Journal of International

Academic Research for Multidisciplinary

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Dr. Kari Jabbour, Ph.D Er. R. Bhuvanewari Devi M.Tech, MCIHT

Curriculum Developer, Highway Engineer, Infrastructure,
American College of Technology, Ramboll, Abu Dhabi, UAE
Missouri, USA.
Sanda Maican, Ph.D.
Er.Chandramohan, M.S Senior Researcher,
System Specialist - OGP Department of Ecology, Taxonomy and Nature Conservation
ABB Australia Pvt. Ltd., Australia. Institute of Biology of the Romanian Academy,
Bucharest, ROMANIA
Dr. S.K. Singh
Chief Scientist Dr.Damarla Bala Venkata Ramana
Advanced Materials Technology Department Senior Scientist
Institute of Minerals & Materials Technology Central Research Institute for Dryland Agriculture (CRIDA)
Bhubaneswar, India Hyderabad, A.P, India

PROF.Dr. Sharath Babu,LLM Ph.D PROF.Dr.S.V.Kshirsagar,M.B.B.S, M.S

Dean. Faculty Of Law, Head - Department of Anatomy,
Karnatak University Dharwad, Bidar Institute of Medical Sciences,
Karnataka, India Karnataka, India.

DR ASIFA NAZIR, M.B.B.S, MD

Dr.SM Kadri, MBBS,MPH/ICHD, Assistant Professor Dept of Microbiology
FFP Fellow, Public Health Foundation of India Government Medical College, Srinagar, India.
Epidemiologist Division of Epidemiology and Public Health,
Kashmir, India
Dr.AmitaPuri, Ph.D
Dr.Bhumika Talwar, BDS Officiating Principal
Research Officer Army Inst. Of Education
State Institute of Health & Family Welfare New Delhi, India
Jaipur, India
Dr. Shobana Nelasco Ph.D
Dr. Tej Pratap Mall Ph.D Associate Professor,
Head, Postgraduate Department of Botany, Fellow of Indian Council of Social Science
Kisan P.G. College, Bahraich, India. Research (On Deputation},
Department of Economics,
Dr. Arup Kanti Konar, Ph.D Bharathidasan University, Trichirappalli. India
Associate Professor of Economics Achhruram,
Memorial College, M. Suresh Kumar, PHD
SKB University, Jhalda,Purulia, Assistant Manager,
West Bengal. India Godrej Security Solution,
India.
Dr. S.Raja Ph.D
Research Associate, Dr.T.Chandrasekarayya,Ph.D
Madras Research Center of CMFR , Assistant Professor,
Indian Council of Agricultural Research, Dept Of Population Studies & Social Work,
Chennai, India S.V.University, Tirupati, India.

Dr. Vijay Pithadia, Ph.D,

Director - Sri Aurobindo Institute of Management
Rajkot, India.
JIARM VOLUME 1 ISSUE 4 (MAY 2013) ISSN : 2320 – 5083

HOUSEHOLD SAVINGS – SOCIO ECONOMIC CHARACTERISTICS

DR.B.REVATHY, M.Com., M.Phil., B.Ed., Ph.D., DCA., MBA.,*

*Associate Professor, Dept. of Commerce, Manonmaniam Sundaranar University, Tamilnadu, India

ABSTACT

Given the Indian government’s ambitious growth targets, and the need in the
present global environment to generate investable resources by and large internally,
the design of policies aimed at enhancing saving acquires great significance. The rate
of growth of personal disposable income is a significant determinant of private
saving. An understanding of the saving preferences will also help in designing saving
instruments which effectively stimulate saving. As was observed by Mody (1983),
“given the present weight of the household sector in total saving, to step up the saving
in the economy would require a stepping up of the saving rate in the household
sector. Thus, there is the need to carefully understand the determinants of both the
household saving rate and the saving pattern”. In the Indian economy household
saving is of critical importance in the physical asset formation. The households
undertake a good portion of the physical investments directly and they also make
public and private corporate investments possible by transfer of saving. The
household saving behavior determines whether the investment targets are achieved or
not. Hence, the volume of saving of the household sector and the form in which it is
held is of importance, as the consumption reflects the efficiency of investment of
saving .The article examines the socio economic profile of the households.

INTRODUCTION
The developing countries like India face the enormous task of finding
sufficient capital in their development efforts. Most of these countries find it difficult
to get out of the vicious circle of poverty of low income, low saving, low investment,
low employment etc. With high capital output ratio, India needs very high rates of
saving and investments to make a leap forward in her efforts of attaining high levels
of growth. Since the beginning of planning, the emphasis was in saving and capital
formation as the primary instruments of economic growth and increase in national
income. In order to have production as per target, capital formation was considered
the crucial determinant and capital formation had to be supported by appropriate

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volume of saving. Growth will set in motion a self reinforcing process by which
investment is encouraged, investment enhances growth and increased income raises
saving. As Rao (1980) has rightly pointed out, “increase in saving, use of increased
saving for increased capital formation, use of increased capital formation for
increased saving for a further increase in capital formation constituted the strategy
behind economic growth. This process of increased capital formation leading to
increased saving and increased saving leading to increased capital formation will
continue till saving, capital formation and income reach desired levels after which
saving and capital formation gets stabilized and there would be a steady and self
sustaining increase in national income.”
In the conventional national accounting system, domestic saving falls into
three broad components namely, household savings, business savings and
government savings. In an open economy, the total savings would include besides
these three components, the foreign savings which is equivalent to net foreign
investments.
The household saving represents savings of the household sector out of the
disposable income. In an economy where the financial markets have developed,
savings of household sector are reflected in their investments in various financial
instruments issued by intermediaries like banks and financial institutions and
government, net of their liabilities. In India, apart from such savings in financial
instruments, a component of physical saving is also estimated incorporating the
household expenditure on house construction. Another peculiar feature in India is the
purchase of gold by households on a large scale to meet exigencies of consumption
and other expenditure in future (apart from such purchases being guided by social
customs and at times for the purpose of accumulating unaccounted wealth). In the
national accounting, such purchases of gold are not treated as part of savings but
treated as consumption, but, purely from the practical point of view, since gold is a
highly liquid asset, though it does not earn any return to the holder. It protects the
wealth of the household under the normal circumstances since the gold prices move
along with other commodity prices. The only adverse point is that such purchases of
gold result in savings remaining idle and not available
Business saving is that part of income of the business sector which is retained
by the business for further growth, rather than being distributed as dividends to
shareholders. Such retained earnings by the business strengthen the net worth and
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equity base of the business sector enabling them to further leverage their business for
expansion.
Government’s saving comes out of its total revenue net of its purchases. In
simple form, government’s saving is equivalent to its budgetary surplus.

STATEMENT OF THE PROBLEM

For an individual, the acquisition of more wealth enables him to safeguard

against future contingencies and thus provide him with a cushion of securities. At the
national level saving is the wherewithal of supporting investment in the economy. To
achieve higher rate of economic growth with relative price stability, the marginal
propensity to save should be raised by appropriate in centuries and policies. Savings
constitute the basis for capital formation and capital formation constitutes a critical
determinant of economic growth. A national savings ratio broadly in line with the
economy’s investment needs is the key to reduce the country’s vulnerability to
unexpected shifts in international capital flows. As the international financial
integration is increasing higher domestic saving will ensure macroeconomic stability
also. In developing countries like India income is quite uncertain and unpredictable
and therefore saving provides of buffer to mountains the already lower level of
consumption.

SIGNIFICANCE OF THE STUDY

The economic development of a nation depends on the mobilisation and
effective utilisation of domestic savings. Domestic savings originate from three
distinct sectors of the economy. They are
1. Household sector
2. Private corporate sector
3. Public sector

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Chart 1 Percentage share in Gross Demostic Savings 2006 – 07 to 2008 - 09

In India the household sector alone contributes more than two – third portion
of the domestic savings. It necessitates the channelization of the savings of the
household sector in the desired direction through suitable financial intermediation.

Understanding household saving is of importance for several reasons. At the

national level, household savings provide the main source of investment financing
both for government and for the corporate sector. Rapid GDP growth leads to rising
household income and higher saving rates. This is true for India as it has been
elsewhere in Asia. But for the individual household, saving is done in order to
achieve specific short-term and long-term goals, notably financial security.

SCOPE OF THE STUDY

Primary focus of this study is to identify the socio-economic profile of the

households. As saving of the household depends on occupation, level of income and
level of education, these aspects are also covered in the present study.

AREA OF THE STUDY

The study is confined to Tirunelveli. Tirunelveli is a Municipal Corporation,

sixth largest city in Tamil Nadu (after Chennai, Madurai, Coimbatore, Trichy and
Salem) in southern India and the district headquarter of Tirunelveli district. The city
is considered to be one of the oldest in the Indian subcontinent; it is around 3,000
years old located on the west bank of the perennial Thamirabarani River.

This district has three Revenue Division comprising 11 Taluks, 19

Development Blocks, 628 Revenue Villages and 425 Village Panchayats. The district
is divided for administrative convenience into three Revenue Divisions namely

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Tirunelveli, Cheranmahadevi and Tenkasi. The revenue division Tirunelveli

constitutes the area of the study.

HYPOTHESES

1. Ho: There is no significant relationship between education and savings.

2. Ho: There is no significant relationship between age and savings.

3. Ho: There is no significant relationship between occupation and savings.

4. Ho: There is no significant relationship between income and savings.

METHODOLOGY
Sources of Data
The researcher is to make use of both primary and secondary data. Primary
data is collected directly from the head of the household. In order to collect the
primary data, a survey method is chosen. The questionnaire is the tool for data
collection. Secondary data are from various books, journals, magazines, reports and
relevant websites.
Sample Size
The sample size is limited to 150 households. In the present study, non-
probabilistic i.e., convenient sampling method is adopted. A well-structured and pre-
tested questionnaire is constructed and administered to get the required information
from the respondents. A pilot survey is conducted before conducting a fully fledged
survey.
Tools and Techniques
The data collected is tabulated, interpreted and analyzed with a view to make
the study meaningful. In the present study, various statistical and mathematical tools
such as percentage analysis, frequency and cross tabulation methods and weighted
average score are employed for measuring customer satisfaction. Chi – square test is
applied to test the hypotheses.

RESULTS & DISCUSSION

Income and consumption pattern of the households depend on many factors
like assets, level of education, occupation and demographic characteristics. Saving in
any community thus, depends on these factors. The demographic characteristics have

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an important bearing on the level of income, consumption expenditure and saving of

the society. Features like educational level of the head of the household and other
members, the age of the members of the household, the size of the family are some of
the factors which have a direct bearing on the saving of the community. This article
analyses the socio-economic characteristics of the sample respondents.

1. Distribution of the Sample Respondents by Education

The level of education of the head of the household determines the nature of
occupation they are involved in, the level of income that they get and the motivation
for saving. The level of education of the female members of the community is likely
to have a positive influence on the saving rate. NCAER study observed that “there
seemed to be a direct correlation between the number of regularly saving and the
education of the head of the household”
Table 1 Distribution of the Sample Respondents by Education
Educational Qualification

Saving

Percentage
Secondary
Illiterate

Diploma
Primary

(in Rs.)
Degree
Hr.Sec

Total

Upto 500 3 4 8 14 16 18 63 42

500-1000 1 6 8 11 12 14 52 35

Above
1 3 4 7 9 11 35 23
1000
Total 5 13 20 32 37 43 150 100

Percentage 3 9 13 21 25 29 100

Source: Primary Data

Education plays a vital role in savings. The above table 1 reveals how
education is a determinant for savings as saving has proportionately increased with
the level of education. Savings of 63 per cent of respondents is up to Rs 500 per
month, 52 per cent between Rs 500 - Rs 1000 and of 35 per cent of respondents above
Rs 1000 per month. As to the split up of savings on the basis of educational

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qualification, it is evident from the table that the monthly savings has gradually
increased with the level of education. The percentage of savings by the illiterates was
the least by 3 and the maximum of 29 per cent was by the degree holders.
Hypothesis
“χ2” test is applied to test the relationship between the level of education and
their corresponding savings.
Ho: There is no relationship between educational qualification of the sample
respondents and savings.
Educational qualification Calculated Value Table Value
and Saving 19.064 18.307
Result: Significant at 5% level
Inference: The calculated “χ2” value is greater than the table value at 5 percent
level of significance. Therefore the null hypothesis “There is no relationship between
educational qualification of the sample respondents and savings” is rejected. It is
statistically proved that there is positive relationship between education and savings.
Higher the level of education, higher is the savings and vice versa.

2. Distribution of the Sample Respondents by Age

Demographic dimensions of particular importance in life-cycle models include
the age structure of the population and the expected length of the retirement span
relative to the income earning period. In the basic life-cycle model, the age
distribution of households has an effect on the aggregate personal savings (APS) rate
because the savings rates of individuals are assumed to vary with their age. An
increase in the proportion of elderly households in the population is expected to
reduce the aggregate savings rate because retired households are assumed to not save,
or at least save less than those of working age. Similarly, an increase in the proportion
of the population that is of pre working age is also expected to reduce the aggregate
personal savings rate as parents spend a large proportion of their income on taking
care of their children. Most empirical studies using aggregate (macro) data have found
that increases in the proportions of both the youth and the elderly in the population
depress the aggregate personal savings rate, as predicted by the basic life-cycle model.

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Table 2 Distribution of the Sample Respondents by Age

Age (in years)
Saving
Total Percentage
(in Rs.) 20-30 30-40 40-50 50-60

Upto 500 20 22 14 7 63 42

500-1000 20 18 8 6 52 35

Above 1000 7 17 6 5 35 23

Total 47 57 28 18 150 100

Percentage 31 38 19 12 100

Source: Primary data

The cornerstone of the life cycle hypothesis is the age related consumers’
heterogeneity and the prediction that saving follows a hump shaped pattern that is
high at middle age and, low at young and old ages. The households saving ratio and
the relationship between its current consumption and its accumulated assets will
depend upon the age. According to life cycle hypothesis, the APS for the given age
group is assumed to be same for all income levels, which is expected to rise with
middle years and fall again upon retirement. During middle years income is likely to
be high, most of the consumer durables have been acquired and there is the anxiety of
a fall in income upon retirements. These factors cumulatively account for a rise in
saving during the middle years.
31 per cent of the respondents are of the age group 21 - 30 years. A maximum
of 38 per cent of the respondents are of the age group 31 - 40 years. As the earning
capacity of the respondents during the age group 21 - 40 years is high, the
corresponding is their saving. The percentage of respondents has gradually declined
during the age group 41-50 and 51-60 years.
Hypothesis
In order to understand the relationship between the various age groups and
their savings, the statistical tool “χ2” test is applied.

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Ho: There is no relationship between age and savings of the sample respondents.
Calculated Value Table Value
Age and savings
20.40 12.592

Result: Significant at 5% level

Inference: The calculated “χ2” value is more than the table value at 5 percent
level of significance. Therefore the null hypothesis is rejected
It is statistically proved that there is relationship between age of the
respondents and their savings. Age of the head of the household is one of the crucial
factors in determining the rate of savings by a household.

3. Distribution of the Sample Respondents by Community

Table 3 Distribution of the Sample Respondents by Community

Saving Community
Total Percentage
(In Rs.) OC BC MBC SC/ST

Upto500
7 25 21 10 63 42

500-1000
7 26 10 9 52 35

Above1000
8 15 7 4 35 23

Total
22 66 38 24 150 100

Percentage 15 44 25 16 100

Source: Primary data

Details of the community are collected to analyze how far community
influences savings. The above table 3 depicts the community of the respondents and
their savings. Out of the total 150 respondents, 44 percent belongs to the category BC,
25 percent MBC, 16 percent SC/ST and 15 percent belongs to the category OC. As to
the amount of saving of above Rs 1000, a higher number is from the community BC.
It is inferred from the data the awareness of saving is high among the category BC.

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4. Distribution of the Sample Respondents by Occupation

The level of education is one of the deciding factors of the occupation in
which one is engaged in. Generally those engaged in lower income occupation have
less of educational qualification whereas those with higher education are engaged in
higher income occupations.

Table 4 Distribution of the Sample Respondents by Occupation

Occupation

Saving

Unemployed
Professional

Percentage
(In Rs.)

Business
Private
Govt.

Total
Upto500 11 17 15 8 12 63 42

500-1000 11 13 14 6 8 52 35

Above 1000 4 9 10 7 5 35 23

Total 26 39 39 21 25 150 100

Percentage 17 26 26 14 17 100

Source: Primary Data

Occupation is the source of income. The above table 4 reveals the occupation
of the sample respondents and savings. Out of the total 35 respondents who have
saved above Rs 1000 per month, 10 respondent are professionals, 9 are private
employees, 7 are businessmen, 5 are agriculturalists and 4 are government employees.
Higher numbers of professionals have saved above Rs 1000 per month which shall be
due to their higher earnings. Private employees who have saved above Rs 1000 per
month numbered 9, which may be due to their fear of job security. 7 are businessmen
who have saved above Rs 1000 per month, which may be due to high profit in their
business. 5 are agriculturalists and 4 are government employees who have saved
above Rs 1000 per month.

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Hypothesis
In order to understand the relationship between the various categories of
occupation of the sample respondents and their corresponding savings, statistical tool
“χ2” test is applied.
Ho: There is no relationship between occupation and savings of the sample
respondents.
Calculated value Table value
Occupation and Savings
19.15 15.507
Result: Significant at 5% level
Inference: The calculated “χ2” value is greater than the table value at
5 percent level of significance. Therefore the null hypothesis is rejected.
The analysis leads to the conclusion that there is relationship between the
occupation of the sample respondents and their savings. The analysis shows that the
sample respondents’ savings is closely associated with the occupation of the sample
respondents.

5. Distribution of the Sample Respondents by Income

The ability to save of a household depends on the income of the household and
income is considered as the most important explanatory variable of the saving of the
household.
Table 5 Distribution of the Sample Respondents by Income

Income (in Rs.)

Saving
Upto 5001- 7501- Above Total Percentage
(in Rs.)
5000 7500 10000 10000

Upto500 17 19 21 6 63 42

500-1000 4 12 16 20 52 35

Above
1 2 11 21 25 23
1000

Total 22 33 48 47 150 100

Percentage 15 22 32 31 100

Source: Primary data

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The income of the respondents is the major determinant of the quantum of

savings. The monthly income of the higher number of respondents i.e, 21 respondents
who have saved above Rs 1000 per month was above Rs 10000. Higher the monthly
income, proportionately higher is the savings of the respondents. 15 percent of
respondents are of the monthly earnings upto Rs 5000, 22 percent between Rs 5000 -
Rs 7500 and the same was 33 percent for the monthly earnings between Rs 7500 and
Rs.10000.
Hypothesis
In order to understand the relationship between the various scales of income of
the sample respondents and their corresponding savings, “χ2” test is applied.

Ho: There is no relationship between income and savings of the sample respondents.
Calculated Value Table Value
Income and Savings
12.63 12.592

Result: Significant at 5% level

Inference: The calculated “χ2” value is greater than the table value at
5 percent level of significance. Therefore the null hypothesis is rejected.
The analysis leads to the conclusion that there is relationship between the
income of the sample respondents and their savings. The analysis shows that the
sample respondents’ income is closely associated with their savings. Income has a
decisive role to play in determining the saving by the household. The lower income
household finds it difficult to meet their current expenditure, whereas the higher
income groups could save a large portion of their income.

6. Distribution of the Sample Respondents by Marital Status

Table 6 Distribution of the Sample Respondents by Marital Status
Marital Status
Saving
Total Percentage
(in Rs.) Married Unmarried Widow Divorce

Upto500 38 16 2 7 63 42
500-1000 32 13 3 4 52 35
Above 1000 21 8 4 2 35 23
Total 91 37 9 13 150 100
Percentage 61 25 6 8 100
Source: Primary data

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The responsibilities of the individual and his inducement to save are

determined by the marital status of the individual. From the table it is evident that the
quantum of savings is more among the married category when compared to the other
categories. The necessity to save is high among married as it is their bound duty to
safeguard their children through monetary security.

7. Distribution of the Sample Respondents by Type of Family

Table 7 Distribution of the Sample Respondents by Type of Family

Type of Family
Saving Total Percentage
Nuclear Joint
(In Rs.)
Upto500 44 19 63 42

500-1000 32 20 52 35

Above 1000 23 12 35 23

Total 99 51 150 100

Percentage 66 34 100

Source: Primary data

The table depicts the type of family of the sample respondents. 66 percent of
respondents lead nuclear family and the rest 34 respondents belong to the joint family.
Joint family system is gradually eroded and nuclear families are increasing among
Indians. The quantum of savings is more among nuclear families than among joint
families. This is mainly because of lower monthly family expenditures and
commitments than that incurred in joint families. Naturally lower the expenditure,
higher is the saving.

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8. Distribution of sample respondents by the type of house

Table 8 Distribution of sample respondents by the type of house
Type of the House No. of Respondents
Terraced 24
Tiled 37
Thatched 22
Bacca 32
Semi Bacca 35
Total 150
Source: Primary Data
The above 8 table reveals the distribution of sample respondents by the type of
house in which they reside. House is a heavenly place to live. Majority of the sample
respondents are in Tiled house. 35 sample respondents reside in Semi Bacca house.
Minimum 22 sample respondents are in thatched house.

FINDINGS

 The level of education of the head of the household determines the nature of
occupation they are involved in, the level of income that they get and the
motivation for saving. The savings has gradually increased with the level of
education. The percentage of savings by the illiterates was the least by 3 and
the maximum of 29 per cent was by the degree holders. It is statistically
proved that there is positive relationship between education and savings.
Higher the level of education, higher is the savings and vice versa.

 The age distribution of households has an effect on the aggregate personal

savings rate because the savings rates of individuals are assumed to vary with
their age. As the earning capacity of the respondents during the age group 21 -
40 years is high, the corresponding is their saving. During middle years
income is likely to be high, most of the consumer durables have been acquired
and there is the anxiety of a fall in income upon retirements. These factors
cumulatively account for a rise in saving during the middle years.

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 Out of the total 150 respondents, 44 percent belongs to the category BC, 25
percent MBC, 16 percent SC/ST and 15 percent belongs to the category OC.
As to the amount of saving of above Rs 1000, a higher number is from the
community BC.

 Higher numbers of professionals have saved above Rs 1000 per month which
shall be due to their higher earnings. Private employees who have saved above
Rs 1000 per month numbered 9, which may be due to their fear of job
security. 7 are businessmen who have saved above Rs. 1000 per month, which
may be due to their high profitability in their business. The analysis proves
that the sample respondents’ savings is closely associated with the occupation
of the sample respondents.

 The ability to save of a household depends on the income of the household and
income is considered as the most important explanatory variable of the saving
of the household. The lower income household finds it difficult to meet their
current expenditure, whereas the higher income groups could save a large
portion of their income.

 The responsibilities of the individual and his inducement to save are

determined by the marital status of the individual. Quantum of savings is more
among the married category when compared to the other categories. The
necessity to save is high among married as it is their bound duty to safeguard
their children through monetary security.

 The quantum of savings is more among nuclear families than among joint
families. This is mainly because of lower monthly family expenditures and
commitments than that incurred in joint families. Naturally lower the
expenditure, higher is the saving.

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SUGGESTIONS

1. As the potential saving is not mobilized largely due to inadequate

development of financial institutions and instruments consistent with the
preference of service, quantitative and qualitative changes related to banking
infrastructure, increased financial intermediation and their active role in
promoting saving is suggested.

2. A person will forego present consumption only if he is paid premium equal to

or greater than his marginal rate of time preference, i.e., an amount that will
make the utility of a rupee received today equal to or smaller than the utility of
the sum he will collect in a year if he lends the rupee.

3. People in India have less incentive to save because investments in many areas
yields low returns and badly fragmented financial markets do not offer savers
positive real rates of returns. The only way to increase the rate of saving is to
increase the rate of return on financial investment. The households should be
informed of the instruments in which they can earn higher returns.

4. With the fall in money rate of interest, actually the incentive to save has come
down. The government should think of giving incentives in the form of tax
rebates for time deposits in formal financial institutions. This will increase the
rate of return on the deposits and will boost saving of the upper income
classes.

CONCLUSION

To take the underdeveloped countries to the path of development, rate of

saving must be increased. Whereas for the individuals and households, saving provide
a cushion of security against future contingencies, for the nation, saving provide the
funds needed in the developmental efforts. To achieve higher rate of growth with
relative price stability, the marginal propensity to save should be raised by appropriate
incentives and policies. To reduce the country’s vulnerability to unexpected shifts in
international capital flows, national saving rates must be raised so as to finance the
country’s investment targets. In an era of international financial integration, for
macroeconomic stability, higher domestic saving is necessary.

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REFERENCES

1. Bhalla, S.S. (1978) “The Role of Sources of Income and Investment

Opportunities in Rural Saving” Journal of Development Economics 5.
2. Bhatia, R.A. (1967) “A Note on Consumption, Income and Taxes”,
International Monetary Fund, Departmental Memoranda DM/67/70
November.
3. Crockett, J and Irwin Friend (1967) Consumer Investment Behaviour as
Determinant of Investment Behaviour, Princeton, National Bureau of
Economic Research.
4. Mody, Asoka (1983) “Rural Resources Generation and Mobilisation”,
Economic and Political Weekly, Annual Number.
5. Rao, V.K.R.V. (1980) Op.Cit.
6. Repetto, Rebert and Vimal Shah (1975) Demographic and Other Influences on
Long-term Saving Behaviour in Rural Development Block in India,
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7. Report of the congress small savings committee (1956) New Delhi: AICC,
Economic and Political Research Department, p.18.
8. Retnasamy D. and Sebastian M.(1979) “Savings Behaviour of Urban People
in TamilNadu – A Case Study”, Paper presented at the Indian Economic
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9. Roy Choudhary, U.D. (1968) “Income, Consumption and Saving in Rural and
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