Executive summary

Investment is a type of activity that is engaged in by the people who have to do

savings i.e. investments are made from their savings, or in other words it is the people
invest their savings. A variety of different investment options are available that are
bank, gold, real estate, mutual funds, insurance and so on much more.

Investors are always investing their money with the different types of purposes and
objectives such as profit, security, income stability, safety, liquidity, retirement, and
so on.

Here in this paper we have studied the different types and avenues of investments as
well as the factors that are required while selecting the investment with the sample
size of 100 salaried women by conducting the survey through questionnaire in Thane
city, of India. Actually here the present study identifies about the preferred investment
avenues among individual investors using their own self-assessment test.
INTRODUCTION

1.1 Introduction to Investments

Economy of any country is driven by investments leading to capital formation.

Savings lead to investments. In India, the household sector occupies the prime place
as far as savings is concerned in comparison to institutional sectors, whether it is
private or public. Every government in the world would like households to save, as
personal saving constitutes the largest segment of national saving in most of the
countries. This is followed by savings of the corporate sector, with government
savings being least or negligible in most of the countries.

According to the economists and central bankers, for sustained economic growth of a
country, rise in domestic savings is necessary. As per 2013 RBI annual report,
household saving for 2012-13 is 22.3 percent of the GDP.

Every individual earning money, spends it to meet his or her own personal needs or to
fulfill the basic needs of his or her family. Individuals use money for various purposes
including funding their daily house hold expenses and expenses incurred for buying
luxuries for a better life. Money earned is generally used to fund some immediate
expenses or saved to meet some future needs. Those who spend less than what they
earn end up with savings. These savings can be accumulated and grown to fund
various goals, such as, for education, marriage, vehicle purchase, house purchase or
for acquiring any other asset, for medical emergencies and for meeting the post
retirement financial needs. In general, the entire amount saved is not held in cash, but
is invested in different asset classes or investment avenues in order to get a return,
which can be in the form of regular income or capital appreciation or sometimes both.
Women, in general are savers according to the Association of Bankers 2013 report.
Even in India, under the recently launched Janadhan Scheme , a large number of new
bank accounts were opened. In rural areas, major part of the new accounts was
opened in the names of women according to the report released in 2014 by Punjab
National Bank, resulting in a greater contribution by women. This scheme provided
an opportunity for women to open bank accounts thereby increasing the percentage of
the population under financial inclusion program of the government.
Successive governments in India have stressed on providing and improving the
educational opportunities for children, especially girl children. The efforts of the
government have led to an increase in the number of educated women, who are well
qualified and have the necessary skills to gain employment. With the opening up of
the economy and the progress and investment made in the banking, financial services,
insurance, software and educational sector, job opportunities have increased for
women in India. The increase in the number of employed women has led to rise in the
number of savers as well as the quantum of savings by women.

As per Census 2011, the population of India is 1210.19 million comprising 586.47
million (48.5%) females and 623.72 million (51.5%) males. Females have a share of
48.1% in the urban population and of 48.6% in the rural population. Women find
more opportunities to work in urban cities. According to the NCAER survey of 2004
-05, the main source of income is through salary, for people living in urban areas is
36.9 percent and 81.4 percent of households at the all-India level save a part of their
earnings. The figure is 88% for urban India and 78.5 % for rural India. The work
force participation by women in urban sector was 13.8% for females and 54.3% for
males. Employment to population ratio for female in India was last measured at 27.50
% in 2011. Table 1.1 helps us understand the avenues of investment according to the
NCAER survey. This table gives the distribution of investment in percentage of the
total investment made by households. Avenues of investment in this table are us as
part of investment classification in the current study.

Distribution of Investment (as% of Total Investment)

Avenue of investment Urban Rural
Stock Market 7.5 6.3
Small savings 5.4 6.7
Life Insurance 26.6 16.7
Jewellery 12.8 16.6
Consumer goods 32.3 39.1
Others 15.4 14.6
Total 100.0 100.0
Source: NCAER Survey 2004-05
Displays the findings of the survey based on the population of the city. This helped in
further refining of the asset classes available for people living in cities taken up for the
current study having population of more than 50 lakhs. Investment in stock market is
higher in cities compared to a town with population of less than 50 lakhs. This
information indicates the prevalence of investment in stock market in cities which are
taken for the study and stock market investment related questions are added in the
survey questionnaire.

Preferred form of saving based on the population of cities

Population 5–10 10–50 Over 50

Lakhs lakhs lakhs
Stock Market 3.7 2.1 11.4
Small savings 3.2 2.0 6.4
Life Insurance 20.6 11.0 24.2
Jewellery 16.4 15.6 11.0
Consumer goods 40.6 42.6 30.3
Others 15.5 26.7 16.7
Total 100.0 100.0 100.0
Source: NCAER Survey 2004-05

Financial Marketers are increasingly looking towards women investors for growing
their sales. The range of products is multiplying manifold due to globalization and
interconnectivity of financial and commodity markets across the world. There is
general notion that, men are more comfortable in managing money in comparison to
women. However, with the increase in the number of women having an independent
source of income, there is an increase in the participation of women in the area of
investments. Financial products liked by and suitable for men may not meet the needs
of a women as they may have their own yardstick for taking investment decisions.

Majority of the studies carried out compare the investment pattern of men and
women. Very few institutions and asset management companies have tried to
understand the investment pattern and behaviour of women towards financial
products. As India is a patriarchal society, investment decisions are taken by the male
members of the family. This reduces the interest of women to understand financial
investments. Women are consulted regarding investments in real asset investment like
property and precious metals such as gold and silver are concerned. There is dearth of
studies related to investment by women. Details about various studies carried out are
covered in chapter two under Literature Review. Based on past studies and the
research gap identified about the investments by women in chapter two, it will be
illuminating to know how the savings made by employed women are channelled into
different investment avenues and the reason for the same. It is in this background, that
a detailed study and analysis of the investment pattern among employed women has
been carried out.

To have a better understanding about different investment asset classes and their
features, a brief, starting from classification of investments and their specific features
related to risk and return is covered in this section.

1.2Classification of Investments

Investments by individuals are made with an objective of generating capital

appreciation, regular income or both. There are various assets which offer investors a
combination of capital appreciation and income. There is a wide range of product
choices available for investors to meet their needs. All assets available for investment
for individuals are broadly classified into two types:

Real Assets
Financial assets

Real Assets

Real assets are tangible in nature and contribute towards the growth of an economy
directly. Investment in land, building and machinery are considered as investments in
real assets. Gold, silver and other precious metals are tangible in nature but are not
considered as real assets, as they do not directly contribute in the growth of an
economy. Investment in precious metal is considered as investment in commodities.
The predominant investments by individuals under real assets are in residential
properties. Investment in residential property could be in an empty site, an
independent house, flat or a rent yielding commercial or residential property. If not
self-occupied, a residential building can fetch an investor regular income by way of
rent as well as capital appreciation in case if there is an increase in the price of the real
estate. Investment in residential property by individuals is for own use and also
provides an individual a place to stay post retirement and if required can be monetized
using reverse mortgage. Studies covered under literature review show that women
prefer investment in gold and real estate. Classification of investment in gold and real
estate has been broadened in the current study

Financial Assets

The major investment opportunity for individuals is available in this asset class.
Financial assets are indirect claims on real assets. They are intangible in nature and
are available in different forms like bonds, equities, mutual funds, exchange traded
funds, real estate investment trusts or a combination of debt and equity in various
proportions. Indirect claim on precious metals like gold and silver are also classified
as financial assets. Financial assets based on their features and characteristics are
broadly classified into:

Debt

This category of assets or securities provide regular return over the life span of the
instrument. The return is in the form of interest and, the rate of interest payable is
specified at the time of making the investment in the instrument. Interest is paid on the
face value of the security and the most common frequency of payment of interest is
semi-annual. The rate of interest payable is also known as coupon rate. Interest is paid
till the maturity date of the debt instrument.

Debt instrument having a life of less than a year is traded on the money market.
Popular instruments traded on the money market are, treasury bills, commercial
papers and certificate of deposit.

Debt instrument having maturity period of one year or more is traded on stock
exchanges as well as on the over the counter (OTC) market. India government dated
securities having a maximum maturity period of 30 years are available for investors
looking for risk free long term debt instruments. There are cases where more than
30years‟ bonds are issued including perpetual bonds, which do not have any maturity
period.

Investments in debt instrument carry default risk. Companies issuing any form of debt
instrument should obtain credit rating from approved rating agencies. The rating
assigned indicate the financial ability of the company to fulfill the obligations as per
provisions of the bond indenture, which include timely payment of interest and the
ability to pay back bond value as per the terms of issue at the time of maturity of
bonds.

Government issued bonds are considered to be the safest among the debt instruments.
As far as Indian markets are concerned, liquidity is a major challenge for investors.
Hence, Investors looking for stable and regular income are the major investors in this
category of asset class. There is limited scope for capital appreciation in these
instruments. Past studies covered in chapter indicate that women prefer to invest in
debt instruments issued by postal department and bank deposits. An attempt is made
in the current study to add a broad range of debt instruments available in the market
including the debt mutual funds.

Equity

In simple words, investment in the equity of any company makes the investor a
shareholder of the company. Investors in equity market focus mainly on capital
appreciation rather than regular income. Many profitable companies declare and pay
dividend to the equity shareholders. Not all equity shares are liquid. Equity shares of a
listed company get traded on the stock exchanges, providing a high level of liquidity
in comparison to debt instruments. The perceived risk associated with equity shares is
much higher in comparison to many financial products available in the market. The
two major stock exchanges in India where equity shares are actively traded are
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Review of
literature carried out in chapter II, indicates the increase in the number of women
investing in equity directly or through mutual funds. An attempt is made in the current
study to understand the source of information and influencers leading to investment in
equity by women.
House hold saving as percentage of GDP
Financial Financial Physical
Year Assets Assets
2009 – 10 12% 13.2%
2010 – 11 9.9 % 13.2%
2011 – 12 7.0 % 15.8%
2012 – 13 7.1 % 14.8%
Source: The Economic Times dated 15/4/14

Asset break up
Financial Year Physical Financial
Assets%
2008 48.12 51.88
2009 57.09 42.91
2010 52.49 47.51
2011 57.01 42.99
2012 69.23 30.77
20 13 67.59 32.41
Source: CMIE, Mint dated May 28, 2014

It can be observed from Table 1.4 that from 2008 to 2013, there is a gradual reduction
of investments in financial assets. It has dropped from 51.88 percent to 32.41 percent
in the financial year 2013, indicating that individuals preferred investing in physical
assets in comparison to financial assets. In this period, the major investment in
physical assets consisted of investments in gold. During the period from 2008 till
2012 gold price was on continuous rise giving handsome return for investors in gold.
Provides the return on gold and equity represented by Sensex.

Returns on Sensex and Gold

Year Sensex MCX Gold
return in % return in %
FY 08 19.68 29.38
FY 09 -37.94 24.41
FY 10 80.54 8.19
FY 11 10.94 27.36
FY 12 -10.50 35.24
FY 13 8.23 4.81
FY 14 18.85 -2.74
Source:CMIE, Mint dated May 28, 2014

1.3 Investment Concepts

Millions of investors buy bonds, mutual funds, equity, gold or similar investment
products, for different purposes. The decision to invest in a specific assets class or
classes of assets is primarily driven by the risk and the return associated with the
product.
Any investment made carries certain amount of risk, which is the uncertainty of return
on the investment made or even losing the capital invested. There is no uniformity of
opinion about the risk associated with a particular investment product across
investors. What may seem to be highly risky to one investor may be considered to be
average risk product by another investor. Evaluation of risk associated with a financial
instrument may depend on the past experience of the investor, financial expertise or
dependence on others for investment. These factors may drive an individual opinion
about the risk level of a certain financial product. The perception of investors about
the risk associated with a financial instrument ranges from no risk to very high risk in
relative terms. The perception of investors towards different asset classes is captured
in the current research using suitable questions.

1.4 Indian Investment Scenario

Over the last 25 years the world of investments in India has undergone a sea change.
The change is in terms of the variety of products, alteration in the market participants,
rules and regulations, grievance redressal mechanisms and the functioning of the
markets. This change was due to the growth of the Indian economy and the opening of
the economy to foreign investors. Foreign investments in the Indian securities markets
were restricted till late 80s. There was restriction on foreign direct investment and
portfolio investments by foreigners. Indians were not free to invest in markets abroad.
Investors had very limited investment options and products to choose from.
Investment opportunities were limited to bank deposits, postal department savings
schemes, national savings certificates (NSC) of different maturity periods, monthly
incomes schemes(MIS), traditional life insurance products offered by the life
insurance corporation, unit trust of India (UTI) operated unit -64 mutual fund scheme,
employee provident fund, public provident fund, equities and debentures. Due to the
large reach of postal department, investors were investing in most of the small savings
schemes offered through postal department and where ever stock exchanges were
there, investors had the opportunity to invest in equity shares of listed companies. For
urban investors opportunities were available for investing in equity, bonds, debentures
and other instruments available in the capital market. For rural populations there were
chit funds in addition to postal schemes. There is possibility that, due to lack of
investment opportunities, rural India focused on buying gold, other precious metals
and stones along with agricultural land and other real estate assets. At one point of
time people invested in gold bonds. Due to the presence of Life Insurance
Corporations of India in smaller towns and district headquarters, life insurance had
popularity with some investors. Till mid-90s, Life Insurance Corporation of India was
synonymous with life Insurance. Banks had limited presence, and options available to
investors were recurring deposits and fixed deposits. Unlike the present scenario,
banks were not marketing any third-party products.

1.5 Types of Financial Markets

Based on the types of instruments and the tenor of the instrument, financial Markets
are divided into two broad categories:

1. Money market
2. Capital market

Money Market

This market deals with short term instruments. Short term instruments have a maturity
period of less than one year. Popular instruments traded are treasury bills issued by
Reserve Bank of India (RBI), commercial papers issued by private sector, and
certificate of deposit issued by banks. This market is a wholesale market where the
major participants are banks, insurance companies, mutual funds and other
institutions. Retail investors have limited presence. Small investors can take part in
this market through primary dealers or mutual fund houses, that offer schemes
investing in instruments traded on the money market. Reserve Bank of India is the
regulator for this market.

Capital Market

In this market financial instruments with life spans of more than a year are traded. The
instruments available in this market are equity shares, debentures, bonds, mutual
funds including exchange traded funds (ETF‟s) Capital market is regulated in India by
Securities Exchange Board of India (SEBI). This market is further divided into
primary and secondary market
Primary Market

In this market companies raise capital by offering securities to public. The instruments
offered are equity shares, bonds, debentures or any other security approved by the
capital market regulator. The offer made to the public is also called as Initial Public
Offer (IPO). If any firm approaches the market for further issue of capital, then such
issues are called as further public offer or Follow on Public Offer (FPO). There is
reservation of 35 % for retail investors in all IPOs. In spite of reservation the
subscription by retail investors are not very encouraging. Mutual funds also approach
investors through new fund offer (NFO) and private and government companies take
the premarket route for raising capital by issuing bonds and debentures.

Secondary Market

In this market, all the securities issued in the primary market are dealt. This market
offers liquidity for the securities offered in the primary market. The transaction in
securities in the secondary market are done through the stock exchanges and over the
counter (OTC) market. Major investment opportunity for retail investors exists in this
market. Securities to be traded on the stock exchanges have to follow all the rules and
regulations of the stock exchanges and SEBI. BSE and NSE are the two major
exchanges of India. More than 5500 companies‟ securities are listed on BSE, but
active trade takes place in about 3000 company shares. Many fly by night companies
delisted from exchanges for not conforming to the rules and regulations of exchanges
and SEBI.

With the opening of the mutual fund sector for entities other than Unit Trust of India
(UTI) in mid 80s, there was a rapid growth in the mutual fund schemes offered by
Indian banks and foreign mutual fund houses. This brought in product innovation due
to the expertise of the foreign fund houses as well as due to the competition. Investors
were able to get a wider range of mutual fund schemes meeting their requirements. As
of today the market size of mutual funds in India is close to Rs 10 lakh crores, and
many investors enter the securities market through mutual fund investing.

Till the creation of SEBI, retail investors suffered in the hands of brokers and other
financial intermediaries due to lack of transparency in the execution of the trade and
pricing of securities. Investors in stock market were at the mercy of stock brokers. In
early 90s many investors lost money and faith in the capital market due to various
scams led by Harshad Mehta’s stock market scam, which exposed the weakness in
regulation of the stock market. Investors lost money due to lack of transparency in
brokers, manipulative promoters and fly by night companies that entered the capital
market, as well as due to lack of regulatory control. Stock exchanges were controlled
by brokers which resulted in further sufferings for there tail investors, as exchange
authorities were not bothered about the resolution of investor complaints and
grievances. Investors were plagued with defective documents including fake share
certificates, damaged transfer deeds, signature mismatching transfer deeds, delay in
transferring of shares, non-receipt of dividends and many more issues which
weakened the confidence of the investors.

1.6 INVESTMENT AVENUES

Everywhere people talk about money. Every individual, corporate or government will
be earning and spending money. It is difficult for these entities to match their earning
and spending that is earning and spending will not be equal always. The difference
between earning and spending creates imbalance, which leads to either saving or
borrowing. Spending more than earning will lead to borrowing and spending less than
the earning will lead to saving. What someone does with the savings could differ from
person to person. Someone may keep the excess money at home, while someone may
invest the savings. The main purpose of saving is to meet the need of money in future.
Some needs could be anticipated like buying a vehicle, house, education needs of self
or children, whereas medical emergencies are unpredictable. This trade off of between
present use of money against a future anticipated or unanticipated requirement of
money is the reason for savings. Every individual expects the savings to grow to a
higher value in future in comparison to the present value of the savings. To attain this
objective, savers look for avenues where their savings could be parked or invested.
This process of committing the money currently available, for a certain period of time
to derive higher future value is called investments. There could be difference in the
way an individual handles his savings in comparison to how it is handled by a
corporates or a government. How an individual handles money, could depend on
multiple factors, including his or her demographic profile? There are many avenues
available for investment for an investor. Chapter one contained details about different
asset classes and their features. Here a brief description of common investment
products available under different asset classes are given. This will help in
understanding the features available in each product which could influence the
investment decision of investors. Financial world offers a very wide range of
products. Brief on products identified as per literature survey and the surveys by
government agencies namely: NCAER, IRDA, SEBI, PFRDA and RBI are given in
the sections below. These products are used for classification of investment holding of
the respondents. Additional sub classification of products is also done in the research
questionnaire for better understanding.

a) Savings Bank Account

Most employed individuals receive their salary through bank accounts maintained by
them. The most common type of account held by individuals with banks is savings
bank (SB) account. The account holder can deposit and withdraw money from his or
her account at any time. The balance remaining in the savings bank account earns a
nominal interest. Majority of the banks offered around four percent per annum interest
during the period of the study. The surplus money of an employed person gets
accumulated in the savings bank account. In general people prefer to have account
with a Government owned public sector bank assuming that they are highly secured.
Private banks are also popular due to the quality of service offered and the variety of
services offered by them. Cooperative banks are popular in semi urban and rural
areas.

b) Bank Fixed Deposits

Banks offer individuals to open fixed deposits (F D) also called as term deposit. This
is one of the popular form of investment, by individuals. Fixed deposits can be opened
by any person by depositing the minimum amount specified by the bank. The deposit
holders have to specify the time period of the deposit, with the minimum period of
deposit being 15 days by most of the banks. Bank fixed deposits offer a higher interest
rate than the savings bank account. Banks offer different interest payment options
starting from monthly, quarterly, semi-annually or annually. There is an option for
cumulative deposits, where in, at the time of maturity of the deposit the principle and
the accrued interest is paid. Fixed deposits with the bank are popular among investors
due to the flexibility of choosing the amount and the term period of the deposit. The
amount of interest earned in a fixed deposit is taxable in the hands of the deposit
holder. Government allows certain tax benefits for the notified five year deposits with
the banks. To compare the returns across different asset classes and to evaluate the
risk premium in comparison to bank deposits and the influence of interest rates on the
investment decision the State Bank of India (SBI) fixed deposit rates for the period
2010 to 2014is provided in table below.

Fixed Deposit rates

Year 2010 2011 2012 2013 2014
Rate in % 6.0 7.8 9.3 8.5 9.0

c) Recurring Deposits

Banks offer to its customer, an option to deposit a pre specified sum of money
periodically for a specific time period under recurring deposit (RD) schemes. The
most popular period of regular deposit is monthly. At the end of the recurring deposit
period the amount accumulated along with the interest earned is paid to the depositor.
Recurring deposit account is very popular among small investors who want to
accumulate a large amount after a specific time period to meet their financial goals.
Many customers open the recurring deposit in the name of their children to meet their
educational needs. Recurring deposit is one of the methods to inculcate the saving
habit in children.

Banking products are not negotiable. They do offer nomination facility. Interest rate
offered for fixed deposit is announced in advance and changes from time to time
based, on the monetary policy announced by Reserve Bank of India. For many
investors, the investment activity starts with banking products.

d) National Savings Certificate

Popularly known as NSC. Investor has an option to buy National Savings Certificate
(NSC) from post offices, which allows an investor the tax benefit under section 80C.
Encashment of the savings certificate before the due date is not allowed.
The two important form of investment that attracts the interest of employed persons
due to the tax benefits are contribution to provident fund and Life Insurance policies.
These are long term investment products. National pension scheme (NPS) offered by
government is also available for individuals, NPS has not seen the desired level of
participation by individuals due to lack of awareness and knowledge about the
product.

e) Provident Fund

There are two ways to participate in the provident fund schemesfor an individual.

Employee Provident Fund (EPF)

Contributions to provident fund of an employee by the employer are compulsory, if

the number of employees in a firm are 20 or more. Employers come under the
Employees Provident Funds & Miscellaneous Provision Act, 1952. As per the Act,
the employer’s statutory rate of contribution is 12% of emoluments (basic wages,
dearness allowance, cash value of food concession and retaining allowances if any,)
of the employee. A matching contribution from the employee is mandatory. In case
the member wants to contribute more the minimum prescribed amount, then he can do
so at any rate he desires. i.e. up to 100% of basic and D.A. But the employer is not
bound to contribute at the enhanced rate. At present the different schemes available
are Employees Provident Fund Scheme, 1952, Employee Deposit Linked Insurance
Scheme,1976 and Employee Pension Scheme, 1995.

The rate of interest for such contributions are fixed by government. This rate of
interest applicable for provident fund is announced every year and changes based on
the prevailing economic conditions. The prevailing interest rate (2013 – 14) is 8.75 %

Public Provident Fund

Individuals who are not eligible to open EPF account can open a public provident
fund account (PPF). Every year, an individual can deposit a maximum of Rupees one
lakh fifty thousand in this account. The public provident fund is one of the top choices
for many to save tax. The interest offered under PPF are monitored and maintained by
the Government. The interest rate is linked to the bond yield in the secondary market.
Currently savings in PPF earn 8.75 percent interest. The PPF offers investors a lot of
flexibility regarding the amount of investments, it can be as low as Rs. 500 and can be
as high as rupees one lakh fifty thousand. This is a long term product. The account
can be closed only at the end of fifteen years from the date of the deposit made into
the account.

Interest earned under provident fund schemes are not taxable and can be opened in the
name of spouse and minors, but the total contribution cannot exceed the limit set by
the government.

Below table provides a comparison among the PPF, EPF and 5-year deposit with
banks qualifying for tax benefits.

Tax saving products returns

Financial SBI 5 year PPF EPF
year deposit
 2005 – 06 6.50 % 8.0 % 8.50 %
2006 – 07 7.21 % 8.0 % 8.50 %
2007 – 08 8.33 % 8.0 % 8.50 %
2008 – 09 8.80 % 8.0 % 8.50 %
2009 – 10 7.67 % 8.0 % 8.50 %
2010 – 11 7.87 % 8.0 % 9.50 %
2011 – 12 9.11 % 8.6 % 8.25 %
2012 – 13 8.65 % 8.8 % 8.50 %
2013 – 14 8.83 % 8.7 % 8.75 %
Source: Bloomberg, RBI,EPFO, Economic Survey 2013 – 14

f) National Pension Scheme

Every individual is in need of financial stability and security during old age. Not all
citizens are covered under pension schemes. To meet the needs of citizens,
Government of India launched the National Pension System (NPS) on 1st January,
2004 with the objective of providing retirement income to all the citizens. NPS was
initially launched for government employees not eligible for pension. From May
2009, it is open for subscription to all. Main aim of the NPS is to inculcate the habit of
saving for retirement amongst the citizens. The fund collected under NPS is managed
by pension fund managers shortlisted by the government.

The return on investment under NPS is based on the performance of the pension fund
managers. This product is still not very popular among individuals due to lack of
awareness and being a new product has its own challenges of acceptability.

g) Bonds

A bond is an instrument of debt and resembles a promissory note. The issuer of the
bond pays a specified amount to the holder of the bond at specified future dates as
mentioned in the bond indenture at the time of issue. The payments which are made to
the bond holder are the periodic interest payments and the redemption of the principal
amount at the time of maturity. Interest is payable half yearly once or annually once,
depending on the terms specified. Payment once in six months is the most common
periodicity of payment of interest followed by the bond issuers. Bonds are issued by
central or state Government, financial Institutions, utility companies (like electricity
boards, railways etc.) and by private sector companies.
In India we use the word “Debentures‟ for the long term debt instruments issued by
non-government corporates and use the word Bond‟ for these securities if it is issued
by government or government assisted entities. Basic features of a bond are

Bonds are classified into different categories based on the term to maturity.
1. Long term Bonds: When the maturity period of the bond is more than 10 years.

2. Medium term Bonds: When the maturity period is 5 to 10 years.

3. Short term Bonds: When the maturity period is less than 5 years.

h) Insurance

Insurance offers protection against pure risk. Pure risks are accidental and
unintentional. All pure risk is considered by insurance companies for providing
insurance cover. It is possible to estimate the loss in case of pure risk, and the original
status of the asset could be restored in case of non-life covers. Speculative risk that
has chance of either gain or loss cannot be insured. There are different types of
insurance products available in the market. To provide the insurance cover,
individuals have to pay premium to the insurance company.

All types of pure risk Insurance covers are classified broadly into two categories:

i) Non-Life Insurance products

This type of insurance covers all assets other than the human life. Non-life insurance
covers are annual contracts that have to be renewed every year by paying the requisite
insurance premium. The most popular insurance covers for assets owned by
individuals are:

Motor Vehicle Insurance

This type of insurance covers the motor vehicles owned by an individual against theft
and accidental damages. The motor vehicle owned could be two wheelers, cars or any
other vehicles eligible for cover including trucks and busses. In case of accidents, if
the vehicle is in a repairable condition then the cost of restoring the vehicle to its pre
accident condition is borne by the Insurance company. In case of total damage or theft
of the vehicle, the Insured declared value is paid to the owner of the vehicle. In India
motor vehicle insurance is mandatory for all vehicles plying on the road.

Home Insurance

In this type of Insurance, the contents of the house and if required the building itself
can be insured against damage caused by third party or due to the fury of the nature.
The contents in the house are covered for accidental damages and theft.
There are insurance policies available to cover housing loans which are of great
importance for individuals, if there is an outstanding loan against the residential
property and in the eventually of the death of the borrower, insurance company pays
to the bank the outstanding amount and the dependents have the secure ownership of
the residential property.

Health Insurance

These types of policy covers the medical expenses incurred by insured person in case
of hospitalization due to medical problems. This is one of the most important cover an
individual should consider during financial planning. Most of the employers provide
health insurance to the employees under group health insurance cover. As long the
individual is employed with the company, the cover is in force, but once a person
leaves the job the insurance cover lapses. Any expense above the insurance cover
amount has to be borne by the insured person.

j) Life Insurance

Life Insurance is a protection product which forms an integral part of an individual’s

financial plan. Life insurance provides monetary cover against the life of the insured.
Since the value of the human life cannot be assessed, Insurance companies provide
the monetary cover is in terms of sum assured by the insured at the time of taking the
policy. Life insurance substitutes for the loss of income in the event of the death of
the wage earner. In case of the death of the insured person, the sum assured is paid to
the dependent of the deceased.

The sum assured depends on many parameters like age of the insured, current
earnings, health condition of the persons and many other parameters as specified by
the insurance companies. Based on the information provided by the individual,
insurance companies will calculate the premium payable by the insured. Life
insurance contract are a long term contract and the contract period depend on the age
of the insured. Regular payment of the premium till the contract period is mandatory.
In case of the default in payment of the premium by due date, the insurance cover
ceases to exist. The person defaulting in the payment of premium will get only the
surrender value as per the terms and conditions of the policy.

There are many types of life insurance products which are offered by the insurance
companies. They all provide life cover, but have different conditions and maturity
benefits. These types of polices which are popular are :

k) Term Insurance

Term Insurance provides protection against death in monetary terms for a specific
period of time, also called as policy period. It has no maturity value in case the
insured person survives after the term period of the insurance. The sum assured is
payable only in case of the death of the insured during the period covered by the
policy. The premiums charged by the insurance companies are the least for term
insurance policies. The premium amount remains same throughout the policy period.
It is appropriate for young people who need large amount of insurance and those who
are need of only life protection and whose insurance needs will decrease over time.
Many housing loan providers insist the borrower, to take term insurance matching the
housing loan term and the sum assured is equivalent to the housing loan amount.
Being the cheapest form of life insurance, the premium also is less for the borrower.
The only disadvantage of term insurance is that at the end of the policy period the
insured does not get anything.
l) Whole Life Insurance

This kind of insurance policy not only provides life cover but also has some savings
element inbuilt, wherein at the end of the policy period some cash payment the
insured person in case of survival. The premium charged is higher than the term
insurance policies. The Insurance premium amount remains same throughout the
policy period. The amount received at the end of the policy period is not taxable. The
policy period generally ends when the insured is close to retirement age. This amount
received at the end of the term period helps at the time of retirement.

Money back policies

Another important type of policy available in the market is the money back policy.
This policy provides life cover as well as cash payment during the term period of the
insurance. A fixed amount of premium is paid every year to enjoy the life protection
and at specified intervals as mentioned in the insurance policy, a certain percentage of
the sum assured is paid.
For example, if some on takes a rupees one lakh cover for a period of 15 years, then
under money back policy, the policy holder may receive 25% of sum assures at the
end of 5 years, 25% at the end of 10 years and at the end of the period receives the
balance of 50% (Rs. 50,000).

m) Unit Linked Insurance Plans

There is always a debate from individuals about the poor return they get from
traditional insurance plans, forgetting that it is a protection product rather than an
income generating product. To meet the market demand for an investment product,
insurance companies came out with a unique plan which combined the life cover
along with the market return. Such a product offering dual benefit is known as Unit
Linked Insurance Plans (ULIPs). ULIP is actually a bundled product, that not only
provides life insurance cover, but also allows the policy holder to participate in the
capital market. They put insurance and investments together. Like any other insurance
product, you have to pay insurance premium. The premium collected is split into two
parts, one part going for providing the term insurance cover and the second part is
invested in the units of debt, equity or liquid funds. The choice of funds where
investment has to make is given to the policy holder.

n) Mutual Funds

In India, the Mutual Fund industry started with the setting up of Unit Trust of India in
1964. Public sector banks and financial institutions began to establish Mutual Funds
in 1987. The private sector and foreign institutions were allowed to set up Mutual
Funds in 1993.

Mutual funds are collective investment schemes, where a large number of investors
having a common investment objective pool their money for investments. Mutual
funds are sponsored by investment institutions which act as investment conduit. The
sponsoring company appoints an Asset Management company (AMC) to invest the
money collected from the investors. The amount pooled in by the investors is invested
in asset classes as per the investment objective of the mutual fund scheme under
which the money is collected. The amount is handled by a fund manager designated
by the asset management company. The fund manager invests this pool of money in
securities, ranging from shares and debentures to money market instruments or in a
mix of equity and debt, depending upon the objectives of the scheme to ensure good
returns from the fund for the investors There are many reasons why people invest in
mutual funds.

The common reason cited are :

Professional expertise
Diversification
Cost
Liquidity
Transparency
Flexibility:
Tax-saving.
Well-regulated market

o) Mutual funds Classification

Based on the structure, mutual funds are classified as:

a) Open - Ended Schemes

An open-end fund is one that allows for subscription and redemption all through the
year. There is fixed maturity period. Investors can buy and sell units at Net Asset
Value announced on daily basis. Liquidity is a key feature of open-end schemes.

b) Close - Ended Schemes:

A closed-end fund has a pre specified maturity period which ranges form from 3 years
onwards. Investors can subscribe for the units at the time of New Fund Offer (NFO).
Subsequently the buying selling of units takes place through the stock exchanges
where they are traded. At the end of the maturity period, the units are redeemed based
on the net asset value. These kind of schemes are prescribed for long term investors.
Many fund hoses convert the close ended schemes to open ended schemes after the
lock in period to provide liquidity for the investors.
p) Equities

Equity investment also known as investments in shares, which means investing one’s
money in a company share to become its shareholder. Since running a business
involves risk, investing in equity shares carries a higher level of risk with a potential
of higher returns when compared to investment in debt instruments. Shares of listed
companies are traded on stock exchanges. Some of the benefits of owning shares are

 Possibility of increase in market price (Capital appreciation)

 Entitlement for any corporate action announced by the company

 Tax benefit under long term capital tax

 Historically stocks have given better inflation adjusted returns compared to other
asset class
 Transparency in the information about the stock price

 Highly regulated by Securities Exchange Board of India

The return from equities could be in form of appreciation in the share price, dividends
or both. In spite of all the benefits of stock investing, there are some drawbacks of
stock investing like

 Possible decline in stock prices

 Manipulation in stock prices

 Company going into liquidation

 Poor liquidity in the stock market

q) Gold

Gold and Indian savings habit go hand in hand. Importance and significance of gold in
India starts from the birth of child, where gifting of gold jewellery is a must for most
of the families. Indian are obsessed with gold. Irrespective of the financial and social
status, gold is held by most of the Indian families. Investment in gold is considered to
be a safe haven world over. Physical gold can have purchased in various forms,
starting from gold coins, bars, jewellery. Today investors have the option to buy gold
either in paper form or in electronic form.

r) Commodity market

With the opening of commodity exchanges in India, investors are in a position to in

commodities. Commodities are classified as

a) Agricultural commodities
b) Non-agricultural commodities
Products traded under agricultural commodities are primary products and not
manufactured and finished goods. Some of the important agricultural commodities
traded are spices like cardamom, jeer, turmeric, coriander, soybean, castor seed,
mustard seed, Chana, sugar, cotton, wheat, maize and menthe oil.

Non-agricultural commodities traded are classified under two categories:

i) Crude oil, Natural gas, Heating oil
ii) Precious metals consisting of Gold, Silver and Platinum

1.7 Operational Definitions of Concepts

Employed women

For this study, employed women comprised those women, who were employed
outside their residence and were drawing salary from their employees. Practicing
professionals, business women and self-employed women were considered as
employed women for this study.
Savings

The amount remaining with an individual after meeting all expenses from the income
earned.

Current Investments

The portfolio of financial and Physical assets held by an individual at the time of
survey.
Financial Assets

Assets held by individuals which are not tangible in nature. Common financial assets
held by investors are equity shares, bonds, debentures, fixed deposits, mutual funds
and other similar products.
Physical Assets

Assets held by individuals which are tangible in nature like real estate, motor vehicles,
gold silver and other precious metals.

Investment pattern

Classification of the investment portfolio held by an individual is based on the type

and the riskiness of the assets constituting the portfolio.

Risk Level

Relative measure of risk associated with an asset. This was measured on a

five-point rating scale.

Financial literacy level

A relative measure of one’s knowledge about financial markets and the financial
products available in the market along with basics of finance like return calculation
and tracking of market.
Women in the Workforce – India: Quick Take
Nov 14, 2019

POPULATION

By 2050, India Will Be the Most Populous Country in the World 

In July 2018, 1,296,834,042 people lived in India.

 But by 2050, India’s population will increase by 323 million (to 1.67 billion total
people), the largest population increase of any country.

The gender population gap starts at birth. For every 100 boys born nationally, 93
girls are born.

 Women constitute 48.1% of the population.

 In 2018, there were 49,392,654 fewer women than men across India.

India’s Demographic Skews Young

India has a large youth population with a median age of 28.1 years old 7 (compared to
38.2 years old in the United States).

 Almost one-third (27%) of India’s population is younger than 15 years old.

 Only 6.4% of India’s population is older than 65.

DIVERSITY

India’s Complex Culture is Illustrated in its Diverse Religions and Languages 

 The Caste System (Jati) goes back thousands of years and continues to influence
access to some jobs. 
 The constitution has outlawed caste discrimination for employment and access to
education, but not the caste system itself.

Religions of India (2011 est)

 EDUCATION

Women Are Closing the Higher Education Gap

Among graduates in 2018-2019, women represented:

 Undergraduate degrees: 53%

 Phil. degrees: 69.6%
 PhDs: 41.8%

LABOR FORCE

The Labor Force Participation Rate for Women Is Declining

Despite rapid economic growth,19 less than a quarter (23.6%) of women aged 15 and
above participated in the labor force in 2018 (compared to 78.6% of men).

 India’s low labor force participation rate for women is due in part to an increase
in women continuing their education, the availability of flexible scheduling and the proximity
of work locations.
 Rural women are leaving India’s workforce at a faster rate than urban women.
 Young women are moving into non-traditional professional jobs, for example in
communications.
 o However, in 2018 only 26% of surveyed companies had hired women in the
top-five job roles in the past five years.

Increasing women’s labor force participation by 10 percentage points could add

$770 billion to India’s GDP by 2025.

Reaching gender parity would have a bigger impact in India than in any other region
in the world.

India’s youthful demographic will add 234 million workers to the labor force by 2027.

India’s Labor Force Will Soon Become the Largest in the World.

By 2027 the working-age population in India will be almost 20% (18.6%) of the entire
global labor force.

PAY GAP

The Gender Pay Gap Is Slowly Shrinking in India.

Women earn 65% of what their male colleagues earn for performing the same
work.

LEADERSHIP

The Pipeline for Women Starts Small and Continues to Shrink

Of India’s 158 largest companies:

 Women hold only 15% of the board seats.

 Only 6% of board chairs are women.

1.8 Tax Saving Schemes

a) Investments in Tax Saving FDs

Tax-saving FDs are like regular fixed deposits but come with a lock-in period of 5
years and tax break under Section 80C on investments of up to Rs 1.5 lakh.
Eligibility: Can be opened by Resident Indian individuals.

Liquidity: Fixed Deposits have lock-in period of 5 years.

Rate of Interest: FD interest rate across different banks ranges from 5.5% to 7.75%

Investment Limit: Minimum investment limit is Rs 1000.

Tax Treatment: Interest earned in taxable.

b) Investments in PPF (Public Provident Fund)

PPF are long term investments backed by government of India. Deposits made in a
PPF account are eligible for tax deductions under Section 80C.

Eligibility : Can be opened by Resident Indian individuals, salaried and non-salaried

individuals. A HUF cannot open a PPF account.

Liquidity: PPF account have lock-in period of 15 years, but can be further extended
by 5 years. Partial withdrawals are allowed after 7 years.

Rate of Interest : Current interest rate is 8.0% p.a.

Investment Limit: Minimum and maximum investment limit is Rs 500 and Rs 1.5

lakh respectively.

Tax Treatment : Interest earned is tax-free.

c) Investments in EPF (Employee Provident Fund)

EPF is a retirement benefit scheme that is available to all salaried employees. This
amounts to 12% of basic salary + DA, that is deducted by an employer and deposited
in the EPF or other recognised provident funds.

Eligibility : Can be opened by employee with basic salary greater than 15,000 /month

Liquidity: Can withdraw PF balance after 2 months of leaving job and does not take
up employment within two months with an employer covered by PF Act

Rate of Interest : Interest rate on the EPF is 8.55%.

Investment Limit: Both employer and employee have to contribute a minimum 12%

of Basic Pay + D.A.
Tax Treatment :Entire PF balance (including interest) is tax-free, if withdrawn after
continuous service of 5 years

d) Investments in NPS (National Pension System)

The NPS is a pension scheme that has been started by the Indian Government to allow
the unorganised sector and working professionals to have a pension after retirement.
Investments of up to Rs 1.5 lakh can be used to avail tax deductions under Section
80C

Eligibility : Can be opened by every Indian citizen between the age of 18 and 60

Liquidity: Partial withdrawals are allowed after 15 years but under special conditions

Rate of Returns : Returns rate on the NPS varies between 12% – 14%

Investment Limit: No limit on maximum contribution

Tax Treatment : Employer contributions are tax-free

e) Investments in ULIP (Unit linked Insurance Plans)

ULIPs are a mix of insurance and investment. A part of the invested amount in ULIPs
is used to provide insurance and the rest of the amount is invested in the stock
markets. Investments of up to Rs 1.5 lakh in ULIPs are eligible for tax breaks under
Section 80C

Eligibility : An investor can buy ULIP for self or spouse or child

Liquidity: Interest rate varies as it is market linked

Rate of Returns : Return rate on the ULIP varies between 12% – 14%

Investment Limit: No limit on maximum contribution

Tax Treatment : Investment and withdrawals & maturity amount are tax-free

f) Tax saving Product

All those investments qualifying for 80 C tax benefit under the Indian Income
tax act.
 Investment Returns Lock-in Period
National Pension Scheme 12%-14% Till Retirement
ULIP Returns vary plan to plan 5 years
Public Provident Fund 7%-8% 15 years
National Saving Certificate 7%-8% 5 years
Bank FDs 6%-7% 5 years
Insurance Returns vary plan to plan 3 years
Mutual Funds 12%-14% 3 years
 Chapter – II

REVIEW OF LITERATURE

2.1 Introduction

Literature review is the process of going through the articles related to the topic of
research topic, which are published in journals, online databases, magazines,
newspapers, books or any other source of information including online sources.
Literature review helps researcher to know and understand the findings and views of
earlier researches who have carried out research in an area similar or related to topic
of study. It also helps in understanding the data collection methods and the statistical
tools used for analysing the data. The key findings and the conclusion drawn by
researchers are of great help for any new researcher. It helps us the researcher to find
research gaps, which could be taken up for further studies.

A large body of literature is available in the area of investments related to institutional

investment pattern, portfolio construction methods, portfolio performance evaluation,
retirement planning, product preferences and many more associated topics. Studies
have been carried out by researchers on the gender differences in allocation of assets,
constituents of domestic savings, saving behaviour of household, gender differences
in knowledge about financial investments, investors risk tolerance, investors
perception of various financial products. Some of the most insightful studies carried
out in India and outside are given below.

1) Nupur Gupta and Vijay Agarwal (2013) looked at the constituents of domestic
savings and investments by investors, from the cities of Mumbai and Delhi. A total of
251 respondents were administered a structured questionnaire in person and with the
help of online survey portal. The type of sampling chosen for the study was
convenience and snowball sampling. Respondents from different age groups and
professions were contacted for the study. Data was collected from April to November
2011. The reliability of the questionnaire was ascertained by Cronbach‟s alpha value.
Important variables for the study were extracted using factor analysis. The three
factors identified were stock market factor, savings factor and interest rate factor. For
discrete data like, investment in stock market and city of dwelling, Chi square test
was used to establish the presence or absence of association. For finding the
relationship between discrete independent variables like income level and the
investment pattern, one-way ANOVA test was used. The investment patterns were
categorized as, Non Risky, Risky and Combination. Classification was based on the
composition of the investment held by the respondents. It was found that bank deposit
was the most preferred form of investment followed by mutual funds, real estate and
gold. Significant differences were found in the investment patterns of households
between the cities of Mumbai and Delhi. Stock market investment was third most
preferred investment avenue in Mumbai whereas it was not so with the respondents
from Delhi. There was significant dependence of investment pattern on household
income only in the age group of 40 to 49years. Interest rate did not have any relation
with the investment patterns.This is in contrast to the study by Kabra (2010) where
one of the factor influencing investment decision was the prevailing interest rate.

2) Geetha. N and Ramesh M, (2012), studied the role of demographic factors in

investment decisions. Response received from 475 respondents from Nagapattinam
district of Tamil Nadu was used for analysis. The sampling method used was
convenient sampling. A well-structured questionnaire was used to collect the data
from the respondents. Statistical inference was drawn using ANOVA and Chi square
tests. The demographic attributes included age, gender, education, occupation,
income, savings size and family size. The investment avenue considered for the study
were gold, provident fund,life insurance, real estate, bank deposits, postal savings,
mutual funds and equities.

According to the study, riskprotection, safety of investment, rate of return and

liquidity were main factors which influenced investment decisions. This is in line
with the findings of Elder & Rudolph (2003).

Graduates and post graduates were more likely to invest in long term investment
products. This is in contrast to the study by Al-Tammie (2009), who found no
relationship between educational background and investments. People in the age
group of 31 to 40 years preferred investing in long term investment products. People
with a family size of four and above preferred short term investments. Self-analysis
and advice from friends and relatives were the major source of investment
information. This study found that most of the respondents preferred monthly
investments. Further it was found that majority of the respondents were driven by
technical analysis and newspaper reports while taking investment decisions.

The most preferred investment was life insurance followed by real estate, provident
fund, gold and silver respectively. The researchers concluded that preference for real
estate and gold was may be due to the boom in the prices of gold and silver during
their period of study.

3) Karthikeyan K, Bharta S and Ranjit Kumar K (2012) carried out a study to

understand the perception of those investors who were sold the mutual fund products
by banks. The survey was conducted in the city of Tiruchirappalli city in Tamil Nadu.
The sample size for this study was 108 and the method of sampling used was
convenience sampling. A five-point rating scale was used to capture the response of
the respondents. In the rating scale, one stood for strongly disagree and five for
strongly agree. Questionnaires were distributed to only those respondents who had
prior experience in mutual fund investments. The statistical tool used for the analysis
were, factoranalysis, multiple regression, correlation and reliability statistics. It was
found that, before taking investment decision investors take into account competitive
product offerings, quality of service offered, past return on investment,safety,
communication from fund house and emergency need fulfilment.

4) Suriya Murithi S, Narayanan B and Arivazhagan B (2012) carried out a study

to understand the investors preference towards different investment alternatives
available in the Indian market. Sample size was 100 respondents. Sampling method
used was convenience sampling. Questionnaire was used to collect the data from
respondents belonging to the city of Trichy. Simple percentage calculation,
correlation andchi square test was used to analyse the data. The two main reasons for
saving was for purchasing house and children‟s education. Bank deposits was the
most preferred investment avenue followed by mutualfunds, gold and post office
savings. Equity was the most avoided avenue of investment. Safety of the principal
was the top most priority for most of the investors followed by low risk. Women
investors were found to prefer low risk products irrespective of their educational
background. Before taking an investment decision, investors invariably consulted
their family and friends.
CHAPTER – 3

RESEARCH
METHODOLOGY
3.1 Introduction

Any discussion on financial Investments attracts attention of individuals. The

discussion can be between individuals or it can be an expert‟s advice on the television
channel or internet or any other media of interest. It has been assumed that investment
is an area of men. Historically due to the culture prevalent in India and most of the
wage earners being the male members of the family, women were not involved in
investment related discussions and were not participating in the investment decision
making process.

Every government coming to power in India is promoting girl child education. With
the increase in the education level of women and job opportunities available, women
are finding more job opportunities in different sectors. Women by nature are savers
and with a continuous increase in the number of working women, the number of
women investors is on a rise. A study on the investment behaviour and savings
pattern of employed women will of great interest to all those who are involved in
research, financial intermediaries and product creators. Findings of the research could
help product developers to create products meeting the needs of women especially the
employed women.

This study aims at understanding the current investment pattern of employed women
based on the types of investment products held by them currently. Classification of
the investment pattern is based on the portfolio risk associated with the current
investments. Further the study will make an attempt to identify the association
between demographic attributes and the investment pattern of employed women.
Additionally, attempt will be made to understand the risk return perception of
different investment products and the financial literacy level of employed women.

3.2 Scope of the study

With the increase in the number of women investors and governments plan to push
savings for girl children, there is going to be a substantial increase in investments by
women.
Government has opened all women banks to bring more women into the banking
network, indicating the importance of savings by women. The study will be helpful to
find out the ideal investment options for women. These findings could be useful to the
financial product creators like banks, mutual fund houses, insurance companies,
portfolio managers and other market intermediaries, to understand what an employed
woman may be looking for, in a financial product while taking investment decisions.
Further research can be carried out to compare the investment pattern of rural women,
as well as a comparison could be made between the investment pattern of women
from urban and rural areas.

3.3 Objectives of the study

This research study tries to cover the following objectives:

1. To study the investment and saving pattern of employed women.

2. To identify attributes that influence the investment pattern.

3. To study the financial literacy level and risk profiling of financial products by
employed women.

4. To find out the type of financial products preferred by employed women.

3.4 Hypothesis
H0: There is a significant association between the investment pattern and the
age, educational background of the respondent.
H1: There is no significant association between the investment pattern and the
age, educational background of the respondent.

Investment pattern is dependent on the annual income of the respondent.

There is an association between the investment pattern and the investment
purpose.
There is an association between the saving pattern and the investment purpose.

3.5 Research methodology

The study carried out is a descriptive research study. Descriptive research studies are
concerned with describing the characteristics of a particular individual or of a group
or phenomena. The source of data for the study is the primary data collected from the
respondents using a structured questionnaire.

3.6 Sampling

Considering the time factor and the cost involved in going for random sampling,
convenience sampling was used for selecting the respondents for the study.

The sample framework for the study included all employed women and practicing
professional and self-employed women from thane city chosen for drawing the
samples.

In order to have a wider group of respondents suitable for the study, the respondents
were chosen from those employed in different sectors and belonging to different age
groups and educational back ground. The investment options provided for the
respondents to choose were Bank deposits, Postal savings, bonds, mutual funds,
insurance, Gold, real estate, equity shares.

3.7 Tools of data collection

Personal survey method with the help of a self-constructed questionnaire was

administered to collect primary data from the respondents.

The questionnaire composed of two sections. The first section dealt with questions
related to the demographic profile of the respondents, while second section contained
questions related to the product awareness and the current investments held by the
respondent, risk assessment of various financial products and all other questions
related to the study.

Multiple response questions were used to collect information about the current
investments held by the respondents and their awareness about the commonly
available financial products.

It was found that many terminologies used in the initial questionnaire were not
understood and interpreted correctly by many respondents.

It was observed that respondents were restraining from disclosing monthly income,
but were comfortable to indicate the range in which their annual income fell.
The final questionnaire contained 15 questions.

3.8 Period of the study

3.9 Method of Sampling

Survey method, Convenience sampling and Snowball sampling.

3.10 Method of Data Collection

After the research problem has been identified and selected the next step is to gather
the requisite data. While deciding about the method of data collection to be used for
the researcher should keep in mind two types of data i.e. primary and secondary.

Primary Data

The primary data are those, which are collected afresh and for the first time, and thus
happened to be original in character. We can obtain primary data either through
observation or through direct communication with respondent in one form or another
or through .

In this research I have used questionnaire method to collect data from 100
respondents.
Secondary Data

The secondary data on the other hand, are those which have already been collected
by someone else and which have already been passed through the statistical
processes. When the researcher utilizes secondary data then he has to look into
various sources from where he can obtain them. For e.g. books, magazine,
newspaper, internet, publications and reports.

In this study data have been taken from secondary sources like: Internet

3.11 Limitation of the Study

In personal survey, chances of respondent’s bias are there. Chances of researcher’s

bias might have crept in during collection of data and while handling incomplete
questionnaires.

The study was restricted to the employed women of Thane city.

The study is restricted to only employed women.

Enough care has been taken while processing, cleaning, editing and analysing the
data, to minimize the impact of these limitations on the findings of the study.
 DATA ANALYSIS

&

DATA INTERPRETATION
Age wise distribution of respondents

Age (in years) No. of respondents

Below 25 37
26 – 35 31
36 – 45 22
46-55 7
Above 55 3

Age
above55
3%
46-55
7%

below 25
36-45 37%
22%

26-35
31%

INTERPRETATION :

 37% of the employed women belong to the age group below 35.
 31% of the employed women belong to the age group between 26 - 35.
 22% of the employed women belong to the age group between 36 - 45.
 7% of the employed women belong to the age group between 46 - 55.
 3% of the employed women belong to the age group above 55.
Marital status of respondents

Marital status No. of respondents

Married 53
unmarried 47

Marital status

unmarried
47% married
53%

INTERPRETATION :
 53% of employed women are married.
 47% of employed women are unmarried.
Educational qualifications of respondents

Educational qualifications No of respondents

Below graduate 39
graduate 50
Post graduate 11

Educational qualification
post graduate
11%

below graduate
39%

graduate
50%

INTERPRETATION :

 39% of the employed women have educational qualifications below graduate.

 50% of the employed women have educational qualifications graduate.
 11% of the employed women have educational qualifications post graduate.
Occupation of respondents

Occupation No of respondents
Private 77
Government 8
Self employed 15

occupation

self employed
15%

government
8%

private
77%

INTERPRETATION :
 77% of employed women’s occupation is private.
 8% of employed women’s occupation is government.
 15% of employed women’s occupation is self-employed.
Work experience of respondents

Work experience No of respondents

Below 5 years 48
5-10 years 35
11-15 years 11
16-20 years 3
Above 20 years 3

Work experience
16-20 yrs above 20yrs
3% 3%

11-15 yrs
11%

below 5 yrs
48%

5-10 yrs
35%

INTERPRETATION :
 48% of employed women have less than 5 years of work experience.
 35% of employed women have between 5-10 years of work experience.
 11% of employed women have between 11-15 years of work experience.
 3% of employed women have between 16-20 years of work experience.
 3% of employed women have above 20 years of work experience.
Size of family of respondents

Size of family No of respondents

Less than 3 41

Between 4-6 58

Above 6 1

size of family
above 6
1%

below 3
41%

between 4-6
58%

INTERPRETATION :

 41% of employed women have less than 3 family size.

 58% of employed women have between 4-6 family size.
 1% of employed women have above 6 family size.
Annual income of respondents

Annual income No of respondents

Less than 1 lakh 27
1 lakh to 2 lakh 52
2 lakh to 3 lakh 15
Above 3 lakh 6

annual income
above 3 lakh
6%

2-3 lakh
15% below 1 lakh
27%

1-2 lakh
52%

INTERPRETATION :
 27% of employed women annual income is below 1 lakh.
 52% of employed women annual income is between 1-2 lakhs.
 15% of employed women annual income is between 2-3 lakhs.
 6% of employed women annual income is above 3 lakhs.
1.Financial products that the respondents are aware of
Financial products No of respondents
Life insurance 46
Mutual funds 23
insurance 22
Bonds debentures 6
Gold 24
Chit funds 12
Provident funds 14
Saving account 47
Fixed deposit 51

financial products

fixed deposit life insurance

21% 19%

mutual funds
9%
saving account
19% insurance
9%

gold
10% bonds
2%
provident funds
6% chit funds
5%

INTERPRETATION :
 46% of employed women are aware of life insurance.
 9% of employed women are aware of mutual funds.
 9% of employed women are aware of insurance.
 2% of employed women are aware of bonds/debentures.
 10% of employed women are aware of gold.
 5% of employed women are aware of chit funds.
 6% of employed women are aware of provident funds.
 19% of employed women are aware of saving account.
 21% of employed women are aware of fixed deposit.

2.Satisfaction of present investment schemes of the respondents

 Satisfaction No of respondents
Yes 73
No 27

Satisfaction of product

no
27%

yes
73%

INTERPRETATION :

 73% of employed women are satisfied with their present investment schemes.
 27% of employed women are not satisfied with their present investment schemes.

3.Main objective of investment of respondents

Objectives No of respondents
High returns 37
Children marriage/ education 23
Tax benefit 37
Retirement 11

Objectives
retirement
10%

high return
34%

tax benefit
34%

children marriage / edu

21%

INTERPRETATION :

 34% of employed women have high returns as their main objective of investment.
 22% of employed women have children’s marriage/education as their main
objective of investment.
 34% of employed women have tax benefit as their main objective of investment.
 10% of employed women have retirement as their main objective of investment.

4.Current investments of the respondents
Current investments No of respondents
Life insurance 27
Mutual funds 15
Insurance 9
Bonds 3
Gold 19
Chit funds 9
Provident fund 4
Saving account 39
Fixed account 48

current investments
life insurance
16%

fixed deposit
28% mutual funds
9%

insurance
5%
saving account bonds
23% 2%
gold
11%

provident funds chit funds

2% 5%

INTERPRETATION :

 16% of employed women have their current investment in life insurance.

 9% of employed women have their current investment in mutual funds.
 5% of employed women have their current investment in insurance.
 2% of employed women have their current investment in bonds.
 11% of employed women have their current investment in gold.
 5% of employed women have their current investment in chit funds.
 2% of employed women have their current investment in provident funds.
 22% of employed women have their current investment in saving account.
 28% of employed women have their current investment in fixed deposit.
5.Factors considered during investment decisions

Decision No of respondents
Liquidity 11
Safety 61
High returns 30
Low risk 23
Tax benefit 4

Decision
tax benefit
3%
liquidity
9%
low risk
18%

high returns
23% safety
47%

INTERPRETATION :

 9% of employed women choose liquidity as their factor during investment

decision.
 47% of employed women consider safety as their factor during investment
decision.
 23% of employed women consider high returns as their factor during investment
decision.
 18% of employed women consider low risk as their factor during investment
decision.
 3% of employed women consider tax benefit as their factor during investment
decision.

6.Type of investment

type No of respondents
Long term(above 3 years) 34
Medium term(1-3 years) 59
Short term ( less than 1 year) 7

type
short term
7%

long term
34%

medium term
59%

INTERPRETATION ;

 34% of employed women have long term ( above 3 years) type of investment.
 59% of employed women have medium term (1-3 years) type of investment.
 7% of employed women have short term ( less than 1 year) type of investment..
7.Whom do the respondents consult for investment decision

consulting No of respondents
Own analysis 44
Parents 46
Relatives 10
Friends/colleagues 7
Financial consultant 17

consulting
financial consultant
14%

friends/colleagues
6%
own analysis
35%
relative
8%

parent
37%

INTERPRETATION :

 35% of employed women take their own analysis in investment decision.

 37% of employed women consult their parents in investment decision.
 8% of employed women consult their relative in investment decision.
 6% of employed women consult their friends/colleagues in investment decision.
 14% of employed women consult their financial consultant in investment
decision.
8.Sources of information of investment of respondents

Sources No of respondents
Internet 62
Television 22
Newspapers 7
Family 11
Colleagues 3
Financial consultant 17

Sources
financial consultant
14%

colleagues
2%
famiily
9%
internet
51%
newspapers
6%

T.V
18%

INTERPRETATION :
 51% of employed women get the information of investment through internet.
 18% of employed women get the information of the investment through
television.
 6% of employed women get the information of the investment through
newspapers.
 9% of employed women get the information of the investment through family.
 2% of employed women get the information of the investment through colleagues.
 14% of employed women get the information of the investment through financial
consultant.
 9.Rate the risk level of the following investment

  low risk moderate risk no risk high risk very high risk
saving account 32 22 14 1 nil
fixed deposit 21 44 12 nil 1
insurance 16 20 13 3 nil
life insurance 13 25 12 8 nil
gold 14 15 10 17 2
provident
fund 6 12 15 9 2
mutual fund 2 8 7 16 11
real estate 7 6 3 22 6
shares 2 3 nil 11 31

INTERPRETATION :
 32 employed women is the most rated low risk for saving account.
 44 employed women is the most rated moderate risk for fixed deposit.
 20 employed women is the most rated moderate risk for insurance.
 25 employed women is the most rated moderate risk for life insurance.
 15 employed women is the most rated no risk for provident life.
 16 employed women is the most rated high risk for mutual fund.
 22 employed women is the most rated high risk for real estate.
 31 employed women is the most rated very high risk for shares.
10.Saving objective of respondents

Objective Respondent
Children marriage/ education 36
Retirement 15
Health care 39
Home purchase 20

Objective

home purchase
18%

children marriage/edu
33%

health care
35% retirement
14%

INTERPRETATION :
 35% of employed women have children’s marriage/education as their saving
objective.
 14% of employed women have retirement as their saving objective.
 35% of employed women have health care as their saving objective.
 18% of employed women have home purchase as their saving objective.
11.Monthly savings of respondents

Monthly savings No of respondents

Below 5000rs 26
5000 to 10000rs 40
11000-15000rs 34

monthly savings

below 5000rs
10000-15000rs 26%
34%

5000-10000rs
40%

INTERPRETATION :
 26% of employed women monthly savings are below 5000Rs.
 40% of employed women monthly savings are between 5000-10000Rs.
 34% of employed women monthly savings are between 10000-15000Rs.
12.Savings spent by the respondents

Savings spent No of respondents

Less than 10% 30
10-20% 54
20-30% 15
30-40% 1

Savings spent
30-40%
1%
20-30%
15%

less than 10%

30%

10-20%
54%

INTERPRETATION :
 30% of employed women spends less than 10% of their savings.
 54% of employed women spends 10-20% of their savings.
 15% of employed women spends 20-30% of their savings.
 1% of employed women spends 30-40% of their savings.
13.Awareness among employed women about investments

Awareness No of respondents
Advertisement 22
Social welfare programmes 27
Training programmes 27
Workshops/ seminars 37

Awareness

advertisement
19%

workshop/seminars
33%

social welfare programmes

24%

trainning programmes
24%

INTERPRETATION :
 19% of employed women consider advertisement will create more awareness
about investment among employed women.
 24% of employed women consider social welfare programmes will create more
awareness about investment among employed women.
 24% of employed women consider training programmes will create more
awareness about investment among employed women.
 33% of employed women consider workshops/seminars will create more
awareness about investment among employed women.
14.Budget for family expenditure of respondents

Budget No of respondent
Below 4000Rs 23
4000-8000Rs 47
9000-12000Rs 20
13000-16000Rs 10

Budget
13000-16000rs
10%

below 4000rs
23%
9000-12000rs
20%

4000-8000rs
47%

INTERPRETATION :

 23% of employed women have a budget of below 4000Rs for family expenditure.
 47% of employed women have a budget of between 4000-8000Rs for family
expenditure.
 20% of employed women have a budget of between 9000-12000Rs for family
expenditure.
 10% of employed women have a budget of between 13000-16000Rs for family
expenditure.
15.Knowledge of financial terms of the respondents

Knowledge No of respondents
High 10
moderate 73
Low 16
Very low 1

Knowledge
very low
1% high
low 10%
16%

moderate
73%

INTERPRETATION :
 10% of employed women have high knowledge of financial terms.
 73% of employed women have moderate knowledge of financial terms.
 16% of employed women have low knowledge of financial terms.
 1% of employed women have very low knowledge of financial terms.
ANALYSIS

Age wise distribution of respondents

 37% of the employed women belong to the age group below 35.
 31% of the employed women belong to the age group between 26 - 35.
 22% of the employed women belong to the age group between 36 - 45.
 7% of the employed women belong to the age group between 46 - 55.
 3% of the employed women belong to the age group above 55.

Marital status of respondents

 53% of employed women are married.

 47% of employed women are unmarried.

Educational qualifications of respondents

 39% of the employed women have educational qualifications below graduate.

 50% of the employed women have educational qualifications graduate.
 11% of the employed women have educational qualifications post graduate.

Occupation of respondents

 77% of employed women’s occupation is private.

 8% of employed women’s occupation is government.
 15% of employed women’s occupation is self-employed.

Work experience of respondents

 48% of employed women have less than 5 years of work experience.

 35% of employed women have between 5-10 years of work experience.
 11% of employed women have between 11-15 years of work experience.
 3% of employed women have between 16-20 years of work experience.
 3% of employed women have above 20 years of work experience.
Size of family of respondents

 41% of employed women have less than 3 family size.

 58% of employed women have between 4-6 family size.
 1% of employed women have above 6 family size.

Annual income of respondents

 27% of employed women annual income is below 1 lakh.

 52% of employed women annual income is between 1-2 lakhs.
 15% of employed women annual income is between 2-3 lakhs.
 6% of employed women annual income is above 3 lakhs.

1. Financial products that the respondents are aware of

 46% of employed women are aware of life insurance.

 9% of employed women are aware of mutual funds.
 9% of employed women are aware of insurance.
 2% of employed women are aware of bonds/debentures.
 10% of employed women are aware of gold.
 5% of employed women are aware of chit funds.
 6% of employed women are aware of provident funds.
 19% of employed women are aware of saving account.
 21% of employed women are aware of fixed deposit.

2. Satisfaction of present investment schemes of the respondents

 73% of employed women are satisfied with their present investment schemes.
 27% of employed women are not satisfied with their present investment schemes.

3. Main objective of investment of respondents

 34% of employed women have high returns as their main objective of investment.
 22% of employed women have children’s marriage/education as their main
objective of investment.
 34% of employed women have tax benefit as their main objective of investment.
 10% of employed women have retirement as their main objective of investment.

4. Current investments of the respondents

 16% of employed women have their current investment in life insurance.

 9% of employed women have their current investment in mutual funds.
 5% of employed women have their current investment in insurance.
 2% of employed women have their current investment in bonds.
 11% of employed women have their current investment in gold.
 5% of employed women have their current investment in chit funds.
 2% of employed women have their current investment in provident funds.
 22% of employed women have their current investment in saving account.
 28% of employed women have their current investment in fixed deposit.

4. Factors considered during investment decisions

 9% of employed women choose liquidity as their factor during investment

decision.
 47% of employed women consider safety as their factor during investment
decision.
 23% of employed women consider high returns as their factor during investment
decision.
 18% of employed women consider low risk as their factor during investment
decision.
 3% of employed women consider tax benefit as their factor during investment
decision.

6. Type of investment

 34% of employed women have long term ( above 3 years) type of investment.
 59% of employed women have medium term (1-3 years) type of investment.
 7% of employed women have short term ( less than 1 year) type of investment..
7. Whom do the respondents consult for investment decision

 35% of employed women take their own analysis in investment decision.

 37% of employed women consult their parents in investment decision.
 8% of employed women consult their relative in investment decision.
 6% of employed women consult their friends/colleagues in investment decision.
 14% of employed women consult their financial consultant in investment
decision.

8. Sources of information of investment of respondents

 51% of employed women get the information of investment through internet.

 18% of employed women get the information of the investment through
television.
 6% of employed women get the information of the investment through
newspapers.
 9% of employed women get the information of the investment through family.
 2% of employed women get the information of the investment through colleagues.
 14% of employed women get the information of the investment through financial
consultant.

9. Rate the risk level of the following investment

 32 employed women is the most rated low risk for saving account.
 44 employed women is the most rated moderate risk for fixed deposit.
 20 employed women is the most rated moderate risk for insurance.
 25 employed women is the most rated moderate risk for life insurance.
 15 employed women is the most rated no risk for provident life.
 16 employed women is the most rated high risk for mutual fund.
 22 employed women is the most rated high risk for real estate.
 31 employed women is the most rated very high risk for shares.
10. Saving objective of respondents

 35% of employed women have children’s marriage/education as their saving

objective.
 14% of employed women have retirement as their saving objective.
 35% of employed women have health care as their saving objective.
 18% of employed women have home purchase as their saving objective.

11. Monthly savings of respondents

 26% of employed women monthly savings are below 5000Rs.

 40% of employed women monthly savings are between 5000-10000Rs.
 34% of employed women monthly savings are between 10000-15000Rs.

12. Savings spent by the respondents

 30% of employed women spends less than 10% of their savings.

 54% of employed women spends 10-20% of their savings.
 15% of employed women spends 20-30% of their savings.
 1% of employed women spends 30-40% of their savings.

13. Awareness among employed women about investments

 19% of employed women consider advertisement will create more awareness

about investment among employed women.
 24% of employed women consider social welfare programmes will create more
awareness about investment among employed women.
 24% of employed women consider training programmes will create more
awareness about investment among employed women.
 33% of employed women consider workshops/seminars will create more
awareness about investment among employed women.

14. Budget for family expenditure of respondents

 23% of employed women have a budget of below 4000Rs for family expenditure.
 47% of employed women have a budget of between 4000-8000Rs for family
expenditure.
 20% of employed women have a budget of between 9000-12000Rs for family
expenditure.
 10% of employed women have a budget of between 13000-16000Rs for family
expenditure.

15. Knowledge of financial terms of the respondents

 10% of employed women have high knowledge of financial terms.

 73% of employed women have moderate knowledge of financial terms.
 16% of employed women have low knowledge of financial terms.
 1% of employed women have very low knowledge of financial terms.
INTERPRETATION

1. Financial products that the respondents are aware of

Most of the respondents nearly 45% are aware of life insurance, fixed deposit,
savings deposit. The respondents are comfortable in only few investment schemes and
the respondents are not interested in any other options available to them.

2. Are you satisfied with your present investment schemes?

Majority of the respondents are actually satisfied with their present investment
schemes which means the respondents wouldn’t opt for new investment schemes.

3. Your main objective of investment?

Majority of respondents have high returns and tax benefit as their investment
objective, so it means the respondents focus on high returns and tax benefit from their
investments and some of the respondents have children’s marriage/education as their
investment objective.

4. Your current investments are in?

Majority of respondents current investments are in fixed deposits, saving deposits and
life insurance, i.e. the respondents are willing to take less risk and moderate returns
from their investments schemes.

5. Which investment factor you consider while taking investment

decision?

Most of the respondents invest in products which have more of safety, their second
most certain decisions are high returns and low risk on the products available to them.

6. Type of investment?

Most of the respondents opt for medium term of investment, since the medium term
investment type are comfortable and easy to handle to the respondent. Second most is
the long term investment which is enjoyed by the respondents.
7. Whom do you consult for investment decisions?

Most of the respondents consult their parents and own analysis for investment
decisions, i.e. the respondents have enough knowledge of financial terms so they
prefer own analysis for investment decisions, where as the respondents who have
chosen their parents for investment decision, the respondents parent have more of
knowledge in the investment field.

8. Where do you get the information about investments?

Majority of the respondents consider internet as their medium to gain information

towards investments, since the internet is easily available and internet is a faster
medium to gain information of about everything of this whole world.

9. Rate the level of risks associated with the investments schemes

Majority of the respondents according to their knowledge in investments have rated

low risk for saving account, fixed deposits is rated as moderate risk, insurance is rated
as moderate risk, life insurance is rated as moderate risk, provident fund is rated as no
risk, mutual fund is rated as high risk, real estate is rated as high risk and shares is
rated as very high risk.

10. What is your objective for savings?

Most of the respondents savings objective are children’s marriage/education and

health care, the respondents are cautious about their health and so they save with the
objective of if at all they get ill, another most reason is children’s marriage/education
here the respondents save for their children’s marriage/education.

11. What is your monthly savings?

Majority of respondents save more than 5000Rs per month, these respondents may
have high income or they are used to save this kind of amount.

12. How much savings do you spend?

Majority of respondents save 10-20% of their savings, which means the respondents
spend on those product which is needed the most, the rest of the finance is saved for
the objective of their children’css marriage/education and healthcare as we have seen
it earlier. Exact 30% of respondents spend less than 10% of their savings, because the
respondents are determined in completing their objective of savings.

13. Which of the following initiatives do you recommend to create

awareness among employed women about investments.

37% of respondents recommended workshops and seminars to create awareness

among employed women about investment, since they find it more effective to create
awareness about investment. 27% of respondent recommended social welfare
programmes that will help in this field of employed women. 27% of respondent
recommended training programmes since they find it better to interact with employed
women. 22% of respondents have recommended advertisements that will help in
creating awareness of investment among womens.

14. Do you have a budget for family expenditure?

47% of respondents have a budget between 4000-8000Rs, these respondents earn a

decent income and their budget for family expenditure decent, these kind of
respondents would handle any kind of risk that might come their way. 23% of
respondents have a budget below 4000Rs, these respondents earn a lower than the
high income groups. 20% of the respondents have a budget between 9000-12000Rs,
these respondents earn a high income and so they have a high budget as compared to
the rest of the respondents. Only 10% of respondents have a budget between 13000-
16000Rs, these respondents have a very high budget because these respondents
income is higher among the respondents.
15. Your knowledge about financial terms

Most of the respondents 73% have a moderate knowledge about financial terms. The
respondents have equal responses i.e. 16% to low and high knowledge about financial
terms.
 QUESTIONNAIRE
I Mr. Clinton Fernandes student of TYBMS studying in SHETH N.K.T.T. COLLEGE undergoing a research project
on “A Study of Impact of Investment and Saving Policies on Employed Women in Thane”.
Information collected is for educational purpose and data will be safe and secured.

____________________________________________________________________________________________
Age : a)Below 25 b)26-35 c)36-45 d)46-55 e)Above 55
____________________________________________________________________________________________

Marital Status : a)Unmarried b)Married

____________________________________________________________________________________________

Educational Qualifications : a)Below Graduate b)Graduate c)Post Graduate

____________________________________________________________________________________________

Occupation : a)Private b)Government c)Self-Employed

____________________________________________________________________________________________

Work Experience : a)<5yrs b)5-10yrs c)11-15yrs d)16-20yrs e)more than 20yrs

____________________________________________________________________________________________

Size of family : a)less than 3 b)between4-6 c)above 6

_____________________________________________________________________________________________

Annual income : a)less than 1 lakh b)between1-2 lakhs c)between 2-3 lakhs d)above 3 lakhs

1) Mark the products about which you are aware of

a)Life insurance b)Mutual funds c)Insurance d)Bonds/debentures e)Gold

f)Chit funds g)Provident funds h)Saving account i)Fixed deposit

others :_______________________________________________________________________

2) Are you satisfied with your present investment schemes ?

a)Yes b)No

3) Your main objective of investment ?

a)High returns b)Children’s marriage/ Education c)Tax benefit d)Retirement

others:________________________________________________________________________

4) Your current investment are in ?

a)Life insurance b)Mutual funds c)Insurance d)Bonds/debentures e)Gold

f)Chit funds g)Provident funds h)Saving account i)Fixed deposit

others :________________________________________________________________________

5) Which investment factor you consider while taking investment decision ?

a)Liquidity b)Safety c)High returns d)Low risk e)Tax benefit

others :_______________________________________________________________________
6) Type of investment?
a)Long term (More than 3 years) b)Medium term( 1-3 years) c)Short term(less than 1year)

7) Whom do you consult for taking investment decisions?

a)Own analysis b)Parents c)Relatives d)Friends/Colleagues

e)Financial consultant f) Others:___________________________________________________

8) Where do you get information about investments?

a)Internet b)Television c)Newspapers d)Family e)Colleagues

f)Financial consultant g)Others:___________________________________________________

9) Rate the risk level of the investment?

Low risk Moderate risk No risk High risk Very high risk
Saving account
Fixed deposit
Insurance
Life insurance
Gold
Provident fund
Mutual funds
Real estate
Shares

10) What is your objective for savings?

a)Children’s education/marriage b)Retirement c)Healthcare d)Home purchase

Others :_______________________________________________________________________________

11) Your monthly savings ?

a)Below5000Rs b)5000Rs-10000Rs c)10000Rs-15000Rs d)Others:___________________

12) How much savings do you spend ?

a)less than 10% b)10-20% c)20-30% d)30-40%

13) Which of the following initiatives do you recommend to create awareness among employed women about
investment ?

a)Advertisements b)Social welfare programmes c)Training programmes

d)Workshops/Seminars e)Others:___________________________________________________

14) Do you have a budget for family expenditure ?

a)Below4000Rs b)4000-8000Rs c)8000-12000Rs d)12000-16000Rs

Others:___________________________________________________________________________________

15) Your knowledge about financial terms ?

a)High b)Moderate c)Low d)Very low