person
Salary is a remuneration payable by an employer to his employee in consideration of his services rendered. A
salary is a form of periodic payment from an employer to an employee, which may be specified in an employment contract
executed between employer and employee. The person who receives salary or entitled to receive salary in different names
is called salaried person.

LITERATURE REVIEW
Investment is an activity that follows after proper evaluation of all the alternatives. The value associated with
analysis of the consumer decision making process is widely recognized by various researchers. Peoples decision regarding
how much to save and invest for future depends upon the trade-off between immediate and future consumption. This tradeoff was modeled as a problem of optimizing utility or happiness over life span. Within this framework, optimal saving and
consumption path depends on how much people value the consumption at different times in the future (Modigliani and
Brumberg, 1954; Friedman, 1957). Risky asset fraction of the portfolio are positively correlated with income and age and
negatively correlated with marital status (Cohn, et. al., 1975). Several studies have brought out the relationship between the
demographics such as gender, age and risk tolerance level of individuals. The relationship between age and risk tolerance
level has attracted much attention. Biological, demographic and socioeconomic characteristics; together with investors
psychological makeup affects ones risk tolerance level (Horvath and Zuckerman, 1993).
It was found that social considerations, tax benefits, and provision for old age were the reasons cited for saving in
urban areas, whereas to provide for old age, etc. was the main reason in rural areas (Gavini and Athma, 1999). A research
identified the factors considered by institutional investors as economic, industry and company related. These factors
influenced the supply and demand of investments and thus their prices (Mugo, 1999). Investments are made with an
avowed objective of maximizing the wealth. Investors need to make rational decisions for maximizing their returns based
on the information available by taking judgments free from emotions (Brabazon, 2000). India being second largest
populated country. Most of the Indian population earn their livelihood through salary so scattered researches have been
carried out in this regard. It was revealed that there is an association between the lifestyle clusters and investment-related
characteristics (Rajarajan, 2000). There was an existence of strong association between demographic characteristics and the
risk bearing capacity of Indian investors. The relationship between age, income and risk bearing capacity of the investors
were very high. The salaried members constituted the largest part of all categories (Rajarajan, 2003).
It was noted that financial markets were affected by the financial behavior of investors and consumer behavior
from the marketing world and financial economics had brought together a need to study an exciting area of behavioral
finance and thus, studying the behavior of investors holds importance (Ranganathan, 2006). The role of behavioral finance
and investor psychology in investment decision making was investigated and It was identified that certain behavioral
factors affected the decision making behavior of the investors (Waweru, Evelyne and; Elliana, 2008). The self-stated
attitudes and behavior of a variety of demographic groups regarding their everyday financial affairs was examined.
Principal factor analysis was used to determine the factors such as anxiety, interest in financial issues, intuitive decisions,

Impact Factor (JCC): 4.5976

Index Copernicus Value (ICV): 6.1

Investment Preferences of Salaried Persons of Indore

precautionary saving and free spending revealing behavioral tendencies of different individuals. A two-step cluster analysis
identified groups of investor's i.e. rational consumers, myopic consumers, anxious savers, intuitive investors and anxious
spenders who shared common characteristics in attitudes and financial behavior (Funfgeld and Wang, 2009). Investment
has two attributes namely time and risk. Present consumption is sacrificed to get a return in future. The sacrifice that has to
be born is certain but the return in the future may be uncertain. This attribute of investment indicate the risk factor. The risk
is undertaken with a view to reap some return from the investment. The main investment objective is increasing the rate of
return and reducing risk. At present, a wide variety of investment avenues are open to the investors to suit their need and
nature. The required level of return and risk tolerance level decide the choice of investor (Goel and Jain, 2010).
A study on efficient market hypothesis to behavioral finance analyzed how investors psychology changes the
vision of financial markets. It was found that investors are not always able to correctly value the utility of decision
alternatives, cannot update and estimate probability and even do not diversify properly (Szyszka, 2011). A study was
undertaken to analyze the investor behavior and their preferences. The objectives for the study were to understand about
various investment avenues available in the market, to understand the pattern of investors while making the investments,
and to find out the factors that investors consider before investing. Through the study it was revealed that people like to
invest in stock market. The percentages of income they make as investment depend on their annual income (Brahmabhatt,
Raghu and Malekar, 2012). Investment climate must attract the people to save from their income at times even by forgoing
the enjoyment of comforts and luxuries. Countries could never sustain development unless they have adequate savings. So,
Favorable climate was 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 depletion was to be kept by government
(Pandiyan and Ranganathan, 2012).

RESEARCH METHODOLOGY
Rationale
Investment is one of the major issues of the middle class families as their small savings of today are to meet the
expenses of tomorrow (Chaturvedi and Khare, 2013). When it comes to investing, the volume of facts and information
available can be incredibly time consuming to wade through and for many individuals as it is just too confusing. Yet one
needs a good understanding of the financial options available to be able to make good investment decisions (Kothari,
2014). The study is important to know the criteria and preferences of salaried persons because investment means many
things to many people, that too, differently. Investment activity includes buying and selling activity of financial products.
People should be aware about their investment in order to protect the investment and get the maximum return there upon
according to their risk bearing capacity. Therefore, it is essential to know how to invest money or savings very wisely and
as per customized objectives of investment. There is a likelihood that salaried persons investment preferences may differ
from each other or within the sub groups of salaried persons and even from the investment preferences of businessman or
other type of persons. Moreover, they may have different investment preferences depending upon the locale where they
live or serve.

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The Study
The paper is an attempt to find out what an optimal investment preferences to be adopted by salaried persons
having major incomes as salary. The study is an exploratory study focused on to find investment preferences of salaried
persons of Indore city on a sample set so as to be adopted by other salaried persons.
Objectives
To find out investment preferences of salaried persons of Indore.
Data
Primary and secondary data was collected. Using the survey method primary data was obtained from the
respondents by administering the questionnaire and evaluating the feedback. Personal interviews were also conducted with
few respondents who provided valuable information inputs. Secondary data included information collected from various
internet downloads, books, news papers, publications, periodicals, various journals, etc.
Sample
An appropriate sample of respondents was collected from salaried persons of Indore city. Purposive and
convenient sampling was used to collect primary data. The study sample comprised of total 479 salaried persons of Indore
city.
Tools for Data Collection
A questionnaire was framed consisting of 10 closed ended questions, covering the personal and demographic
profile, the awareness related to methods, modes, reasons of saving, investment, investment preferences, etc. Related data
were collected. Demographic outcome has also been analyzed for better understanding.
Data Analysis
The survey was conducted to investigate the investment perspective and preferences of the salaried persons of
Indore city which discloses the reasons, methods, types and modes of investment followed by the salaried persons. Data
analysis has been done on the basis of percent analysis. Outcome of interviews have also been incorporated appropriately.

RESULTS, ANALYSIS, INTERPRETATION AND DISCUSSIONS


Gender
Table 1
Particulars Number of Investors Percentage
Male
244
50.9%
Female
235
49.1%
Total
479
100%
Gender had 2 categories, male and female. The total number of fully attempted and duly filled questionnaire
received was 479 out of 500 set of questionnaire distributed. Out 479 questionnaires received, number of male respondents
was 244 and female were 235. The percentage of male respondents was 50.9% and the percentage of female respondents
was 49.1%

Impact Factor (JCC): 4.5976

Index Copernicus Value (ICV): 6.1

Investment Preferences of Salaried Persons of Indore

Marital Status
Table 2
Particulars Married Unmarried Total
Male
174
70
244
Female
196
39
235
Total
370
109
479
Percentage
77.2%
22.8%
100%
Marital status had two categories of respondents, namely, married and unmarried. Out of total 479 respondents
370 were married and 109 were unmarried. Their percentages were: 77.2% and 22.8% respectively. Out of 370 married
respondents 174 were male and 196 were female. Out of unmarried respondents 70 were male and 39 were female.
Age Groups
Table 3
Particulars 21-30
Male
49
Female
28
Total
77
Percentage
16.1%

31-40
78
67
145
30.3%

41-50
48
86
144
28.0%

51-60
47
45
92
19.2%

Above 61
22
09
31
06.4%

Total
244
235
479
100%

Regarding age, 5 age groups ranging from 21-30, 31-40, 41-50 and above 61 were considered under the study.
The first group had 77 respondents; second group had 145 respondents; third group had 134 respondents; forth group had
92 respondents and the fifth and last age group had 31 respondents. Their percentage was 16.1%, 30.3%, 28.0%, 19.2%
and 06.4% respectively. Out of male respondents, the first group had 49 respondents; second group had 78 respondents;
third group had 48 respondents; forth group had 47 respondents and the fifth and last age group had 22 respondents. Out of
female respondents, the first group had 28 respondents; second group had 67 respondents; third group had 86 respondents;
forth group had 45 respondents and the fifth and last age group had 09 respondents. The results show that persons of age
groups 31-40 and 41-50 are more interested in investing. Probably it is due to the reason that they have a capability of
better life plans. Persons of age group 21-30 are investing less; probably have less earning capability and consequently less
investing capacity.
Educational Level
Table 4
Particulars Higher Secondary Graduation Post Graduation
Male
20
122
56
Female
25
107
56
Total
45
229
112
Percentage
09.4%
47.8%
23.4%

Professional
46
47
93
19.4%

Total
244
235
479
100%

As for as educational level is concerned four levels of education were considered, namely, higher secondary,
graduation, post graduation and professional. In case of educational level, 45 respondents completed their higher
secondary, 229 completed their graduation, 112 completed their post graduation and 93 had professional qualification as
highest education. Their respective percentage was 09.4%, 47.8%, 23.4% and 19.4% respectively. Out of male respondents,
20 respondents completed their higher secondary, 22 completed their graduation, 56 completed their post graduation and
46 had professional qualification as highest education. Out of female respondents 25 respondents completed their higher
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secondary, 107 completed their graduation, 56 completed their post graduation and 47 had professional qualification as
highest education. Results show that graduates are investing more as compared to postgraduate, professional and higher
secondary completed persons. Probably they want that their investment should come as helping hand to plan economically
better.
Annual Income Level
Table 5
Particulars 1-2 Lac 2-5 Lac 5-10 Lac Above 10 Lac Total
Male
23
98
89
34
244
Female
34
102
78
21
235
Total
57
200
167
55
479
Percentage
11.9% 41.7%
34.9%
11.5%
100%
Regarding annual income level, 5 income levels ranging from: 1-2 Lac, 2-5 Lac, 5-10 Lac and above 10 Lac were
considered. Out of total respondents 57 were belonging to: 1-2 Lac income category; 200 were belonging to 2-5 Lac
income category; 167 were belonging to 5-7 Lac income category and 55 were belonging to above 10 Lac income
category. Their percentages were: 11.9%, 41.7%, 34.9%, and 11.5% respectively. Out of male respondents 23 were
belonging to: 1-2 Lac income category; 98 were belonging to 2-5 Lac income categories; 89 were belonging to 5-7 Lac
income category and 34 were belonging to above 10 Lac income category. Out of female respondents 34 were belonging
to: 1-2 Lac income category; 102 were belonging to 2-5 Lac income category; 87 were belonging to 5-7 Lac income
category and 21 were belonging to above 10 Lac income category. Results depict that persons falling in income group 2-5
Lac and 5-10 Lac are investing more in comparison of persons falling in other classes of annual income. The probable
reason behind it is the higher capacity of savings in the classes of income.
Filing of Income Tax Return
Table 6
Particulars
Male
Female
Total
Percentage

Income Tax
Return Filed
96
122
218
45.5%

Income Tax Return


Total
Not Filed
148
244
113
235
261
479
54.5%
100%

Regarding filing of income tax return is concerned, two categories were considered, namely, income tax return
filed and income tax return not filed. As for as filing of income tax return is concerned, 218 respondents filed their income
tax return and 261 did not filed their income tax return. Their percentages were: 45.5% and 54.5% respectively. Out of
male respondents, 96 respondents filed their income tax return and 148 did not filed income return. Out of female
respondents, 122 respondents filed their income tax return and 113 did not filed income tax return. Results indicate that
class of persons those are not filing return by any reason are more interested in investing activity as compared to the
persons of class filing income tax return, probably, they have more freeness regarding taxation as the taxation does not cut
down their investment arising incomes.

Impact Factor (JCC): 4.5976

Index Copernicus Value (ICV): 6.1

Investment Preferences of Salaried Persons of Indore

Annual Savings Level


Table 7
Particulars Below 1 Lac
Male
46
Female
78
Total
124
Percentage
25.9%

1-2 Lac 2-4 Lac Above 4 Lac Total


103
87
08
244
77
67
13
235
180
154
21
479
37.5% 32.2%
04.4%
100%

Regarding annual savings level four classes of investors were decided, namely, below 1 Lac, 1-2 Lac, 2-4 Lac and
above 4 Lac. Out of total respondents: 124 fall in below 1 Lac category; 180 fall in below 1-2 Lac category and 154 fall in
2-4 Lac category and 21 fall in above 4 Lac category. Their respective percentages were: 25.9%, 37.5%, 32.2% and 04.4%
respectively. Out of total male respondents: 46 fall in below 1 Lac category; 103 fall in below 1-2 Lac category and 87 fall
in 2-4 Lac category and 08 fall in above 4 Lac category. Out of total female respondents: 78 fall in below 1 Lac category;
77 fall in below 1-2 Lac category and 67 fall in 2-4 Lac category and 13 fall in above 4 Lac category. Results reveal that
classes of salaried persons who are having annual savings between 1-2 Lac, followed by 2-4 Lac, are more inclined
towards investing activity; probably, it due to the reason that persons after provisioning for contingency, tend to invest.
Total Annual Investment
Table 8
Particulars Below 1 Lac 1-2 Lac 2-4 Lac Above 4 Lac Total
Male
41
110
86
07
244
Female
91
86
46
12
235
Total
132
196
132
19
479
Percentage
26.6%
40.9% 27.6%
03.9%
100%
Regarding total annual investment (Considering the Total of All the Investment Avenues), four categories were
identified, namely, Below 1 Lac, 1-2 Lac, 2-4 Lac and above 4 Lac. Out of total respondents, 132 fall in category Below 1
Lac, 196 fall in 1-2 Lac, 132 fall in 2-4 Lac and 19 fall in above 4 Lac. Their respective percentages were: 26.6%, 40.9%,
27.6% and 03.9% respectively. Out of total male respondents, 41 fall in category Below 1 Lac, 110 fall in 1-2 Lac, 86 fall
in 2-4 Lac and 07 fall in above 4 Lac. Out of total female respondents, 91 fall in category Below 1 Lac, 86 fall in 1-2 Lac,
46 fall in 2-4 Lac and 12 fall in above 4 Lac. Results indicate that salaried persons normally invest between 1-2 Lac and 24 Lac annually. It shows their interest, willingness and capacity to invest.
Return on Investment
Table 9
Particulars
Male
Female
Total
Percentage

Less than or Equal to the More than the Prevailing


Total
Prevailing Market Return
Market Return
96
148
244
159
76
235
255
224
479
53.2%
46.8%
100%

Regarding return on investment two categories were decided, namely, less than or equal to the market prevailing
market return and more than the prevailing market return. Out of total respondents, 255 belonged to the category less than
or equal to the prevailing market return and 224 belonged to the category more than the prevailing market return. Their

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percentages were: 53.2% and 46.8% respectively. Out of total male respondents, 96 belonged to the category less than or
equal to the prevailing market return and 148 belonged to the category more than the prevailing market return. Out of total
female respondents, 159 belonged to the category less than or equal to the prevailing market return and 76 belonged to the
category more than the prevailing market return. Results show that almost 53% salaried people could get returns less or
equal to the prevailing market return; it further indicates that they could not outperform the market return.
Reason for Investment
Table 10
Particulars
Male
Female
Total
Percentage

Higher
Hedge Against
Safety Liquidity Tax Benefits
Future Needs Total
Returns
Inflation
69
48
32
67
09
19
244
44
38
47
61
16
29
235
113
86
79
128
25
48
479
23.6% 18.0% 16.5%
26.7%
05.2%
10.0%
100%

As for as reason for investment is concerned, 6 categories were identified, namely, higher returns, safety, liquidity,
tax benefits, hedge against inflation, and future needs. Out of total respondents, 113 chose higher returns, 86 chose safety,
79 chose liquidity, 128 chose tax benefits, 25 chose hedge against inflation, and 48 chose future needs as reason for
investment. Their percentages were: 23.6%, 18.0%, 16.5%, 26.7%, 05.2%, and 10.0% respectively. Out of total male
respondents, 69 chose higher returns, 48 chose safety, 32 chose liquidity, 67 chose tax benefits, 09 chose hedge against
inflation and 19 chose future needs as reason for investment. Out of total female respondents, 44 chose higher returns, 38
chose safety, 47 chose liquidity, 61 chose tax benefits, 16 chose hedge against inflation, and 29 chose future needs as
reason for investment. Out of results, it obvious that people do investment for getting tax benefit, sequentially followed by
reasons of getting higher returns, safety, liquidity, future needs and hedge against inflation.
CONCLUSIONS, SUGGESTIONS AND IMPLICATIONS
Conclusions
The results show that salaried persons of age groups 31-40 and 41-50 are more interested in investing. Results
show that graduates are investing more as compared to postgraduate, professional and higher secondary completed persons.
Persons falling in income group 2-5 Lac and 5-10 Lac are investing more in comparison of persons falling in other classes
of annual income. class of persons those are not filing return by any reason are more interested in investing activity as
compared to the persons of class filing income tax return. Classes of salaried persons who are having annual savings
between 1-2 Lac, followed by 2-4 Lac, are more inclined towards investing activity. Salaried persons normally invest
between 1-2 Lac and 2-4 Lac annually. Almost 53% salaried people could get returns less or equal to the prevailing market
return. People do investment for getting tax benefit, sequentially followed by reasons of getting higher returns, safety,
liquidity, future needs and hedge against inflation. Salaried persons go for higher returns with higher risk followed by
medium returns with medium risk. There is significant difference between investment preferences of salaried persons of
Indore on the basis of gender, marital status, age groups, educational level, annual income level, filing of income tax
return, annual savings level, total annual investment, return on investment, reason for investment.
Suggestions
Financial literacy among unmarried class of persons, especially regarding investment, should be increased so that
they are more inclined to invest. Importance of savings and investment should be explained through the curriculum of
Impact Factor (JCC): 4.5976

Index Copernicus Value (ICV): 6.1

Investment Preferences of Salaried Persons of Indore

education, especially in or before higher secondary education and to persons of age groups of 21-30. Investment seeking
companies may target to persons who are graduates. Postgraduates may also be targeted to be motivated towards
investments. Persons falling in income brackets of 2-5 Lac and 5-10 Lac should be targeted by investment seeking
organizations. Income tax provisions should be more relaxed regarding investment its returns more over first exemption
limit of income should be increased and more relaxation is expected regarding filling of income tax return by salaried
persons. Savings capacity of salaried persons should be tried to be increased so that they may tend more towards
investment after gaining feeling of secured against contingencies. Composite investment plan covering total investment
between 1-2 Lac and 2-4 Lac may be introduced; Customized portfolio of the ranges may be targeted by portfolio
managers. For outperformance of salaried investors, it is essential to make them more knowledgeable regarding
investment, investment products, investment information and portfolio skills. Reason for investment suggest that people
expect more tax benefit from government; it is further suggested that tax burden should be less on salaried persons so as to
make investment for its other genuine reasons that are higher returns or safety or liquidity or any other appropriate reason.
Salaried persons should be made very clear about the risk impact upon their investment and its returns well before they
really invest into any investment avenue; portfolio approach may be given priority.
It is suggested that investment should be made as per financial plans which usually differs from individual to
individual taking into consideration once own specific need. After financial planning, investments plans are to be prepared
to obtain capital growth and return appreciation. For safe and secured life and investment medium term investment should
be done. People may take peer advice for it. Investments are instruments through which capital growth can be assured and
inflation can be fought against with the help of financial advisors. To earn profit and to have profitability, investments may
be done for long term also. One may take help of relatives while investing. Family needs should not be ignored out and one
should be ready enough to dispose of investment against family needs because the investment are not meant for joy of
seeing appreciating and increasing them only. Persons should invest according to their gender, marital status, age groups,
educational level, annual income level, filing of income tax return, annual savings level, total annual investment, return on
investment, reason for investment, etc. considering different factors that determine their personal investments decisions.
Implications
Human beings are rational. One invests according to owns financial needs through planning and well structured
investment plan with capital growth orientation. Government should provide tax benefits to ensure higher investment rate
in the country. Investment is a tool against risk coverage and emergency needs. One can live safe and secured life if he
continues to invest for medium term. Long term investments may yield profitability. A caution is to be taken that
investments sometimes are not able to satisfy entire future family needs. Investments are a tool against fighting or hedge
against inflation. Salaried persons today are aware of what is happening around them and are intelligent enough to decide
what is best for them. Every option is considered and the pros and cons of each weighed carefully before the decision to
invest the hard-earned money is taken. They are able change their investment preferences according to the other changes
that happens are likely to happen in future.
Epilogue
The study on Investment preferences of Salaried Persons of Indore has been undertaken with the objective, to find
and analyze the investment preferences of salaried persons of Indore. Analysis of the study was undertaken with the help of
survey conducted. After analysis and interpretation of data it is concluded that in Indore respondents have varied and
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10

Sunita Totala

different investment preferences. The study is conducted by taking a limited number of sample sizes which is stated earlier.
This study reflects the perceptions and opinion of those respondents who are residing in Indore. There might be a chance
that the perceptions and opinion of the respondents of other places may vary due to diversity in social life, living pattern,
income level, local factors, etc. There is a likely hood of similar results if similar situational and place are taken. It is
concluded that salaried persons differ in investment preferences on various demographic and other basis.
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Impact Factor (JCC): 4.5976

Index Copernicus Value (ICV): 6.1

Investment Preferences of Salaried Persons of Indore

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