A STUDYON INVESTMENT BEHAVIOR OF WORKING IN

CHENNAI CITY
Submitted to the University of Madras
In partial fulfillment of
the degree of
MASTER OF COMMERCE

by

Miss: Nivetha.V
Reg No: 531900782
Under the supervision of

Ms. P. SREE DEVI, M.Com, M.Phil, Ph.D

Assistant Professor
PG & Research Department of Commerce

PG AND RESEARCH DEPARTMENT OF COMMERCE

BHAKTAVATSALAM MEMORIAL COLLEGE FOR WOMEN
KORATTUR
CHENNAI - 600 080
MARCH- 2021

1
 DECLARATION

I hereby declare that the project entitled “A STUDY ON INVESTMENT

BEHAVIOR OF WORKING WOMEN IN CHENNAI CITY ” submitted by
me in partial fulfillment of the requirement for the award of the degree of Master
of Commerce. The research work is done by me under the supervision
Ms. P. SREE DEVI, M.Com, M.Phil, Ph.D Assistant professor PG& Research
Department of commerce, BHAKTAVATSALAM MEMORIAL COLLEGE
FOR WOMEN, Chennai-600080 and this project report has not previously formed
the basis for the award of any degree , diploma, associate fellowship of any other
academic courses.

Place: Nivetha.V

Date: Reg No: 531900782

2
 BHAKTAVATSALAM MEMORIAL COLLEGE FOR WOMEN

CHENNAI- 600 080

CERTIFICATE
This is to certify that the project report titled “A STUDY ON INVESTMENT
BEHAVIOR OF WORKING WOMEN IN CHENNAI CITY” submitted for
the degree of Master of Commerce by Miss. NIVETHA.V, Reg. NO: 531900782,
is the record of work carried out by her, under my guidance and supervision and
this work as not formed the basis for the award previously of any degree, diploma,
associate fellowship or any other academic courses.

PLACE: Ms .P. SREE DEVI

DATE: Project Guide

Internal Examiner External Examiner

3
 ACKNOWLEDGEMENT
At the outset I thank Lord Almighty for showering his blessing on me to submit
this project report. I thereby sincerely thank the management of
BHAKTAVATSALAM MEMORIAL COLLEGE FOR WOMEN
and express my sincere thanks to our Vice-chairman Madam
Dr.K.MAARAGATHAMANI, MBA, Ph.D, for having given me an opportunity
to pursue my project work.

I am grateful to our Secretary sir Dr.S.P RAJAGOPALAN, M.S.C., M.phil.,

Ph.D., for his valuable support and I also extent my sincere thanks to our Associate
secretary Madam Dr.C.N ESWARI, M.A., M.PHIL., Ph.D For have support.

I extend my sincere gratitude to our beloved Principal Madam

Dr.V.KALAIVANI, M.COM, M.Phil., M.B.A., Ph.D, for granting me
permission to pursue my project.

I am indebted to record my deep sense of gratitude to

Dr.K.R.DHANALAKSHMI, M.com, M.phil., Ph.D, MBA, PH.D, SET,
Associate professor and Head., PG& Research Department of Commerce for the
continuous support in completing this project.

I am extremely grateful to my class guide

Ms.P.SREE DEVI, M.com.,M.phil., Ph.D Assistant professor PG& Research
Department of Commerce, for her valuable guidance, encouragement and constant
support.

My sincere thanks to all my professors of PG& Research Department of commerce

for the encouragement valuable suggestion and advice. I thank our librarian for her
continuous support.

I extend my sincere thank to my affectionate and beloved parents and friends who
gave me inspiration, enormous interest and helped me to different stage of this
project

(NIVETHA.V)

4
 CONTENTS

S.NO TITLE PAGE.NO

1 INTRODUCTION 01
2 REVIEW OF 33
LITERATURE
3 FINDINGS AND 51
CONCLUSION
BIBLOGRAPHY

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 CHAPTER -1
INTRODUCTION

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 A STUDY ON INVESTMENT BEHAVIOUR OF WORKING

WOMEN IN CHENNAI CITY

INTRODUCTION

Investment is done basically with the various objective which involves receiving a
good return, creating monetary base for future contingencies, for future planned expenses
like child's education, daughter’s marriage, parent’s medical exigencies, taxation benefits,
safety purpose, to meet the increased costs of living, to have a peaceful life after
retirement, to leave a decent amount on the demise of investor to his or her legal heirs
and for personal satisfaction and gratification. Much investment nowadays is undertaken
to enjoy life by planning a vacation within the country or abroad. There are various
avenues where the investor can think of investing, which can be classified broadly into
fixed income bearing investment and variable income offering securities. Fixed income
bearing securities entail the investor with regular and fixed returns, whereas variable
income bearing investment entails irregular and varied returns to the investor. The
avenues include Bank Fixed deposits, recurring deposits, National Savings Certificates,
and Kisan Vikas Patrika from post office, Public Provident Fund, house property, child's
education, shares, mutual funds, National Pension System, Insurance, gold, bonds
(though bond market is not very popular in India), etc., to mention a few.

Investment in general means putting the funds saved to some fruitful earning
opportunity. It means investing the investible surplus that is left over after meeting all the
necessary expenditure. Investment is an important economic activity of the country,
which stems from income and savings and stimulates capital formation in the nation.
Superior the income, the higher will be the savings, and the higher can be the investment.
Investment is an act of investing one's money in some profitable opportunity in such a
way that risk and return are optimized. It is both an art and science, and taking an
investment decision can be an enjoyable experience or a painful dilemma. The status of

7
women has undergone a tremendous change over the last three decades. She has been
considered equal to men folk in earning a living, raising a family, doing all external
works in addition to the household chores, making decisions be it social, political, or
financial decision. As women have slowly taken to employment in various sectors, they
have started taking essential decisions relating to investment as well. Many working
women save funds, which are invested in various investment avenues, which in turn leads
to capital formation in the economy and growth of the nation.

Today the financial service sector has become highly diversified offering the
investor with a wide range of investment avenues. With proper investment strategies and
financial planning investor can increase personal wealth which will contribute to higher
economic growth. Economic growth is among the most vital factors affecting the quality
of life that people lead in a country. The three variables that measure the growth of an
economy are income, savings, and investment. Women, today is important role in the
family, businesses and society. Women who were the most dormant segment of the
Indian population have now become active participants in all walks of life. Now, women
are becoming not only a significant unit of the society but also their contribution in
family, businesses and society is being recognized. The roles played by women are many,
and one cannot afford to ignore the importance of women. In businesses, women are
playing an important role as they are sometimes the entrepreneurs who are generating
new opportunities. They also have representation in the board of the companies where
they are deciding the future of the organizations. The role of women, both in the
household and in business cannot be undermined. It is also believed that the full
participation of both men and women is critical for development. In previous research,
suggested that women, compared to men, tend to be risk averse, have a conservative
investment attitude, levels of financial knowledge, lack of decisions. Indian women, even
after having their own investments, tend to rely on the advice of husbands. Husbands can
play an important role in married women’s investment decisions.

8
 Women want to actively participate in all activities such as education, politics,
media, science and technology & become financially independent. Today’s women are a
hard taskmaster, managing between a homely & professional life. They are financially
independent now. They have more earning potential & more influence over their
financial decisions than ever before. Although women’s income is always considered as a
supplementary income within the family. It is universally considered as, women and
children in the family are consumers, not producers. General profile of women
investment preferences has diversified with time. There are various investment options
available for working women such as mutual funds, shares, insurance, children education
plan, bank, gold, real estate, post services, with the different objectives such as profit,
security, appreciation, income stability. Though their investment decisions depend upon
the various parameters such as degree of their risk-taking capability, influence of family
members and friends, their income, expenditure, savings, awareness and knowledge
about various investment instruments. Hence, the Investment behavior of each working
women is different due to many factors as safety associated with investment, regular flow
of income, tax saving benefits, security of job, retirement benefits etc.

MEANING OF INVESTMENT

An investment is an assets or item that is purchased with the hope that it will generate
income or appreciate in the future. In an economic sense, an investment is the purchase of
goods that are consumed today but are used in the future to create wealth. In finance, an
investments is a monetary assets purchased with the idea that the assets will provide
income in the future or appreciate and be sold at a higher price.

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DEFINITION OF INVESTMENT

Donald E. Fischer and Ronald J. Jordon defines “An investment is a commitment of

funds made in the expectation of some positive rate of returns. If the investments are
properly undertaken, the return will commensurate with the risk the investor assumes.”

F. Amling defines an investment “the purchase by an individual or institutional investor

of a financial or real asset that produces a return in proportion to the risk assumed over
some future investment period.”

CLASSIFICATION OF INVESTMENT

Investment can be classified as financial investment and economic investment.

1. FINANCIAL INVESTMENT

Financial investment means employment of funds in the form of assets

with the object of earning additional income or appreciation in the value of
investment in future. Assets which are the subject matter of investment may be
varying between safe and risky ones. Certain investments like bank deposits, post
office saving certificate, company deposits etc, yield only income. If the
investments are in the form of assets such as shares in companies, land and
building etc, they record capital appreciation. On the other hand, investments in
the government securities are safe and liquid. Investments like shares and
securities listed on a recognized stock exchange are easily transferable and
marketable. Some investments whose values locate widely and whose returns are
uncertain are regarded as risky investments. Purchase of marketable securities,
which is regarded as financial investment is expected to yield income in the form
of interest or dividend along with appreciation in their value. In stock market,

10
 trading an investment for one person may be disinvestment of another person
while in the new issue market one can only buy securities. These financial assets,
by their nature, are transferable from one person to another.

2. ECONOMIC INVESTMENT

Economic investment is different from financial investment. The term

economic investment signifies net additional to the capital stock of the society.
Capital stock of the society, in turn, means those goods and service which are used
in the production of other goods and service. For example, in a society, building
and equipment are the means of production which are used to produce and still
with the manufactures are regarded as capital stock. Thus, economic investment
includes a net addition to the capital stock in the form of an increase in buildings,
equipment or inventories. Indian financial industry is considered as one of the
strongest financial sectors among the world markets. Many industry experts may
give various reasons for such Indian financial industry reputation, but there is only
one answer which no one can deny. Is the effective control and governance of the
country’s supreme monetary authority in the “RESERVE BANK OF INDIA
(RBI)”.

Financial sector in India has experienced a better environment to grow

with the presence of higher competition. The financial system in India is regulated
by independent regulators in the field of banking, insurance, and mortgage and
capital market. Government of India plays a significant role in controlling the
financial market in India. Ministry of finance, government of India controls the
financial sector in India. Every year the finance ministry presents the annual
budget on 28th February. The reserve bank of India is an apex institution in
controlling banking system in the country. Its monetary policy acts as a major
weapon in India’s financial market.

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IMPORTANCE OF INVESTMENT

1. FINANCIAL INDEPENDENCE

First and the foremost thing is an investment gives financial freedom. If

one invests their money from the beginning, they need not to worry about the
future financial needs. As future is uncertain, and there may be a situation in life
where they require a large amount of money to get out that situation with minimal
loss. So to effectively protect themselves from such type of situation, one must
inculcate the habits of saving and investing. It may be because of their children’s
education, marriage or medication. Let it be anything which demands lot of
money, they may surpass it if one have invested money from the beginning itself.
Hence, investment gives one more financial freedom to rely upon.

2. INCREASES WEALTH

Besides making one financially independent, investment makes one rick

also. As he invests more and more money for a long time, it will definitely make
him richer. In the present generation, it is of utmost importance to be rich as it
gives more benefits in each and every aspect of his life. Do investments increase
his returns and at the same time make him wealthy. As he become wealthier, he
will have more financial freedom and vice versa.

3. FULFILLING PERSONAL GOALS

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 If one has a desire for having a luxurious apartment and a luxurious car of
his own, then it is obvious that these desires may be fulfilled by a planned
investment and savings. As one invests more, he tends to become richer. And as
he become richer, he may find no difficulty in achieving his personal goal,
achieving personal goals is the essence of success in every aspect of life
.
4. DESIRES OF FAMILY MEMBERS

It is ones social responsibility towards his family members to look after

them. It also includes taking care of their personal desires also. And he is the first
responsible person to fulfill their wishes time to time. So if he invests carefully
and gets good returns and become rich by that, one easily fulfills all the desires of
himself as well as his family members also. So investment plays a vital role in
satisfying ones family member’s wishes.

5. INCREASES KNOWLEDGE

As investment does not mean mere buying and selling only, and it needs a
thorough research in the various aspects of stock market and the company, it will
improve one’s knowledge. It develops ones knowledge in various fields. Learning
more knowledge makes one to err seldom and which in turn make a successful
investor.

STAGES IN INVESTMENT PROCESS

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1. INVESTMENT POLICY

The first stage determines and involves personal financial affairs and
objectives before making investments. It may also be called preparation of the
investment policy stage. The investor has to see that he should be able to create an
emergency fund, an element of liquidity and quick convertibility of securities in to
cash. This stage may, therefore, be considered appropriate for identifying
investment assets and considering the various features of investment.

2. INVESTMENT ANALYSIS

When an individual has arranged a logical of the types of the

investments that he requires on his portfolio, the next step is to analyze the
securities available for investment. He must make a comparative analysis of the
type of the industry, industry of security and fixed vs. variable securities. The
primary concern at this stage would be to form to form beliefs regarding future
behavior or prices and stocks, the expected return and associated risk

3. VALUATION OF INVESDTMENTS

The third step is perhaps most important consideration of the valuation of

investments, investments values, in general, is taken to be the present worth to the
owners of the futures benefits from investments. The investor has o bear in mind
the value of these investments.

4. PORTFOLIO CONSTRUCTION

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 Portfolio construction requires knowledge of the different aspects off
securities, consisting of safety and growth of principal, liquidity of assets after
taking into account the stage involving investment timing, selection of investment,
and allocation of savings to different investments. The success of every investment
decision has become increasingly important in recent times; making sound
investment decision requires both knowledge and skill. Skill is needed to evaluate
risk and returns associated with an investment decision. Knowledge is required
regarding the complex investment alternatives available in the economic
environment.

INVESTMENT OBJECTIVES

The objective of any investment is the maximization of the economic

welfare of the investor in the long run. Welfare of the investor relates to two
important aspects namely maximization of wealth and liquidity. Thus the
objectives of investors may be summarized as follows:

1. RETURN

An investment is a commitment of funds made in the expectation of some

positive rate of return. So, it is the sacrifice of certain present value for the future
reward. Though investment is primarily made for income it is however associated
with risks. But if one undertakes investment prudently, he is sure to earn income.
Typically investments can be evaluated in terms of return regardless of their
individual types and characteristics. The investor while making investments,
consider many aspects related to return such as the timing, frequency and quantum
of returns.

2. CAPITAL APPRECIATION

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 Capital appreciation is one of the important objectives of investment.
Investments involve real assets or financial assets. Real assets are tangible assets
such as land, building, automobiles, and bullions, where as financial assets refer to
pieces of paper having an indirect claim to real assets held by some others. Before
investing, the investors will try to find out the kind of assets which may appreciate
in value. Normally, they prefer would to invest in growth stocks which will
appreciate over time. Purchase of property at the right time and the ideal growth
stocks ensure appreciation to investors.

3. SAFETY

Investors, while investing their hard earned money consider safety as the
essential objective of investment. Safety is the vital aspect as to why many
investors are quite contented with low yield investments. They keep away from
other investment options which are not saving. Generally, securities are regarded
safe, as only calculated and moderate risks are present in them. Such securities are
expected to repay the investor with his principal amount and returns thereon.
Investors who consider safety as the major objective fear loss of capital much
more than loss of return.

4. LIQUIDITY

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 The liquidity of an investment refers to the degree of its ready
encashability. Generally, investors prefer investments which offer higher liquidity.
Typically savings accounts and term deposits with banks are readily encashable.
Liquidity is meaningful only when incidence, timing and severity of liquidity
needs of the investors cannot be known in advance.

5. TAX PLANNING

In practice, many investors are taxpaying individuals. As the income tax

rates vary from 10% to 30% with a surcharge, the tax liability of those with higher
income brackets is somewhat heavy. The interest earned by the investor from his
investment is a taxable income and in certain cases tax is to be deducted at source
of interest income (TDS). So, investors are anxious to buy tax free securities in
order to maximize their cash returns on investments.

MEANING OF INVESTOR

An individual who commits money to investment products with the

expectation of financial return, generally the primary concern of an investor is to
minimize risk while maximizing return, as opposed to as peculator, who is willing
to accept a higher level of risk in the hopes of collecting higher than –average
profits.

TYPES OF INVETORS

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 Investors are classified into six types are as follows: there are some who have
not even started to invest, others who are new to the investing trade, and those who are
well advanced along the path of successful investor.

1. SPENDER

This first stage of investor is really not an investor at all. They are called as a
negative saver and investor. Rather than put aside some of money to invest every
month, what do instead is spend everything that he have. In fact , this is not
enough money to support one’s life style , so he borrow to help continue to shop,
purchase expensive cars, buy gorgeous houses, and houses, and enjoy nice dinners
out. Spenders are not necessarily people who make low salaries or who have too
little income. Who are in this category simply do not have good habits to control,
mange, and spend their money. From such bad habits come bad choices and
additions. These give negative results every time.

2. SAVER

The second stage of investor is the saver. They are also not truly an investor,
but at least they are on the right path to become an investor one day. If he is a
saver, then he put aside some each month. One will likely put thus money in a low
interest savings account, a money market account, a certificate of deposit or a
fixed deposit. Many savers put their money aside for future purchases, not
investments at all. When one is this kind of saver, he prefers to buy things with
cash instead of credit. Savers have to be ready to educate themselves to find high
yield and safe investments.

3. INTELLIGENT INVESTOR

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 The next stage of investor can be called the intelligent investor. When one
reach the point to start to study about investment and finance, and then they have
arrived at this stage. If one is an intelligent investor then they have read the basic
books that explain all of the concepts that the need to invest. He will understand about
the ways that he can manage his risk properly. He will know all about the wisdom and
benefits of diversifying his portfolio.

He will also understand that you can never know too much. Even while
investing his money to build his portfolio, he continues to read books, magazine
articles, and updates on the various factors that affect his investments. One realize that
when they constantly learn more about investing then will only serve to make a better
investor. This is a good level to find one at, but there are higher and better stages of
investor’s that investor can become.

4. ADVANCED INVESTOR

In the four stage investors are long term investors. Intelligent investor has
learned that one can become wealthy through continuous wise investment, and
then they have reached this stage of investing. One should realize that there is
more than one can learn than when they read and educate themselves. One should
go to seminars on particular investment products and techniques so that they can
better understand them. One has learned advanced concepts such as the power of
compound interest. Investor is determinedly chasing their ultimate financial goals
towards not only retirement, but also to build up wealth. Investors keep close track
of their expenses. If investor are very familiar with their assets and liabilities,
debts. A long term, advanced investor does not waste huge amounts of money on
conspicuous consumption. Instead, investor put his money to work in investments
that will grow and build wealth with time.

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 5. SAVVY INVESTOR

In the fifth stage of investing, investors are called as a savvy investor. One
has arrived at this level when they do more than simply learn about other people’s
ideas for good investments. No one can arrange his own investments and deals.
Returns on his investment have climbed to twenty percent and better. One will
likely pursue a wide range of investments that work well for them. One manages
risk expertly and stay focused. After he has an investment that is up and running
smoothly, he diversifies to another investment. He does not become discouraged
in economic crises and setbacks. In any type of market, positive or negative,
investor looks for and fined opportunities to take money. When one is able to
make and forge his own deals, almost like a banker or an investment bank, then he
has attained the level of savvy investor.

FACTORS AFFECTING INVESTMENT DECISION

1. INTEREST RATES

Investment is financed either out of current savings or by borrowing.

Therefore investment is strongly influenced by interest rates. High interest rates
make it more expensive to borrow. High interest rates also give a better rate of
return from keeping money in the bank. With higher interest rates, investment
have a higher opportunity cost because you lose out the interest payments.

2. ECONOMIC GROWTH

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 Accelerator theory: The accelerator theory states that investment
depends on the rate of change of economic growth. In other words, if the rate of
economic growth increases from 1.5% a year to 2.5% a year, then this increase in
the growth rate will cause an increase in investment spending as the economy is on
an up-turn. The accelerator theory states that investment is highly dependent on
the economic cycle.

3. CONFIDENCE

Investment is riskier than saving. Firms will only invest if they are
confident about future costs, demand and economic prospects. Keynes referred to
the ‘animal spirits’ of businessmen as a key determinant of investment. Keynes
noted that confidence wasn’t always rational. Confidence will be affected by
economic growth and interest rates, but also the general economic and political
climate. If there is uncertainty (e.g. political turmoil) then firms may cut back on
investment decisions as they wait to see how event unfold.

4. INFLATION

In the long-term, inflation rates can have an influence on investment. High

and variable inflation tends to create more uncertainty and confusion, with
uncertainties over the future cost of investment. If inflation is high and volatile,
firms will be uncertain at the final cost of the investment, they may also fear high
inflation could lead to economic uncertainty and future downturn. Countries with a
prolonged period of low and stable inflation have often experienced higher rates of
investment.

5. PRODUCTIVITY OF CAPITAL

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 Long-term changes in technology can influence the attractiveness of
investment. In the late nineteenth century, new technology such as Bessemer steel
and improved steam engines meant firms had a strong incentive to invest in this
new technology because it was much more efficient than previous technology. If
there is a slowdown in the rate of technological progress, firms will cut back
investment as there are lower returns on the investment.

6. AVAILIABILITY OF FINANCE

Banks were short of liquidity so had to cut back lending. Banks were very
reluctant to lend to firms for investment. Therefore despite record low-interest
rates, firms were unable to borrow for investment – despite firms wishing to do
that. Another factor that can influence investment in the long-term is the level of
savings. A high level of savings enables more resources to be used for investment.
With high deposits – banks are able to lend more out. If the level of savings in the
economy falls, then it limits the amounts of funds that can be channeled into
investment.

7. WAGE COSTS

If wage costs are rising rapidly, it may create an incentive for a firm to try
and boost labor productivity, through investing in capital stock. In a period of low
wage growth, firms may be more inclined to use more labor-intensive production
methods.

8. DEPRECIATION

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 Not all investment is driven by the economic cycle. Some investment is
necessary to replace worn out or outdated equipment. Also, investment may be
required for the standard growth of a firm. In a recession, investment will fall
sharply, but not completely – firms may continue with projects already started, and
after a time, they may have to invest in less ambitious projects. Also, even in
recessions, some firms may wish to invest or startup.

9. PUBLIC SECTOR INVESTMENT

The majority of investment is driven by the private sector. But,

investment also includes public sector investment – government spending on
infrastructure, schools, hospitals and transport.

10.GOVERNMENT POLICIES

Some government regulations can make investment more difficult. For

example, strict planning legislation can discourage investment. On the other hand,
government subsidies/tax breaks can encourage investment. In China and Korea,
the government has often implicitly guaranteed – supported the cost of investment.
This has led to greater investment – though it can also affect the quality of
investment as there is less incentive to make sure the investment has a strong rate
of return.

TYPES OF INVESTMENT BASED ON RISK

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SAFE /LOW RISK
 Savings account
 Bank fixed deposits
 Public provident fund
 National saving certificate
 Post office savings
 Government securities

MODERATE RISK
 Mutual funds
 Life insurance
 Debentures/bonds

HIGH RISK
 Equity share market

TRADITIONAL
 Real estate
 Gold/silver
 Chit funds

1. SAVINGS ACCOUNT

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 SAVINGS ACCOUNT is a perfect for parking your temporary savings.
These accounts are one of the most popular deposits for individual accounts. These
accounts provide cheque facility and a lot of flexibility for deposits and
withdrawal of funds from the account. Most of the banks have rules for the
maximum number of withdrawals in a period and the maximum amount of
withdrawal, but no bank enforces these. However, banks have every right to
enforce such boundaries if it is felt that the account is being misused as a current
account.

This account gives the customer a nominal rate of interest and he can
withdraw money as and when the need arises. The position of account is depicted
in a small book known as “pass book”. Such accounts should be treated as a
temporary parking area because the rate of interest is much less than fixed
deposits. As soon as one’s savings accumulate to an amount which he can spare
for a certain period of time, shift this money to fixed deposit. This returns on the
money kept in savings bank account will be less but the freedom to withdraw is
the highest.

2. FIXED DEPOSITS

The term “Fixed” in Fixed Deposits denotes the period of maturity or tenor.
Fixed Deposit, therefore, pre plans a length of time for which the depositor decides
to keep the money with the bank and the rate of interest payable to the depositor is
decided by this tenure. Rate of interest differs from bank to bank. Normally, the
rate is highest for deposits for 3-5 years. This, however, does not mean that the
depositor loses all his rights over money for the duration of the tenor decided.

Deposits can be withdrawn before the period is over. However, the amount
of interest payable to the depositor, in such cases goes down. Every banks offer

25
 fixed deposit schemes with a wide range of tenures for periods from 7 to 10 years.
Therefore the depositors are supposed to continue such fixed deposits for the
duration of time for which the depositor decides to keep the money with the bank.
However, in case of need, the depositor can ask for closing the fixed deposit in
advance by paying a penalty. Soon some banks have even introduced variable
interest fixed deposits. The rate of interest in such deposits will keep on varying
with the prevalent market rates i.e. it will go up if the market interest rate goes and
it will come down if the market rates fall.

Tax deduction: banks should deduct tax at source on interest paid in

excess of Rs.5000 PA to any depositor. This is not per deposit but per individual.
These is Rs.7000 though in each individual deposit, interest should not exceed Rs.
2000, tax must be deducted at source.

3. PUBLIC PROVIDENT FUND (PPF)

PPF is a 30 year old constitutional plan of the central government

happening with the objective of providing old age profits security to the
unorganized division workers and self- employed persons. Currently, there are
almost 30 lakhs PPF account holders in India across banks and post offices.

Any individual salaried or non-salaried can open a PPF account. He may

also pledge on behalf of a minor, HUF, AOP and BOI. Even NRIs can open PPF
account. A person can obtain only one PPF account. Also two adults cannot open a
combined PPF account. The collective annual payment by an individual on
account of himself his minor child and HUF/AOP/BOI (of which individual is
member) cannot exceed Rs. 70,000 or else the excess amount will be returned
without any interest. Subscription: the yearly contribution to PPF account rangers

26
from a least of Rs. 500 to a maximum of Rs. 70,000 payable in multiple of Rs.5
either in lump sum or in convenient installments, not exceeding 12 in a year.

The account will happen to obsolete if the required minimum of Rs.500 is

not deposited in any year. The amount before now deposited will continue to earn
interest but with no facility of taking loan or making withdrawals. The account can
be regularized by depositing for each year of default, arrears of Rs. 500 along with
penalty of Rs. 100.

A PPF account can be opened at any branch of state bank of India or its
subsidiaries or in few national banks or in post offices. On opening of account
pass book will be issued where in all amounts of deposits, withdrawals, loans, and
repayment together with interest due shall be entered. The account can also be
transferred to any bank or post office in India.

Deposit in the account earns interest at the rate notify by the central
government from time to time. Interest is designed on the lowest balance among
the fifth day and last day the calendar month and is attributed to the account on
31st march every year. So to derive the maximum, the deposits should be made
between 1st and 5th day of the month, as it also enables you to earn interest on your
savings bank account for the previous month.

Even though PPF is 15 year scheme but the effectual period works out to 16
years i.e. the year of opening the account and adding 15 years to it. The sum made
in the 16th financial year will not earn any interest but earn any interest but one can
take advantage of the tax rebate.

27
 The investor is allowable to make one removal every year beginning from
the seventh financial year of an amount not more than 50% of the balance at the
end of the fourth year or the financial year immediately preceding the withdrawal,
whichever is less. This facility of making partial withdrawals provide liquidity and
the withdrawn amount can be used for any purpose.

4. NATIONAL SAVINGS CERTIFICATE (NSC)

NSC is a fixed interest, long term instruments for investment. NSC is issue
by the department of post, Government of India. Since they are backed by the
government of India, NSCs are a practically risk free avenue of investment. They
can be bought from authorized post offices. NSCs have a maturity of 6 years. They
offer a rate of return of 8% P.A.

This interest is calculated every six months, and is emerged with the
principal. That is, the interest is reinvested, and is paid along with the principal at
the time of maturity. NSC’s quality for investment under section 80c of the
Income tax. Even the internet earned every year qualifies under sec 80C. This
means that investments in NSCs and the interest earned on it every year, up to 1
lakh, are deductible from the income of the investor. There is no tax deducted at
source (TDS).

FEATURES OF NSC:

 Minimum investment Rs.500- no maximum limit.

 Rate of interest 8% compounded half yearly
 Rs. 1000/- grow to Rs.1601/- in six years.
28
  Two adults, individuals, and minor through guardian can purchase.
 Companies, Trust, societies, and any other institutions not eligible to purchase
 Non- resident Indian /HUF cannot purchase
 No pre- mature encashment.

5. POST OFFICE SAVINGS

They are various investment schemes available in post offices, like (Kisan
Vikas Patra), MIS (Monthly Income Scheme) and various others. All these
schemes are completely risk- free, and you do not need to have large sum of
money to start investing in the post offices schemes. Some scheme offer Tax-
saving benefits and some gives tax- free returns. So you need to find out some
scheme as per your requirements.

These are some of the safe and secure investments that you can opt for.
Though the interest rates are not so high, but still you must invest some part of
your money into any of these investment instruments. It is your hard- earned
money, so better play safe and invests some part in secure funds also. Generally,
post office schemes are also like the commercial bank schemes. Originally
institutions called “trustee savings banks” were operating the savings bank
accounts. These institutions became extinct gradually and the postal department
took up the task of providing a facility to save through their postal savings
account.

6. GOVERNMENT SECURITIES (G-SECS)

GOVERNMENT SECURITIES (G-SECS) are supreme securities which

are issued by the reserve bank of India on behalf of government of India in lieu of
the central government market borrowing program.
29
 The term government securities include:
 Central government securities
 State government securities
 Treasury bills

The central government borrows funds to finance its “fiscal deficit”. The
market borrowing of the central government is increased through the issue of
dated securities and 364 days treasury bills either by auction by flotation of loans.
In addition to the above, Treasury bill of 91 days are issued for managing the
temporary cash mismatches of the government. These do not form part of the
borrowing program of the central government.

FEATURES:

 Issued at faced value

 No default risk as the securities carry sovereign gurantee
 Ample liquidity as the investor can sell the security in the secondary
market
 Interest payment on a half yearly basis on face value
 No tax deducted at source
 Can be held in DEMAT form

7. MUTUAL FUNDS

A mutual fund is a professionally – managed firm of collective investments

that pools money from many investors and invests it in stocks, bonds, short – term
money market instruments, and /or other securities. In a mutual fund, the fund

30
 manager, who is also known as the port folio manager, trades the fund’s
underlying securities, realizing capital gains or losses, and collects the dividend or
interest income.

The investment proceeds are then passed along to the individual investors.
The value of a share of the mutual fund, known as the net assets value per share
(NAV), is calculated daily based on the fund divided by the number of shares
currently issued and outstanding. Mutual funds collect the savings of small
investors, invest them in government and other corporate securities and earn
income in the form of interest and dividend. The income and capital appreciation
arising out of investments are shared among the investors by careful selection of
securities over a diversified portfolio, covering large number of companies and
industries.

The securities and exchange of India (mutual funds) regulations, 1993

define mutual fund as “a fund established in the form of a trust by a sponsor to
raise monies by the trustees through the sale of units to the public, under one or
more schemes for investing in securities in accordance with these regulations”.

8. LIFE INSURANCE

Life insurance is a contract between the policy owner and the insurer,
where the insurer agrees to pay an amount of money upon the happening of the
insured individual’s or individual’s death or other event, like terminal illness,
critical illness, in return, the policy owner agrees to pay a fixed amount called a
premium at regular intervals or in bulge sum. Like other insurance policies, life
31
 insurance is also a contract between the insurer and the policy owner whereby a
benefit is paid to the nominated beneficiaries if an insured event occurs which is
covered by the policy.

The assessment for the policyholder is derived not from an actual claim
event. But to certain extent it is the value derived from the peace of mind
experienced by the policyholder, because of the negating of adverse financial
consequences caused by the death of the life assured. To be a life policy the
insured event must be based upon the lives off the people named in the policy.

9. BONDS & DEBENTURES

Bonds & debentures, these two words can be used interchangeably. In

Indian markets, we use the word bonds to indicate debt securities issued by
government, semi- government bodies and public sector financial institutions and
companies. We use the word debenture to refer to the debt securities issued by
private sector companies.

Bond-debt securities issued by government or public sector companies

debentures – debt securities issued by private sector companies. In other words we
can tell that a bond is a debt security, similar to an I.O.U when you purchase a
bond, you are lending money to a government, municipality, corporation, or public
entity known as the issuer. The issuer promises to pay you a specified rate of
interest during the life of the bond, in return for the loan. They also promises to
repay the face value of the bond when it matures,

Following are allowed to issue bonds

 Governments
 Municipalities
32
  Variety of institution
 Corporations

Buying and holding of bonds: investors can subscribe to primary issuses

of corporate and financial institutions. It is common practice for FIs and corporate
to raise funds for assets financing or capital expenditure through primary bond
issues. Some bonds are also available in the secondary market.

DEBENTURES

A debenture is similar to a bond except, the securitization conditions are

different. A denture is generally unsecured in the sense that there are no lies or
pledges on specific assists. It is defined as a certificate of agreement of loans
which is given under the company stamp and carries an undertaking that the
debenture holder will get a fixed return and the principal amount whenever the
debenture mature.

10.STOCK MARKET

Stock market trading consist of buying and selling of company stocks and
as well as stock derivatives. This type of trading usually takes place in a stack
exchange, in which companies need to be listed in order for their shares to be
bought and sold. This trading stock market provides with substantial earnings
potential and is one among the most popular investment options.

33
11.REAL ESTATE

The growth curve of Indian economy is at all time high and contributing to
the upswing is the real estate sector in particular. Investments in India real estate
have been strongly taking up over other options for domestic as well as foreign
investors. The boom in the sector has been so appealing that real estate has turned
out to be a convincing investment as compared to other investment vehicles such
as capital and debt markets and bullion market. It is attraction investors by
offering a possibility of stable income yields, moderate capital appreciations, tax
structuring benefits and higher security in comparison to other investment options.

A survey by the federation of Indian chambers of commerce and industry

(FICCI) and Ernst & young has predicted that Indian real estate industry is poised
to emerge as one of the most preferred investment destinations for global realty
and investment firms in few years. The potential of India’s property market has a
revolutionizing effect on the overall economy of India as it transforms the skyline
of the Indian cities mobilizing investments segments ranging from commercial,
residential, retail, industrial, hospitality, healthcare etc.

12.GOLD/SILVEER

Gold has got lot of emotional value than monetary value in India. India is
the largest consumer of gold in the world. In the western countries, you can find
most of their gold in their central banks. But in India, we use gold mainly as
jewels. If you look at gold in a business sense, you will understand that gold is one

34
 of the all time investment tools. Gold as an investment tool always gives good
returns, flexibility, safety, and liquidity to the investors. Therefore as a financial
consultant my advice to you all is, kindly allocate a portion of your portfolio for
gold investments.

India has the highest demand for gold in the world and more than 90% of
this gold is acquired in the form of jeweler. Following are the factors influencing
the demand gold. The movement of gold prices is one of the important variables
determining demand for gold. The increase in the irrigation, technological change
in agriculture, have generated large marketable surplus and a highly skewed rural
income distribution is another factors contributing to additional demand for gold.

NEED FOR THE STUDY

The women investors are well aware of the investment avenues but they in detail
knowledge of the investment. The preference of the women investors is analyzed in the
study. This analysis on investor’s behavior is an attempt to know the profile of the
investor and also know the characteristics of the investors so as to know their preference
with respect to their investments. The study also tries to unravel the influence of
demographic factors like age on risk tolerance level of the investors. The trend of
increasing investment is the indication of developing of nation. For increasing
investment, there should be awareness level of investment activities among the investors.
The awareness level is depending on the literacy level and their family background. In
today’s scenario, the literacy rate and earning power of women is high compared to past.
Women have education, their participation in investment activities are not similar to men.
Hence, there is need to study about women investors’ literacy and demographic factors
towards investment decision making behavior. It will be greater importance to
formulation of policies and promotion to regulate in the investment market.

35
 Salaried women employees in general have fix flow of income and their
investments patterns are found also different. To find out investment behavior of salaried
women investors in Chennai region. It will be helpful to understand the investment
preferences of investors. The research paper will become the helping hand to the research
scholars as well as students for their further studies in their respective area. The
significance of the research is to understand the investment avenue selection among the
young investors and to understand the relation between investment and savings. If the
selection of investment avenues among the youthful investors is good, then it will help
our government for making policies according to it so that the investors get motivated to
invest in Financial Market and its Instruments. Further, this study will help the women
investors to decide in what financial product they should invest so that they can plan their
goals accordingly.

OBEJECTIVE OF THE STUDY

1. To analyze the factors that affect individual investor behavior.

2. To study the awareness level investment avenues among the working women in
the study region.
3. To study the investment preference of working women employee.
4. To analyze the risk averse of working women.
5. To find out whether the women investors are looking for long term growth or risk
or return.
6. To study the investment behavior of working women such as their risk-taking
ability, type of investment preferred, expected return on investment, preferred
source of investment and portion of income invested.
7. To examine the behavior of working women while taking investment decisions.
8. To study the investment preference among the salaried people working in different
sectors
9. To analyze the pattern of investment and saving among the salaried investors.

36
 10. To find the problems that is faced by the investors.

SCOPE OF THE STUDY

Investment is investing money into something with the expectation of profit. More
specifically, investment is the commitment of money or capital to the purchase of
financial instruments or other assets so as to gain profitable returns in the form of interest,
or capital gains of the value of the instruments.

Savings from an important part of the economy of any nation. With the savings
invested in various options available to the people, the money accts as the driver for
growth of the country. There are many investments options available to investors like
savings account, fixed deposit, public provident fund, and post office savings, gold/silver
have lots of option to invest. So investor has to invest accordingly apart from their
expenses. The choice of the best investment options will depend on personal
circumstance as well as general market conditions.

Basically an investment is done with three objectives- growth, security, or income. There
can be short term, moderate and long term investments. All savers need not invest in
assets and all investments need not be out of savings too. They can be partly or fully
financed by borrowings. Only and it will be helpful to identify the different and better
investment options that are available in the market. The scope is restricted on women
investors with respect to the preference of various investment options while doing their
financial planning. The study has been conducted to analyze some factors effecting
investment behavior of investors.

LIMITATION OF THE STUDY

This analysis is based upon investor’s investment behavior during normal time and
recessionary period. This analysis would be focusing on the information from the
investors about their knowledge, behavior on different financial products.
37
  The research is majorly a secondary research where the data was collected from
internet , books, journals and conclusion drawn are based on the limited data, they
remain subject to modification and corrections.
 The study is conducted in Chennai city and on women investors
 This study in conducted to analyze the behavioral pattern not all those factors that
really matter while investing.
 Besides the study has the limitation of time, place and resource.
 The study have been conducted to analyze some factors effecting investment
behavior of investors
 The total number of financial instruments in the Market is so large that it needs a
lot of resource to analyze them all.

AREA OF THE STUDY:

The study was conducted to examine the investment behavior of working women
in Chennai city. It focuses on the investment preferences and attitude of women towards
investment avenues and the estimating level of awareness of women investors.

38
 CHAPTER -2
REVIEW OF LITERATURE

REVIEW OF LITERATURE
A literature review or narrative review is a type of review article. A
literature review is a scholarly paper that presents the current knowledge including
substantive findings as well as theoretical and methodological contributions to a
particular topic.

Mercy Silvester and Vijayakumar Gajendran (2020) studied on

Investment Behavior of working women in Chennai city. The main objective of the
study is to assess the investment behavior and awareness level of working class

39
women towards investments. The study was made on 300 respondents, women in
Chennai city and the tools used are one sample t – test, fried man test, chi square. The
findings are the working women are well – aware of savings avenues of investment
and also they have adequate awareness of different types of investment and suggested
that government should offer incents and tax benefits to investors.

Dr. Venna. M (2020) Determination of factors exerting influence on

investment behavior with special focus on working women. The objective is to
identify the factors affecting investment decision of women. They took samples of
480 and made analysis using factor analysis tool. It was found that the age and income
level influence the investment decision it does not prefer invest in shares but with
intension of getting dividend return and it also suggested to reduce the risk in the
market, the investors should strictly follow.

Sanjeeveni Gangwani (2020) made survey on investment behavior of

working women in India. The aim of the study is to analyze of income and investment
behavior of women and factors associate with investment behavior. The study was
made on 200 respondents and analysis was made on frequency analysis and
percentage analysis. The research was concluded that majority of women investment
due to safety and security for the family. Due to insufficient knowledge of investment,
women finds difficult to invest in the projects where there is high risk.

Shinki .K.Pandey (2020) concluded research on investment preferences of

young investors in Rajpur city, sample of 140 individuals and used percentage
analysis and t- test in order to find the findings. To know the preferences over
investment alternatives what parameter are taken into consideration before investing.
The study has conducted to primary level and has not considered all the investment
avenues. As a young investor has a good risk appetite and a good time horizon and to
get a good return on the investment till, he reaches the age of 40, he has a various

40
number of options to invest in. There are various number of investment avenues
available in the market such as Bank Deposits, Post Office Deposits, Equity Market,
Mutual Funds, Physical Gold, Real Estate.

Ashish Dewan ,Gayathri.R (2019) used a sample 800 and made a analysis
using chi square test and made a research on investment behavior of corporate and
individual investors from southern India. In this study the perception of the investors
and factors affecting investment behavior is identified. The findings of the study are
corporate investors are more interested in getting knowledge about the market. This
analysis of risky options has developed two themes/first, concerns editing operation
that determine how prospect are perceived and second theme involves the judgmental
principles that govern the evaluation of gains and losses and weighing of uncertain
outcomes.

Gayathri. J (2019) investor’s behavior on investment avenues. The

research made a sample of 120 and used analysis of variance, chi-square test. The
research is made to test the impact of sources of information on awareness and risk,
perception of the investors regarding investment avenues. The researcher found that
modern technology development also created awareness and risk level of respondents
and the study can be made about investment pattern, investment attitude towards
various investment options.

Manish Sharma (2019) studied on role of working women in investment

decision making in the family in India among 84 women respondents. The
contribution of Indian women in family, businesses and society is today being
recognized. The role of women in the family decisions is also increasing with the
change in demographics as more women are now participating in economic activities.
With the change in education, employment and contribution in the earnings of the
family, her say in the family decisions are increasing. When it comes to the

41
investment decisions, women tend to be risk averse, have conservative attitude, lower
levels of financial knowledge, lack of confidence and dependent on guidance from
others as suggested by different researches worldwide. The role of husband becomes
particularly important for women while choosing investment products or taking
investment decisions. This article attempts to highlight the role of women in
investment decision making in the family and further examines the role of a male
spouse on the investment decisions. The objectives of the study were to examine the
behavior of working women while taking investment decisions; and to identify the
extent to which the investment decisions of the working women are influenced by the
spouse/husband.

Prof.Sanket.l charkha (2018) a study of saving and investment pattern of

salaried class people with reference to Pune city. The study made to analyze the
pattern of investment and saving among the salaried investors and to find the problem
that is faced by investors. The researcher made a research on 60 samples. the study
finds that there is significant relationship between the income and awareness of
investments among respondents and the self awareness is main source of investment
and the research study if you want to get rich save whatever you get even a food can
earn money but then it take a wise man to save and to dispose of it to his own
advantage.

Jothi Baskara Mohan (2018) made a research on women investors among

50 using simple percentage tool. The aim is to determine the source of awareness and
knowledge of investment and to analyze investment pattern of women in investment
avenues. The findings of the study are the women prefer to invest in financial product
which gives risk free returns. They don’t have through knowledge of financial
opportunities. It was made to examine the behavior of working women while taking
investment decisions and to identify the investment decisions of married women.

42
 Dr. V.krishna kumara (2018) concluded research on impact of savings
and investment behavior of working women in Chennai. The research explores the
factors influence the savings and investment behavior and found the solutions for the
problems that is faced by working women. The research made analysis on 100
respondents and used percentage and factor analysis. The findings made in research
are women save their income for the future benefit and it suggested women investors
should look in all avenues while investing. Women represent almost half of the
workforce & many businesses are owned or managed by women. Many women
influence or control the majority of all consumer decisions.
Mr. Million Assefa, Dr. Durga Rao (2018) to identify the level of
financial literacy and to examine the relationship between financial literacy of salaried
employees. The sample size is 200 and chi square test used for making findings. The
researcher found that the respondents in high financial literacy group and low
financial literacy group and people do not aware about all the investment options
available to them and they lack knowledge about securities. In addition, participants
of high as well as low financial literacy groups prefer similar investment avenues.
They mainly prefer to invest in traditional and safe financial products and do not
invest much in complex financial products which are comparatively more risky and
can give higher return. These results highlight the need for financial education
programs focusing specifically on developing investment knowledge and skills to
facilitate informed investment decisions.

Dr. V.G. Jisha , V. Gomathi (2017) made a study on investment pattern

among urban working women in Coimbatore city among 50 individuals using the tool
chi square test. The major impact on savings is due to the level of income and
analyzed the women employees consider safety as well as high return on investment
and the suggested that the government should provide more investor protection.
Women have more earning potential & more influence over financial decisions than
ever before.

43
 Nagajeyakumaran Atchyuthan (2017) Investment awareness and
preference of working women in Sri Lanka. It aims in focusing on awareness and
preference of women among 125 samples and made analysis based on percentage
analysis and chi square. The researcher analyzed that women mostly aware of
investment avenues and highly depend on spouse while taking decision. The
awareness level of women is most significantly related to age, occupation, and
educational qualification in taking investment decision. . There are investment
products like Bank deposits, 5 year tax saving FDs, precious metals, public provident
fund, national pension system, post office saving schemes, mutual funds, life
insurance, and commodities, where the influence of women is stronger than their male
spouse.

Dr. V .Ramanujam (2016) investment literacy towards investment

decision making behavior of working women among 250 respondents and analyzed
using chisquare test. This study is about women investors’ literacy and demographic
factors towards investment decision making behavior. It recommended that
demographic factors entail to be considered for developing any investment instrument
and framing policies and the lack of knowledge of customers about financial
instrument and found that the women are educated but have less investment attitude,
knowledge and experience.

Sathiyamoorthy.C, Krishnamurthy .K (2015) made research on

investment pattern and awareness of salary class investors among 50 respondents and
tools used is t- test, one way Anova and factor analysis. The researcher found that
majority of the respondents are saving money as bank deposits for the safety of a
future and he suggested that government should take necessary step to publish in
magazines etc. Financial investment is the purchase of a financial security such as

44
stock, bond or mortgage. As a woman & an investor, shaping of financial future is as
the many other roles they play in life.

Tai-Yuen Hon (2015) Investment behavior of small investor among 1199

respondents and tool used is factor analysis. The aim is to identify and analyze the
important factors that capture the behavior of small investors. The researcher
concludes that five factors were identified reference group, personal background,
monitor investments etc and suggested there should be common grievance cell when
they are cheated and misguided. Overconfidence bias was also found to have positive
and significant relationship with investment decision making behavior which
remained significant when information search was added as mediator; suggesting a
partial mediation in case of over- confidence.

B.Thulasipriya (2015) made a research on investment preference of

government employees on various investment avenues. The main objective is to
examine the factors considered by government employees before investing and to
understand the type of financial instruments the government employees would prefer.
The study made analysis on 500 individuals and analyzed using fried man, rank and
chi-square test. The research found that government employees belong to age of 50
years above high level of preference for investment. To enhance the savings habit the
saving mode must attract people by providing many offers and new attractive
schemes.

Dr. K Ravichandran (2015) the research study was intended to find

preference level of investors on various capital market instruments and type of risk
considered by investors. The sample was collected from 100 investors in derivative
markets from Chennai from a structured questionnaire. Descriptive research type is
used and convenience sampling method was adopted to gather data. Various
parametric and non-parametric techniques have been used for analyzing data. The

45
findings reveal that friends and relatives followed by brokers who pull the investors
into capital market. Respondents preferred short term investments. It has been
suggested by the author to develop more number of products which it can attract more
number of investors

Deepak Sood (2015) studied on saving and investment pattern of salaried

people. The main objective is to determine the relationship between savings and
investment pattern among the salaried class people. The research took 200 samples
and used one way Annova. This study enhance the savings habits, the saving mode
must attract people by providing many offers and new attractive schemes and its
suggests they avoid spending money on heavy luminous life style and preferably the
normal living standard.

Jagongo and Mutswenje (2014) analyzed the factors influencing

investment decisions at the Nairobi Stock Exchange. A sample of 42 respondents is
selected for this study. The collected data are analyzed using Descriptive analysis,
Friedman’s ranking test and Factor analysis. The most important factors that influence
individual investment decisions were: reputation of the firm, firm’s status in industry,
expected corporate earnings, profit and condition of statement, past performance
firm’s stock, price per share, feeling on the economy and expected divided by
investors.

Sonali Patil, Dr. Kalpana Nandawar (2014), examined the different

avenues of investments as well as the factors while selecting the investment with the
sample size of 40 salaried employees by conducting the survey through questionnaire
in Pune, India. Primary data needed for the study is collected through personal
interviews using a structured questionnaire. The collected primary data has been
analyzed using percentage, chi- square test, and Person Correlation Coefficient. The
study concludes that salaried employees consider the safety as well as good return on
investment on regular basis.
46
 AtifKafayat (2014) had empirically tested the impact of factors such as
self-attribution, Biases, over confidence and over optimistic behavior on the decision
making of the individual investor. And concluded that self- attribution negatively
affect the sensible decision making of the investor. The rational investor cannot be
affected by biases and hence enjoys favorable returns. It also examined that Over
confidence leads an investor to the over optimism that ultimately effects the rational
decision making of investor. The research study explained that self-attribution creates
over confidence and it ultimately leads to over optimism presenting a depending
relationship on each other.

Puneet Bhushan (2014) studied on insights into awareness level and

investment behavior of salaried individuals. The study objective is to examine the
investment preference and awareness level of individuals about financial products.
The research made on 500 individuals and found that the awareness level of new age
financial products is low and he suggested that they must be properly educated about
new financial products. In this study authors developed an alternative theory choice in
which value is assigned to gains and losses rather than to final assets and probabilities
are replaced by decision weighs. Value function is normally concave for gains and
convex for losses and stepper in general for losses than gains.

Prof. Priya Vasagadekar (2014) made research on investment preference

of Indian women investors. To find out the investment habit of Indian women and to
know the role of Indian working women in making investment decisions. The sample
size is 100. The percentage of working women in making investments is low and the
suggestions made was the information given may be biased because some of them
might not be interested in relieving their information. The study’s primary objective is
to find what are the preferences among the Young Investors who belong to the age
group of 21-35 years in today’s world. The attitude of the investors may vary from
person to person within the same age group.

47
 Sonali patil, Dr. Kalpana Nandawar (2014) in his research used a sample
of 150 individuals and chisquare, correlation for analysis to test the investment
preferences while selecting securities and to find the problems facing by investors.
The researcher found that they consider the safety and good return on investment, as
well as there is no relationship between education and awareness level in investment.
This study found that the share market investor’s preference reason is return, bond
investors preference is risk. There is no significant relationship between decision
making behavior and investment preferences.

Brahmabhatt and P.S Raghu Kumari (2014) carried out an exploratory

study to analyze the investor behavior on selection of investment avenues. The study
found that majority of female investors is unaware of investment opportunities
available in stock market and have very less knowledge of managing their income and
financial assets. Among the selected female investors many were financial illiterates,
and hence their financial decisions were depended on their family and professionals.
The study also attempted to examine the impact of demographical factors on the
selection of investment avenues; among all the demographical factors age had
significant influence on selection of investment avenues by the female investors.

Javed. Iqbal Bhabha (2014) made a research on factors affecting the

attitude of working women towards saving investment in developing industries. The
purpose of the study is that how women investment behavior towards saving and
investment and it determine the factors affecting the behavior. The research concludes
by saying that women are now becoming aware of investment avenues and different
sources of investment and investors should make the investment proper planning
keeping in mind their investment objectives. . The article further highlights that, when
it comes to investment decisions, both husband and wife share responsibility for
making investment decisions. The influence of a male spouse is stronger in products

48
like real estate, company deposits, debentures or bonds, pension schemes, equity
shares and derivatives.

Ramprasath .S and Dr. B. Karthikeyan, (2013), research on individual

investors’ behavior towards select investments, states that the majority of the
investors are giving much importance for the factor “safety”. Similarly investment
avenues such as Bank deposits, LIC polices and Bullion has been preferred by the
individual investors. Similarly the majority of the investors are periodically evaluating
the performance of their investment avenues. A study on the investors’ perceptions
and preferences, thus, assumes a greater significance in the formulation of policies for
the development and regulation of security markets in general and protection and
promotion of small and house-hold investors in particular.

Sobhesh Kumar Agarwalla Samir K. Barua Joshy Jacob Jayanth R.

Varma, (2013) investigate the influence of various demographic factors on different
dimensions of financial literacy among the working young in urban India. The study
found that the level of financial literacy among the working young in urban India is
similar to the levels that prevail among comparable groups in other countries. They
found that family income, decision making by self and joint family are the factor
significant influence the financial knowledge. And also found that there was a
positive relationship between financial knowledge and financial behavior and negative
relationship between financial attitude and financial behavior.

Dr. B. Karthikeyan, (2013), on individual investors’ behavior towards

select investments, states that the majority of the investors are giving much
importance for the factor “safety”. Similarly investment avenues such as Bank
deposits, LIC polices and Bullion has been preferred by the individual investors.
Similarly the majority of the investors are periodically evaluating the performance of
their investment avenues.

49
 Dr. K. Ravichandran (2013) stated that most of the investors wanted to
invest in short term funds since the liquidity and income level of those instruments is
high. The investment decisions of the investors are highly influenced by their friends
and family members. The study found that age has significant impact on risk
perception on the investors. All capital market investment avenues are perceived to be
risky by the age old investors. But the younger generation investors are willing to
invest in capital market instruments and that too very highly in Derivatives segment.
The study stated that most of the investors suffer lack of knowledge about derivative
instruments. Even though the knowledge of the investors in the Derivative segment is
not adequate, they tend to take decisions with the help of the brokers or through their
friends and were trying to invest in this market.

Prof. Gouri Prabhu and Dr. N M Vechalekar (2013) have conducted a

study to examine the perception of Indian investors towards investment in mutual
funds. The study found the lack of awareness among investors towards investment in
mutual funds with special focus on Monthly income plan funds. The majority of the
investors who have invested in various schemes of mutual funds were between the
age group of 20 to 55 and income level between 30,000 - 70,000. The study also
found the diversification of portfolio and tax benefits were the main objectives of
investors who have invested in mutual funds. As per the authors the investors who
had investments in mutual funds were having average investment knowledge about
availability of investment avenues.

Dr. S. Sellappan, Ms. S. Jamuna, Ms. Tnr kavitha (2013) conducted

research on investment attitude of women towards different sources of securities
among 200 working women. The objective is to know the impact of marital status and
age factors in the investment attitude of women while selecting securities to invest.
The study can be concluding that married women are more curious in making
investment than unmarried and it suggests that government non- government
organization to launch various savings schemes to women to ensure their saving habit.

50
 Jain Dhiraj,(2012), Investor’s Attitude towards Post Office Deposits
Schemes – Empirical Study in Udaipur District, Rajasthan. The Study explores about
Post office savings. And it has played a vital role to connect the whole of the country.
It provides banking facilities in the absence of banks. Its role has been changed and it
becomes a one of the best investment avenues to wealthy investor and uses them
fruitfully in nation building activities.

Dharmaja.V, Ganesh .J (2012) the various factors influencing the

investment behavior of individual investor. The aim to know the factors influencing
investors in investment behavior. The research was made among 200 respondents and
tool used chi square test. The findings are majority of the respondents are influenced
by accounting information of company. The results showed positive and significant
relationship between economic expectations and investment decision making behavior
but when information search was included as mediator the relationship became
insignificant and negative; which suggests full mediation in case of economic
expectations.

Murugan (2012), “Investors attitude towards investment option in Nellore

region” The research explores most of the investors are relatively unaware of the
corporate investment avenues like equity and preference shares, mutual funds,
corporate debt securities and deposits. The study explores respondents are highly
aware of traditional investment avenues like real estate, bullion, bank deposits, life
insurance schemes, and small savings schemes. Further, the economic independence
females are very low participation in investment decisions.

51
 John K. C., Sasi Kumar and Vikkraman P (2011) discussed the
characteristics of the Indian individual investors along makes an attempt to discover
the relationship between a dependent variable like Risk Tolerance level and
independent variables such as Age, Gender of an individual investor on the basis of
the survey. Indian investors are high income, well educated, salaried, and independent
in making investment decisions and conservative investors. The research design
constitutes the blue print for the data collection, measurement and analysis of data.
The descriptive research design has been employed for the present study. It is the
overall operational pattern or framework of the research that stipulates what
information is to be collected from which sources by what procedures. The results
indicate that majority of the investors are regular traders.

J. Sidharthul Munthaga, Dr.M. Nazer (2011) the study on people’s

choice in Investment Choices has been undertaken with the objective, to analyze the
investment choice of people in Thanjavur District. Analysis of the study was
undertaken with the help of survey conducted. After analysis and interpretation of
data it is concluded that in Thanjavur District respondents are medium aware about
various investment choices but they do not know aware about stock market, equity,
bound and debentures. The study is conducted by taking a limited number of sample
sizes which is stated earlier. And this study reflects the exceptions of those
respondents who are residing in Thanjavur District.

Barber.B.M. and Ordean.T (2011) There is an ample impact of various

factors on the decision making process of an investor while making any kind of
investment in a particular security. This descriptive study was being made to add into
literature with the core focus on the variables that make a positive or negative effect
on the individual investment decision. It found that the Propensity to take risk, the
available Information and how it is presented to investors have influenced the
decision making of investors in an obvious strength. Another contribution in

52
behavioral finance concluded that the demographical factors including Investor’s age,
Income, and psychological factors such as Awareness concerning investment channel
and Past experience have most common effect on the decision making behavior of
individual investors.

Ramakrishna Reddy & Ch. Krishnudu (2009) studied on investment

behavior of rural investors in their study states that the investment culture among the
people of a country is an essential prerequisite for capital formation and the faster
growth of an economy. Investment culture refers to the attitudes, perceptions, and
willingness of the individuals and institutions in placing their savings in various
financial assets, more popularly known as securities.

Sunil Gupta (2008) the investment pattern among different groups in

Shimla had revealed a clear as well as a complex picture. The complex picture means
that the people are not aware about the different for them to understand the different
avenues. The study showed that the more investors in the city prefer to deposit their
surplus in banks, post offices, fixed deposits, savings account and different UTI
schemes, etc. the attitude of the investors towards the securities in general was bleak,
though service and professional class is going in for investment in shares, debentures
and in different mutual fund schemes. As far as the investments are concerned, people
put their surplus in banks, post offices and other government agencies.

Sudalaimuthu and Senthilkumar (2008) mutual fund is the one of the

investment avenues the researcher made research on investors perception towards
mutual fund investments has been analyzed effectively taking into account the
investors reference towards the mutual fund sector, scheme type, purchase of mutual
fund units, investors opinion on factors influenced to invest in mutual funds, the
investors satisfaction level towards various motivating factors, sources of mutual
53
funds, etc. the study has made an attempt to understand the financial behavior of
mutual fund investors in connection with the scheme preference and selection. An
important element in the success of a marketing strategy is the ability to fulfill
investor expectation. The result of these studied through satisfactory on the investor’s
perception about the mutual funds and the factors determining their investment
decisions and preferences.

Manish mittal and vyas (2008) investors have certain cognitive and
emotional weakness which comes in the way of their investment decisions. Over the
past few years, behavioral finance researchers have scientifically shown that investors
do not always act rationally. They have behavioral biases that lead to systematic
errors in the way they process information for investment decision. Many researchers
have tried to classify the investors on the basis of their relative risk taking capacity
and the type of investment they make. Empirical evidence also suggests that factors
such as age, income, education, and marital status affect an individual’s investment
decision.

Gupta and Jain (2008) according to the study of 1463 homes, investor
preferences were discovered among the main classifications of economic assets, such
as share investment, indirect investment through multiple kinds of mutual fund
schemes, other kinds of investment, such as exchange-traded gold funds, bank
deposits and public savings schemes. The research offers interesting data on how the
attitude of investors towards different kinds of investment is linked to their revenue
and age, their practices of portfolio diversification, and the general quality of market
regulation seen by the investors themselves.

54
 Kumar, Banu and Nayagam (2008) studied the financial product
preferences of Tiruchirapalli investors to rank their product preferences among
investment choices, that is, post office savings, bank deposits, gold, real estate, equity
investments and mutual funds. The preferences of the respondents were known
according to their attributes like safety of principal, liquidity, stability of income,
capital growth, tax benefits, and inflation resistance and conceal ability. So, the
investors needed to make choices depending on what is available and what are his
own priority ratings of the attribute needed in the product. The rank preferences of
investors were prioritized as post office, bank deposits, gold, real estate, equity
investments and mutual funds.

Chandra A (2008) attempted to explore the impact of behavioral factors

and investor’s psychology on their investment decision making and to examine the
relationship between investor’s attitude towards risk and behavioral decision making
process. It was made on250 samples and analyzed using the percentage analysis. The
author used literature survey to study the behavioral decision making and investor’s
psychology. In this descriptive study author used secondary data related to
investments, finance and comics. The results show that unlike the classical finance
theory, individual investors often do not make rational decisions. Further results
reveal that the investor decision making influenced by behavioral factors such as
greed and fear, cognitive dissonance, heuristics, mental accounting and anchoring.

Fischer and Gerhardt (2007) look extensively at individual investor

investment decision making and find that individual investor investment decisions
deviate from recommendations of financial theory. They report that these deviations
lead to considerable welfare losses. They, therefore, conclude that financial advice is
potentially correcting factor in investment decision making process and construct a
simple model to capture its very impact on individual investors‟ investment success,
measured in risk-adjusted return and wealth.

55
 Avinash kumarsingh (2006) the study entitled investment pattern of
people has been undertaken with the objective, to analyze the investment pattern of
people in Bangalore and analyzed with the help of survey conducted. After analysis
and interpretation of data it is concluded that in Bangalore investors are more aware
about various investment avenues and the risk associated with that. All the age groups
give more important to insurance, fixed deposits and tax saving benefits. Generally
those investors, who are invested in equity, are personally following the stock market
frequently. But those who are invested in mutual funds are watch stock market
weekly. They prefer to invest in those avenues where risk is less like bank deposits,
Small savings, post office savings etc.

Brown and Cliff (2004) investigate investor sentiment and its relation to
near-term stock market returns. They suggest that many commonly cited indirect
measures of sentiments are related to direct measures (surveys) of investor sentiment.
However, past market returns are also an important determinant of sentiment.
Although sentiment levels and changes are strongly correlated with contemporaneous
market returns, the tests in their study show that sentiment has little predictive power
for near-term future stock returns. Finally, the evidence does not support the
conventional wisdom that sentiment primarily affects individual investors and small
stocks.

Karthikeyan (2001) has conducted research on Small Investors’

Perception on Post Office Saving Schemes and found that there was significant
difference among the four age groups, in the level of awareness for Kisan Vikas Patra,
National Savings Schemes, and Deposit Scheme for Retired Employees and the
overall score confirmed that the level of awareness among investors in the old age
group was higher than in those of the young age group. Out of the factors analyzed,
necessities of life and tax benefits were two major ones that influence the investors
both in semi- urban and urban areas. Majority (73.3 per cent) of investors of both

56
semiurban and urban areas were very much willing to invest in small savings schemes
in opportunity provided they have more for savings.

Kahneman D and Tversky A (1979) proposed an expected utility theory

as a descriptive model of a decision making under risk and paves for development of
an alternative model called prospect theory. However this study proves that expected
utility theory. However, this study proves that expected utility theory is not an
adequate descriptive model and they propose an alternative account of choice under
risk using sample size of 100 individuals. Decision making risk viewed as a choice
between prospects or gambles in contrast that brings outcome with some probability
in comparison that are obtained with certainty this tendency called as the certainty
effect.

57
 CHAPTER-3
FINDINGS AND CONCLUSIONS

FINDINGS AND CONCLUSION

FINDINGS

1. AWARENESS

Awareness is the state or ability to perceive, to feel or to be conscious of

events, objects, or sensory patterns. In this level of consciousness, sense data can

58
 be confirmed by an observer without necessarily implying understanding. More
broadly, it is the state or quality of being aware of something.

The women investors are well aware of the investment avenues that are
available in the market but they lack in awareness of investment in detail. The
working women are well aware compared to rural working women. The awareness
of the working women determines in investing in the investment avenues. The
awareness of women is only on the traditional investment avenues like gold,
insurance but they do not aware about stock market, equity, bond and debentures.

2. RISK

Risk is the chance or probability that a person will be harmed or experience

an adverse health effect is exposed to a hazard. It may also apply to situations with
property or equipment loss or harmful effects on the environment.

Risk is the major source for investment women are risk averse so they
analyze the risk level in investments before investing in them. Majority of the
working women invest in low risk investment. The young and unmarried women
are risk takers and married women avoid risk. A young investor has a good risk
appetite and good time horizon on the investment.

3. RETURN

A return also known as a financial return in its simplest terms, is the money
made or lost on an investment over some period of time. A return can also be
expressed as a percentage derived from the ratio of profit to investment.

59
 Majority of working women invest their income in order to get a high
return. Return is also a major source in making decision in investing in securities.
A high rate of return determines the high rate of risk. Return and risk always
dependent to each other.

4. ATTITUDE

Attitude is a way of feeling or acting toward a person, thing, or situation.

Passion for a sport, dislike for a certain actor and negativity toward life in general
are each an example for attitude.

The investor’s attitude estimates the investor decision making in making

investment. Attitude differs from one person to another person. The attitude of
women changes the investment pattern. The factors that affect the attitude of
women are income, financial security, return on investment, risk.

5. INVESTMENT PERCEPTION

Perception is the process of taking, picking, organizing, and understanding

sensory information. It includes collecting data from sense organs and interpreting
it in the brain. Investor is a person or an organization that money in various
investment sources for specific objective.
Majority of women investors prefer to invest in saving bank account, gold,
insurance in order to have a safety for the investment. Perception of women differs
from person to person according to income level, status, family. The preference of
the investors was known according to their attributes like safety of principal, tax
benefits, and inflation. The share market investor’s preference reason is return and
bond investor’s preference is risk.

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6. SAFETY

Safety is a principle of investing in which an investor only purchases

securities when their market price is significantly below their intrinsic value.
Where the market price of a security is significantly below your estimation of its
intrinsic value, the difference is the margin of safety.

Safety of the principle determines the investment decision of the women. A

woman always depends on the safety of the securities. Majority of women invest
in gold, insurance, and bank deposits because they feel these investments are save
for their investment. The working women give importance to safety in taking
investment decisions. The impact of saving is due to the level of income and the
women employees consider safety as well as high return.

7. OVER CONFIDENCE

When investors are overconfident about their investment decision, they

often tend to ignore important information and oversee any information which
contradicts their decision. Overconfident investors often overestimate their ability
to evaluate a company.

A woman with over confidence reflects in investment decision because it

leads to risk of investment and return on the principle. Over confidence leads an
investor to the over optimism that ultimately effects the rational decision making
of investor. Self attribution creates over confidence and it ultimately leads to over
optimism presenting a depending relationship on each other.

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8. LACK OF KNOWLEDGE

A lack of knowledge can often be a reason why people fear investing part
of the unwillingness to start investing comes down to a lack of understanding and
knowledge. In life it is often the case that we stick with what we know, ignoring
other options when there could potentially have been a better one.

Majority of female investors are lack in knowledge in managing their

income and financial assets and lack investment knowledge. There was a positive
relationship between financial knowledge and financial behavior and negative
relationship between financial attitude and financial behavior. Most of the women
investors suffer lack of knowledge about derivative instruments. Due to
insufficient knowledge of investment, women finds difficult to invest in the
investment where there is high risk. Corporate investors are more interested in
getting knowledge about the investments.

9. LACK OF CONFIDENCE

Lack of confidence means is that they do not make more investment.

Having confidence in your decisions particularly financial ones is essential to
reaching your financial goals experts say.
Women tend to be risk averse, have conservative attitude, lower levels of
financial knowledge, lack of confidence and dependent on guidance from others
are the factors that affect the confidence of the investors in investing on securities.
Women are not confident in investing the savings in the share market and
investment securities. The lack of confidence reflects in investing in traditional
investments rather in long term investments. The risk bearing capacity of working
women in India is low due to lack of financial knowledge.

62
10.FUTURE BENEFIT

Future are a way to profit from securities short term price movements and
trends both up and down, without actually owning the underlying asset. A futures
contract gives you the right to buy a certain commodity or financial instrument at a
later date, and you agree to keep that promise.

Women save their income for the future benefit. Women always make
decisions regarding the future growth and future return from the investment
avenues. The future return at the time of the maturity determines to investment in
the securities or not. The factor that affects the future benefit is interest rate and
profit.

11.STABLE INCOME

Fixed income broadly refers to those types of investment security that pay
investors fixed interest or dividend payments until the maturity date. At maturity
are repaid the principal amount they had invested. Government and corporate
bonds are the most common types of fixed income products.

Regularity of income at a consistent rate is necessary pattern. Not only

stability, it is also important to see that income is adequate after taxes. It is
possible to find out some good securities, which pay particularly all their earnings
in dividends. A fixed income is an investment approach focused on preservation of
capital and income. It typically includes investments like government and
corporate bonds and money market funds. Fixed income can offer a steady of
income with less risk than stocks.

63
12.PAST EXPERIENCE

Investment experience is the accumulation of investment knowledge or skill

that results from direct participation in market events or investment activities, then
it can be said that past experience determines the investment preference.

The past experience of the investor influences the women investors in

investing their saving in securities. The factors which influence the past
experience is good return, reputation of firm, trust and high return with low risk.

13.RATE OF INTEREST

An interest rate is defined as the proportion of an amount loaned which a

lender charges as interest to the borrower normally expressed as an annual
percentage. It is the rate a bank or other lender charges to borrow its money, or the
rate a bank pays its savers for keeping money in an account.
The rate of interest influences the women investor in investment
opportunities. Women always prefer high rate of interest in order to gain more
profit. The rate of interest differs from one investment to another investment and
from one company to other company. The rate of interest determines the return of
the investment.

14.DECISION MAKING

Investment decision relates to as how the funds of a firm are to be invested

into different assets, so that the firm is able to earn highest possible return for the
investors. Decision can be long term also known as capital budgeting where the
funds are committed into long term basis.

64
 Decision making risk is viewed as a choice between prospects or gambles
in contrast that brings outcome with some probability in comparison that are
obtained with certainty this tendency called as the certainty effect. The factors that
influence women investor decision are reputation of the firm, firm’s status in the
industry, expected corporate earnings, and profit.

15.TAX BENEFITS

As per this section, the investments made by the investor are eligible for
redemption up to a maximum limit of Rs.1, 50,000. Such investments include
equity linked saving scheme, fixed deposits, life insurance, public provident fund,
national savings scheme and bonds.

The women, who are well educated investors, invest their saving in
different investment avenues for availing the tax benefits from the government.
The necessities of life and tax benefits were two major ones that influence the
investors in making investment decisions. Wealth Appreciation is by far the least
preferred reason for investment in life insurance which suggests that financial
literacy is less and capital appreciation

SUGGESTION

1. If you want to get rich, save whatever you get. Even A fool can earn money; but
then it takes a wise man to save and to dispose of it to his own advantage.
2. The government and policy makers as well as financial institutions and banks to
take necessary steps to improve the level of financial literacy among the women
investors.

65
 3. The most important way to improve the level of financial literacy, financial
knowledge of women is through financial education.
4. The overconfidence has positive impacts on the investment performance in the
acceptance level of securities.
5. The overconfidence can be useful in uncertainty for the investors to do difficult
tasks and help them to forecast the future trends.
6. Women should be careful in taking decisions before investing but should not care
too much about the loss in the future period.
7. The investors should not reduce their regret in investment by avoiding selling
decreasing stocks and selling increasing ones.
8. Awareness programs needs to be conducted by stock broking firms, because most
of the respondents i.e. investors are thinking that these avenues are loss making &
having are having no good return on it.
9. The government should organize investment awareness campaigns often
especially designed for women
10. A proper financial planning can help to achieve various goals in life by investing
in different investments and should analyze the available financial investments
instruments.
11. Various workshops and seminars must be organized to create awareness for
financial decision- making.
12. There should be common grievance cell when they are cheated and misguided.

CONCLUSION

The study is assessing the working women investment behavior in Chennai city.
The study identified that the majority of working women invest in traditional investment
and low risk investment. It indicates that working women are more conscious about the
investments and reasonable share of their earnings they investing for the future. The

66
study also identified that the working women are well-aware of the investment avenues,
and both government and private sector working women are having a similar view on
awareness level about the investment avenues. The working women are investing in
availing the income tax benefit, fair return, accumulation of retirement corpus, children's
education, marriage expenses, holidays, and Liquidity.

The study discloses that majority of working women have more prefer to invest in
bank deposits. It was also revealed that gold was the major preference of working
women. It is not surprising that naturally women prefer to invest their money in bank
deposits and gold rather than other investment alternatives. It is also found while
investing money working women emphasize more on safety and liquidity rather than
higher return. Working women is not willing to take risk to earn high return from their
investment. Normally females always think about their future, personal safety and
children’s education as their objective.

Women investor still prefers to invest in financial products which give risk free returns.
Women are now becoming aware of making investment in shares mutual funds,
insurance and fixed deposits, however, the aged women prefer investment in the real
estate. So the government, bankers and financial institutions must introduce some
schemes of investment based on segmentation of the age and marital status to acquire
more funds.

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