A STUDY ON INVESTMENT AVENUES OF WORKING WOMEN’S

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF THE DEGREE OF

BACHELOR OF COMMERCE (ACCOUNTING AND FINANCE)

SUBMITTED BY

PRIYANKA J. GADDA

ROLL NO. 25

UNDER THE GUIDANCE OF

Prof. JASMINA BHATT

LORDS UNIVERSAL COLLEGE

Off, Topiwala Marg, Off Station Road, Kakaji Nagar, Jawahar Nagar, Goregaon West,
Mumbai, Maharashtra 400104

2018-2019

1
 A STUDY ON INVESTMENT AVENUES OF WORKING WOMEN’S

A PROJECT SUBMITTED TO

UNIVERSITY OF MUMBAI FOR PARTIAL COMPLETION OF THE DEGREE OF

BACHELOR OF COMMERCE (ACCOUNTING AND FINANCE)

SUBMITTED BY

PRIYANKA J. GADDA

ROLL NO. 25

UNDER THE GUIDANCE OF

Prof. JASMINA BHATT

LORDS UNIVERSAL COLLEGE

Off, Topiwala Marg, Off Station Road, Kakaji Nagar, Jawahar Nagar, Goregaon West,
Mumbai, Maharashtra 400104

2018-2019

2
 DECLARATION

I PRIYANKA GADDA, student of T.Y.B.A.F – Bachelor of Commerce (Accounting and

Finance) Semester VI (2018-2019) hereby declare that the report of the project entitled

“A STUDY ABOUT INVESTMENT AVENUES OF WORKING WOMEN’S”. Is based

on my own work carried out during the course of my project under the supervision of
Mrs. Jasmina Bhatt

I ascertain that the statement made and the conclusions drawn are an outcome of my
research work. Further declare that the information imparted is true and fair to the best
of my knowledge.

SIGNATURE OF STUDENT

PRIYANKA GADDA

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ACKNOWLEDGEMENT
To list who all have helped me in difficulty because they are so numerous and the depth
is so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me change to do
this project.
I would like to thank my Principal, for providing the necessary facilities required for
completion of this project.
I take this opportunity to thank our Coordinator PROF. IMRAN KHAN, for his moral
support and guidance.
I would also like to express my sincere gratitude towards my project guide
MRS. JASMINA BHATT, whose guidance and care made the project successful.
I would like to thank my College Library, for having provided various reference books
and magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped me in
the completion of the project especially my Parents and Peers who supported me

throughout my project.

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Abstract

The role of the modern Indian woman is changing. From being a simple housewife, she
is now a career-oriented woman. Women have also learnt to balance both their
household and professional responsibilities. They want financial independence. For this
purpose, it is necessary for them to take investment decisions. Many investment
avenues are available in India. Each investment avenue has different merits and
demerits. An awareness of these investment avenues is extremely important to make
the right investment decisions which will suit the different needs of different
individuals. An attempt is made to study the different investment avenues available and
the awareness level among educated working women of Mumbai City

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TABLE OF CONTENT

Contents
INTRODUCTION ................................................................................................... 8
1. INVESTMENT ............................................................................................. 8
1.1 MEANING OF INVESTMENT ................................................................. 9
1.1.2 DEFINITION OF INVESTMENT ........................................................ 10
1.2 CONCEPT OF INVESTMENT ................................................................... 10
1.2.1 ECONOMIC INVESTMENT ............................................................... 11
1.2.2 FINANCIAL INVESTMENT................................................................ 11
1.3 TYPES OF INVESTMENT AVENUES ...................................................... 11
1.3.1PHYSICAL INVESTMENTS: ............................................................... 12
1.4 IMPORTANCE OF INVESTMENTS ......................................................... 19
1.5 ELEMENTS OF INVESTMENT ................................................................ 22
1.6 WOMEN INVESTORS .................................................................................. 24
1.6.1 STATUS OF WOMEN IN INDIA ......................................................... 26
1.6.2 WOMEN AND SAVINGS ..................................................................... 27
1.6.3 INVESTMENT MANTRAS FOR WOMEN INVESTORS ................. 28
1.6.4 SAVINGS AND INVESTMENT ........................................................... 29
1.6.5 SAVINGS AND INVESTMENT PATTERN OF WOMEN
INVESTORS................................................................................................... 30
1.6.7 PROFILE OF INVESTMENT SCHEMES ......................................... 31
1.6.8 TRENDS AND PATTERN OF SAVINGS AND INVESTMENT ....... 33
1.6.9 SAVINGS BEHAVIOR IN INDIA........................................................ 33
1.7 GENERAL BEHAVIOUR OF WOMEN INVESTORS ............................. 34
1.7.1 INVESTORS BEHAVIOUR ................................................................. 35
1.7.2 INDIVIDUAL BEHAVIOUR ................................................................ 35
1.7.3 INVESTMENT PATTERN ................................................................... 35
1.7.4 INVESTOR’S PREFERENCES............................................................ 36
1.8 FACTORS INFLUENCING INVESTMENT DECISION OF WOMEN .. 36
1.8.1 WOMEN ARE MORE LIKELY TO LIVE LONGER ........................ 37
1.8.2 WOMEN ARE MORE LIKELY TO HAVE DEPENDENTS TO
CARE FOR ..................................................................................................... 37

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 1.8.3 WOMEN ARE LESS LIKELY TO TAKE INVESTMENT RISKS ... 37
1.8.4 UNIQUE NEEDS ................................................................................... 38
1.9 CHALLENGES AND OPPORTUNITIES FACED BY WOMEN
INVESTORS .......................................................................................................... 38
1.11 NEED FOR THE STUDY ............................................................................. 42
1.12 STATEMENT OF THE PROBLEM ............................................................ 43
CHAPTER 2 .......................................................................................................... 44
RESEARCH METHODOLOGY .......................................................................... 44
2.1 OBJECTIVES OF THE STUDY ................................................................. 44
2.2 HYPOTHESIS: ............................................................................................ 44
2.3 SCOPE OF THE STUDY ............................................................................ 45
2.4 LIMITATION .............................................................................................. 45
2.5 NEED OF THE STUDY: ............................................................................. 46
2.6 SAMPLE SIZE :........................................................................................... 46
2.7 DATA COLLECTION: ............................................................................... 46
PRIMARY: ..................................................................................................... 46
SECONDARY: ............................................................................................... 46
2.8 TABULATION OF DATA TECHNIQUES AND TOOLS USED ............. 46
LIKERT SCALE: ........................................................................................... 47
PERCENTAGE AND PIE CHARTS: ........................................................... 47
CHAPTER 3 .......................................................................................................... 48
LITERATURE REVIEW ..................................................................................... 48
CHAPTER 4 .......................................................................................................... 56
DATA ANALYSIS AND INTERPRETATION ................................................... 56
CHAPTER 5 .......................................................................................................... 71
FINDING, CONCLUSION AND SUGGESTION................................................ 71
BIBLOGRAPHY ................................................................................................... 73
ANNEXURE .......................................................................................................... 74

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 CHAPTER 1

INTRODUCTION

1. INVESTMENT

Investment is the employment of funds with the aim of achieving additional income
or growth in value. The essential quality of an investment is that it involves
‘waiting’ for a reward. It involves the commitment of resources, which have been saved
or put away from current consumption in the hope that some benefits will accrue in
future. The term investment does not appear to be as simple as it has been
defined. Investment has been further categorized by financial experts and
economists. It has also often been confused with the term Speculation.

The developing countries like India face the enormous task of finding sufficient capital
in their development efforts. Most of developing countries find it difficult to get out of
the - vicious circle of poverty of low income, low saving, low investment, low
employment etc. With high capital output ratio, India needs very high rates of
investments to make a leap forward in the efforts of attaining high levels of growth.
Since the beginning of planning, the emphasis was on investment as the primary
instruments of economic growth and increase in national income. In order to have
production as per target, investment was considered the crucial determinant and capital
formation had to be supported by appropriate volume of saving. Economist and
policymakers have observed that demographic factors like age, gender, marital status,
qualifications, occupation, annual income, geographic location etc. have an impact on
the investment decision. With that an investor’s ability to handle risks may be related
to individual characteristics such as age, time horizon, liquidity needs, portfolio size,
income, investment knowledge, taxes etc

To make financial decisions, people should be aware about all the investment
alternatives. In the present day, the financial markets are quite complex, with each
investor having his or her own specific financial needs based on his financial goals and
risk appetite. There are a large number of investment instruments available like equity,
Bond, Bank Fixed Deposit, Company Fixed Deposit, Insurance, Post Office scheme,
Mutual Funds, Real State, Share Market, Gold silver, PPF etc.. Some of them are

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marketable and liquid while others are nonmarketable and some of them also highly
risky while others are almost risk less. The people have to choose Proper Avenue among
them, depending upon her/his specific need, risk preference, and return expected.

Financial investment is the purchase of a financial security such as stock, bond or

mortgage. As a woman & an investor, shaping of financial future is as the many other
roles they play in life. Women today, have more earning potential & more influence
over financial decisions than ever before. Women represent almost half of the
workforce & many businesses are owned or managed by women. It becomes important
for women to focus on finances now more than ever. General profile of women
investors is changing in tune with time. But they lag in various spheres of investment
such as awareness and preference of investment. So, an attempt has been made by the
researcher to identify the factors influencing women investor’s behaviour to evaluate
the level of awareness among women investors and to analyse the preference of women
investor towards various investment outlets. Employed women have a greater
propensity to save and invest because of their independent earning power. They are also
motivated by the investment behaviour of their colleagues in their work place. They are
supposed to be risk adverse, safety oriented and guided by certainty of returns. With
increasing level of knowledge and awareness, Women are slowly participating in the
risk investment portfolios and they are becoming analytic in their investment behaviour.

Women in India now participate in all activities such as education, politics, media,
science and technology, etc. With a changing scenario, women has started actively
participating in investing their surplus money, though it all depends upon the various
parameters such as degree of their risk taking capability, influence of family members
and friends and the dare to get exposed to modern and innovative investment avenues.
The present research study is focused on the working women’s attitude towards
investment and the marital status and age factors responsible for investment behavior
of women. While investing, the family related matters such as child education, child
marriage, life protection and medical expenses have a much more impact on the minds
of married working women than on unmarried ones.

1.1 MEANING OF INVESTMENT

Most of the people keep aside a part of their income as savings. On the other end,
Investment is the act of investing the saved money in to financial products with a view

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to generate income from future. In short, when a person has more money than he
requires for current consumption, he would be coined as a potential investor.

Investment is the employment of funds on assets with the aim of earning income or
capital appreciation. In other words, Investment is the commitment of funds which have
been saved from current consumption with the hope that some benefits will be received
in the future. Thus it is a reward for waiting for money. Saving of the individuals are
invested in assets depending on their risk and return demands, safety money, liquidity,
the available avenue for investment, various financial institutions, etc. For the
achievement of above goals appropriate decisions have to be taken.

1.1.2 DEFINITION OF INVESTMENT

Different thinkers interpret the word ‘Investment’ in their own ways in different
periods. However, the ideology or concept of investment is same in between them.

Some famous definitions of Investment are;

- “Sacrifice of certain present value for some uncertain future value”-WILLIAM F.

SHARPE

- “Purchase of a financial asset that produce a yield that is proportional to the risk
assumed over some future investment period”- F. AMLING

1.2 CONCEPT OF INVESTMENT

There are two concept relating to Investment. Viz, Economic concept and financial
concept of Investment.

The economic and financial concepts of investment are related to each other because
investment is a part of the savings of individuals which flow into the capital market
either directly or through institutions. Thus, investment decisions and financial
decisions interact with each other. Financial decisions are primarily concerned with the
sources of money where as investment decisions are traditionally concerned with uses
or budgeting of money.

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 ECONOMIC
INVESTMENT
CONCEPT OF
INVESTMENT
FINANCIAL
INVESTMENT

1.2.1 ECONOMIC INVESTMENT

The concept of economic investment means net addition to the capital stock of the
society. The capital stock of the society is the goods which are used in the production
of other goods. The term investment implies the formation of new and productive
capital in the form of new construction and produces durable instrument such as plant
and machinery. Inventories and human capital are also included in this concept. Thus,
an investment, in economic terms, means an increase in building, equipment, and
inventory.

1.2.2 FINANCIAL INVESTMENT

This is an allocation of monetary resources to assets that are expected to yield some
gain or return over a given period of time. It means an exchange of financial claims
such as shares and bonds, real estate, etc. Financial investment involves contrasts
written on pieces of paper such as shares and debentures. People invest their funds in
shares, debentures, fixed deposits, national saving certificates, life insurance policies,
provident fund etc. in their view investment is a commitment of funds to derive future
income in the form of interest, dividends, rent, premiums, pension benefits and the
appreciation of the value of their principal capital. In primitive economies most
investments are of the real variety whereas in a modern economy much investment is
of the financial variety.

1.3 TYPES OF INVESTMENT AVENUES

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Investment scenario as a banyan tree which growing day by day, by the way of
introducing new investment avenues with unique features to attract investors in to the
world of investment.

Investment avenues are the different ways that a person can invest his money. It also
called investment alternatives or investment schemes.

There are different methods are available to classify the investment avenues. Some of
the methods are as follows.

REAL ESTATE
PHYSICAL GOLD AND
INVESTMENT SILVER VARIABLE
EGUITY
INCOME SHARES
ART SECURITIES
PREFERNCE
MARKET SHARES
INVESTMENT
DEBENTURES
FIXED BONDS
INCOME
SECURITIES GOVERNMENT
SECURITIES
FINANCIAL MONEY MARKET
SECURITIES
INVESTMENT
SAVING
CERTIFICATE

BANK DEPOSITS

DEPOSITS
POST OFFICE
NON TAX-
MARTKET SHELTERED
EMPLOYEE
PROVIDENT FUND
INVESTMENT SAVING PUBLIC PROVIDENT
FUND
SCHEMES

1.3.1PHYSICAL INVESTMENTS:
Physical investment is the investment in physical or capital goods such as plant and
machinery, motor cars, ships, buildings, etc.

The major physical investments are as follows;

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- REAL ESTATE:

Real estate is basically defined as immovable property such as land and everything
permanently attached to it like buildings. Real property as opposed to personal or
movable property is characterized by the right to transfer the title to the land whereas
title to personal property can be retained. It is true to say that real estate offer a rate of
return which is superior to avenues such as company deposits on a long term basis. The
investment in real estate essentially depends on the risks associated with it, and the
alternative investment opportunities.

- GOLD AND SILVER:

For ages, gold and silver have been considered as a form of investment. They are
considered as best hedge against inflation. This is a form of investment amongst the
rural and semi-urban population. Besides, investors tend to invest in jewelry instead of
pure gold. Gold has been used throughout history as money and has been a relative
standard for currency equivalents specific to economic regions or countries, until recent
times.

- ART:

Paintings are the most sought after form of art. The prices in the art market are rise is
expected to continue. The trend in the art market today is to invest in young upcoming
painters whose prices will soar over the years.

Here some of the physical assets like machinery, equipment etc. are useful for further
production whereas some like gold and silver ornaments, motor cars etc. are not useful
for further production

1.3.2 FINANCIAL INVESTMENTS:

It means employment of funds in the form of assets with the object of earning additional
income or appreciation in the value of investment in the future. Assets which are the
subject matter of investment may be varying between safe and risky ones.

It divided in to two sections;

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 1.3.2.1 MARKETABLE INVESTMENTS (NEGOTIABLE SECURITIES):

These financial securities that are easily marketable and converted into cash in short
time. Such investments are also known as transferable investments.

It includes two kinds of securities, such as:

1.3.2.2 VARIABLE INCOME SECURITIES:

Some marketable securities yield income which is varying time to time. Such securities
are called as variable income securities. It includes;

- EQUITY SHARES:

These securities carry more risk than investing in debt instruments. There is no assured
return but when we invest in a share of company, we become an owner of the company
to the extent of the capital invested.

1.3.2.3 FIXED INCOME SECURITIES:

These are the securities which yield certain fixed income to a regular interval of time.
Securities which comes under this category as follows;

- PREFERENCE SHRES:

These are the shares which has some preferential rights. The charactors of the
preference share are hybrid in nature. Some of its features resemble the bond and others
the equity shares. Like bonds, their claims on the company’s incomes are limited and
they receive fixed dividend. At the same time like the equity, it is a perpetual liability
of the corporate.

These holders do not enjoy any of the voting powers except when any dissolution
affects their right. Preference share also called ‘non-voting shares’.

- DEBENTURES:

It is a document issued by the company under its common seal for acknowledgment of
debt. There are so many types of debenture viz, Registered debenture, unsecured

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debenture, convertible debenture, redeemable debenture etc. An investment in
debentures fetches a fixed and regular rate of interest.

- BONDS:

Bond is a long term debt instrument that promises to pay a fixed annual sum as interest
for a specified period of time. Generally, Debentures and bonds are one and the same.
Americans called ‘bond’, Europeans called ‘debenture’. In India, generally debt issued
by government known as bond, if it issued by private, known as debenture.

- GOVERNMENT SECURITIES:

The securities issued by central, state and quasi government agencies are known as
government securities or gilt edged securities. As government guaranteed security is a
claim on the government, it is a secured financial instrument, which guarantees the
income and capital. The rate of interest on these securities is relatively lower because
of their high liquidity and safety.

- MONEY MARKET SECURITIES:

These securities have very short term maturity say less than a year.The common money
market instruments are as under;

*Treasury Bill (T-bill):

It is basically an instrument of short term borrowing by the government of India. T-Bill

used by government to raise the fund to fill the deficit between the receipt and
expenditure. In India, RBI issued T-Bill on behalf of government. Generally its maturity
period is 91 days. Since the interest rates offered on the T-bill are very low, individuals
very rarely invest in them.

* Certificate of Deposit (CD):

Certificate of deposits represent a type of interest-bearing deposit at commercial banks

or savings and loan associations. CDs are next lower risk item after T-bill. These are
negotiable instrument which have maturity of 7 days 1 year. It is mainly preferred by
investors and companies rather than individuals. The minimum size of the certificate is
Rs 10 lakh. The additional amount is issued in multiples of Rs 5 lakh.

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* Commercial Papers (CP):

These are the unsecured short term debt instruments issued by credit worthy companies
for meeting their short term liabilities. CP is the promissory note with a fixed maturity
period. They are negotiable and transferable by endorsement and delivery. Its maturity
period ranges between 7 days to 1 year.

- SAVING CERTIFICATES:

Purchase of saving certificate is another investment avenue popular in today. The rate
of interest and the maturity period are mentioned on the certificates. There are tax
benefits also in some certificates. The important saving certificates are;

* Indra vikas patra & Kisan vikas patra (IVP & KVP)

These are the saving certificate issued by the post office with the name IVP & KVP.
INDRA VIKAS PATRA is a bearing certificate bearing no names of the purchasers and
can simply be transferred by delivery. There is no tax benefit on it. These certificates
were introduced in 1986 and were sold through post offices. It assured the doubling of
the amount in 5 years time.

KISAN VIKAS PATRA is another type of post office investment. The investor can
make investment in any head office or sub post office in cash, DD. An individual, two
or more individuals in joint names, a guardian on behalf of minor, and a trust can make
investment. There is no limit for maximum investment.

1.3.2.4 NON MARKETABLE INVESTMENTS (NON NEGOTIABLE

SECURITIES):

These are the financial securities which can’t easily marketable and converted into cash
in short time.

It includes following:

- DEPOSITS:

Deposits earn fixed rate of return. Even though, these are non-negotiable instruments.
Popular types of deposits are;

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* Bank Deposits:

It is the simplest avenue open for the investors. Investor has to open an account and
deposit money. Banks maintain different type of accounts for receiving deposits from
every class of people. They are;

-Fixed Deposit Account

-Current Deposit Account
-Saving Deposit Account
-Recurring Deposit Account
-Home Safe Deposit Account

* Post office Deposits:

Like the commercial bank, post office also offers fixed deposit facilities and monthly
income scheme. The deposit has to be in multiples of Rs 50. The rate of interest varies
from 8.20 per cent for one year deposit to 8.50 per cent for five year deposit. No
withdrawal is allowed before six months. Interest is credited half yearly but paid
annually. These deposits can be pledged as security.

- TAX-SHELTERED SAVING SCHEMES:

These are the schemes where tax benefits also offered on savings. Such schemes are;

* Employee Provident Fund Scheme:

This is the popular saving scheme for salaried employees. Under this scheme, a separate
account opened for every employee and amount is credited by deducting it from salary
of the employee. The employee having pensionable posts, both employee and employer
contribute to this fund. An employee can contribute more amounts to this fund, subject
to certain provision, but employer’s share is base as some percentage on basic pay.

* Public Provident Fund Scheme:

It is a savings-cum-tax-saving instrument in India. It also serves as a retirement

planning tool for many of those do not have any structured pension plan covering them.
A PPF account can be opened at any branch of State Bank of India or its subsidiary
banks or designed branches of other nationalized banks. It is a five year saving

17
scheme.PPF earns an interest rate of 12 percent per year, which is exempted from the
income tax under sec 88. The individuals and Hindu Undivided Families can participate
in this scheme.

* National saving certificate (NSC):

This scheme is offered by the post office where certificates comes in denominations of
Rs 500, 1000, 5000 and 10000. This is a saving scheme to benefit income tax payers.
The investment in the certificate s qualifies for deduction under sec 80c of the Income
Tax Act. No withdrawal is permitted under this scheme and tax there is no deduction at
maturity.

* National Savings Scheme (NSS):

NSS is a scheme has duration of 4 years to be matured offers tax rebate under sec 88 of
the Income Tax Act, 1961. It does not offer any premature withdrawal facility except
in case of the scheme holder’s death. Individuals and Hindu Undivided Families are
eligible to open NSS account in the designed post office.

*LIFE INSURANCE:

It is a contract for payment of a sum of money to the person assured on the happening
of event insured against. Usually the contract provides for the payment of an amount
on the date of maturity or at specified dates at periodic intervals or if unfortunate death
occurs. LIC has introduced various schemes to suite the requirements of different
people. At present, the policies offered are; whole life policy, convertible whole life
policy, endowment assurance policy etc.

- MUTUAL FUNDS:

Recently, mutual funds have become popular all over the world, mutual funds carry
benefits in the form of safety of principal, capital appreciation and interest or dividend.
Under mutual fund scheme an investor even with a little money can be a participant in
investing in big companies, which are otherwise inaccessible to him because of his
small investment. 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 investment are shared

18
among the investors by careful selection of securities over a diversified portfolio,
covering large number of companies and industries. Mutual funds are able to perform
better than an individual investor.

1.4 IMPORTANCE OF INVESTMENTS

Investments are both important and useful in the context of present- day conditions.
Some factors that have made investment decisions increasingly important are:

RETIREMENT
PLANS

INCREASING
RATE OF INCOME
TAXES
IMPORTANCE
OF
INVESTMENT

INTERESET
INFLACTION
RATE

1) LONGER LIFE EXPECTANCY OR PLANNING FOR

RETAIREMENT

Investment decisions have become significant as people retire between the age of 55
and 60. Also, the trend shows longer life expectancy. The earnings should, therefore be
calculated in such as manner that a portion should be put a way as savings. Savings by
themselves do not increase wealth; these must be invested in such a way that the principal
and income will be adequate for a greater number of retirement years. The importance
of investments decisions is further enhanced by the fact that there is increasing number
of women working in organizations. These women will be responsible for
planning their own investments during their working life so that after retirement
they are able to have a stable income.

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 2) INCREASING RATES OF TAXES

Taxation is one of crucial factors in any country, which introduces an

element of compulsion in a person’s savings. There are various forms of savings outlets
in our country in the form of investments which help in bringing down the tax level by
offering deductions in personal income.

3) INTEREST RATE

Another aspect which is necessary for a sound investment plan is the level of interest
rates. Interest rates vary between one investment and another. These may vary between
risky and safe investments; they may also differ due to different benefit schemes offered
by the investments. These aspects must be considered before actually allocating any
amount. A high rate of interest may not be the only factor favouring the outlet for
investment. The investor has to include in his portfolio several kinds of investments.
Stability of interest is as important as receiving a high rate of interest.

4) INFLATION

Inflation has become a continuous problem since the last decade. In these years of rising
prices, several problems are associated coupled with a falling standard of living. Before
funds are invested erosion of the resources will have to carefully considered in order to
make the right choice of Investments. The investor will try to search an outlet, which
will give him a high rate of return in the form of interest to cover an decrease due to
inflation. He will also have to judge whether the interest or return will be continuous
or there’s a likelihood of irregularity. Coupled with high rates of interest he
will have to find an outlet which will ensure safety of principal. Besides high rate of
interest & safety of principal, an investor also has to always bear in mind the taxation
angel. The interest earned through investment should not unduly increase his taxation
burden.

5) INCOME

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Another reason why investment decisions have assumed importance is
thegeneral increase in the employment opportunities. The employmentopportuniti
esgave rise to both male and female working force. More incomes and more
avenues of investment have led to the ability and willingness of working people to
save and invest their funds.

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1.5 ELEMENTS OF INVESTMENT

The study of investments is concerned with the purchase and sale of financial assets
and the attempt of the investor to make logical decisions about the various alternatives
in order to earn returns of them. The returns a r e further dependent on the varying
degrees of risk

A functional definition as defined by Amling is, “Investment maybe defined as the

purchase by an individual or institutional investor of a financial or real asset that
produces a return proportional to the risk assumed over some future investment period.
These definitions of investments bring froth three elements of investment, categorized
as

RISK RETURN

RISK RETURN
TIME FACTOR
RELATIONSHIP

1) RETURN

Investors may buy and sell financial assets in order to earn returns on them. The
returns, better known as reward from investments, include both current
income and capital gains or losses which arise by the increase or decrease of the
security prices. The capital gains or the income earned are then treated as a
percentage of the beginning investment. Returns, therefore, may be expressed as the
total annual income and capital gain as a percentage if investment. Satisfactory
returns are different for different people. Two rational investors may be satisfied
by different levels of anticipated return and estimated risk. Rational investors like

22
returns but are risk averse. They try to maximize their utility by buying, holding, or
adjusting their portfolio to achieve “maximum utility”.

2) RISK

The reward for taking on risk is the potential for a greater investment return. If you have
a financial goal with a long time horizon, you are likely to make more money by
carefully investing in asset categories with greater risk, like stocks or bonds, rather than
restricting your investments to assets with less risk, like cash equivalents. On the other
hand, investing solely in cash investments may be appropriate for short-term financial
goals. The principal concern for individuals investing in cash equivalents is inflation
risk, which is the risk that inflation will outpace and erode returns over time.

3) RISK AND RETURN

Risk and return are inseparable. To ignore risk and only expect return is an
outdated approach to investments. The investment process must be considered in
terms of both aspects–risk and return. Return is a precise statistical term; it is
not a simple expectation of investor’s return but is measurable also. Risk is not a precise
statistical term but we use statistical terms to quantify it. The investor should keep the
risk associated with the return proportional as risk is directly correlated with return.
generally it is believed that higher the risk, the greater the reward but seeking excessive
risk does not ensure excessive return. At a given level of return, each security has a
different degree of risk. The entire process of estimating return and risk for individual
securities is called security analysis.

4) TIME FACTOR

Time is an important factor in investments. Time offers several different courses of

action. It may involve from trading to buying and selling at major turning points in the
market. It may also consider the time period of investment such as long term,
intermediate or short term. Time period depends on the attitude of the investor. As
investments are examined over the time period, expected risk and return are measured.
The investor usually selects a time period and return that meet expectations of return
and risk.

23
1.6 WOMEN INVESTORS

Women are great at setting goals but less consistent in maintaining their personal goals
if family needs arise. Accountability can help women retain a clear perspective of the
importance of investing and keep them on track to a secure financial future. Women
are great decision-makers on many topics. Women research in detail and are typically
more informed than men when making purchase decisions. However investment
decision-making is often not a priority. Women prioritize decisions about family,
careers, household and community matters. This leaves them with little time or energy
to prioritize personal investment decisions. This is not a matter of viewing investing as
unimportant and therefore not a priority.

Women face greater financial challenges than men in several ways - they generally live
longer, often earn less over their lifetime and tend to invest more conservatively. One
of the big problems, with women, is that they do not treat Personal Finance as
something that’s important for them. For ages, they have not participated in Personal
finance, regarding it as the man’s domain, just as they felt cooking was theirs.
Obviously, this is not true now, in this day and age. Cooking is as much a guy’s activity
as Personal Finance ought to be a woman’s. Women, in general, do not show real
eagerness for these activities, for some reasons like Women treating their earning as
time pass activity. The biggest reason for this is that, since the dawn of time, Man has
been the main provider and the primary bread-winner of the Family. He was responsible
for earning and managing money and taking care of financial goals, Women, on the
other hand, were mainly responsible for raising children and taking care of household
activities and to a big extent, maintaining relationships outside the house and in the
community.

Many women in spite of being qualified enough, and having skills to earn money, view
their earning as secondary compared to men. They “feel” that they are not at the same
level, even though it’s not true; most of this is psychological. One reason that women
might be better financial decision makers, despite displaying, in general, lower literacy
than men, is that women know what they do not know. In studies of financial literacy
in which participants were asked to rank their level of financial knowledge prior to
being given a set of problems to measure their actual level of financial literacy,
women’s low self evaluations were fairly consistently correlated with fair to poor

24
performance on the literacy problems. This demonstrated lack of overconfidence may
prove helpful in financial decision making and in avoiding financial mistakes and this
awareness may help women to take action. Women investors are under-represented in
private equity investment and folks are starting to notice. Advisors have long viewed
women investors, at best, as a secondary market or, at worst, as a minor niche market
to be served by a few specialists. However, significant social and economic trends are
gradually putting more women investors in the driver’s seat, and advisors who do not
develop successful approaches for serving them may be left in the dust in the coming
years. With so much recent media coverage about the nation's economic woes, it is easy
to miss important news about trends that signal the emergence of women as a primary
economic force and a major growth opportunity for advisors. Earning power, spending
power, business ownership and high net worth are typically key attributes that
successful advisors look for when they pursue new clients. When it comes to women,
however, these attributes and the potential they signal are often overlooked.

Many advisors view women investors as a niche market, served by a handful of

specialists, while others recognize the business opportunity women represent but do not
know how best to pursue it. One reason why many advisors overlook the opportunities
represented by women is that they work with women investors, if at all, solely through
their husbands. Even though these wives are indeed clients - and may have assets
separate from those they share with their husbands - too many of them are not invited
to face to-face meetings. Or, if they are, they are largely ignored. Single women
(including those who are divorced or widowed) may receive greater focus since they
own their investment portfolios outright, but this does not mean that they are satisfied
with how their advisors are serving their needs. Once, women could not even own any
property. All assets were held by a husband or male relative. All that’s changed in the
modern society, but women still face higher rates of poverty and Social Security.

Women are missing out on opportunities to create income through investing, too – but
that is changing as financial experts and lenders begin to recognize the challenges
facing women as new investors. Investing has long been a man’s world. But with the
increasing awareness that women generally live longer than men and take charge not
only of their own finances but also those of their families, investment support and
information targeted specifically to women is becoming more widespread. That is due
largely to recognition that women’s financial profiles are frequently very different from

25
those of their male peers. With these issues in mind, real estate is emerging as one of
the most viable investment opportunities for women – and a range of support and
educational resources aimed at women investors are springing up to help them get
started.

Mortgage lenders may have special support for women borrowers, with programs
aimed at supporting women and minorities starting businesses or launching investments
that support communities, such as renovating low-cost foreclosures in depressed areas.
Investing in property creates an income stream that can accommodate the twists and
turns of women’s working lives, with income that continues while a worker takes time
to care for an aging parent or stay at home for a child’s first year of life. Property
investments can also provide a safe haven in case of a spouse’s death or other financial
crisis. Women meet many unique financial challenges during their lifetime, whether
single or married, divorced or retired. We specialize in helping first-time and
experienced women investors maximize their financial situation and enjoy their
retirement. Women and men are the same in many ways – but there are good reasons
that a woman might require a different approach to financial planning. There are all
sorts of reasons that women seek financial advice. Every woman will face unique
personal situations. Some of these situations are demographic; some societal; some
family related.

Raymond James recommends that every woman discuss her particular concerns with a
professional financial advisor, such as Heather Stiles. Women are making more short-
term and long-term decisions about money. Women are better investors. Over the past
few years there have been a lot of studies by academia and investment firms in
investment behavior, attitudes, and outcomes between men and women. The findings
demonstrate that as a result of their different approach to investing, and their
temperaments, female investors produce results that are more consistent and persistent.

1.6.1 STATUS OF WOMEN IN INDIA

The status of women in India has been subject to many great changes over the past few
millennia. From equal status with men in ancient times through the low points of the
medieval period, to the promotion of equal rights by many reformers, the history of

26
women in India has been eventful. In modern India, women have adorned high offices
including that of the President, Prime minister, Speaker of Loksabha, etc.

In India, traditionally men have been the bread winners where as women typically ran
the household and saved for the rainy days. This was the scenario, till women started
working and took the command of financial matters. Today holds the key to happiness;
hence women should plan their finances and investment well. Women have to save on
a regular basis and smallest of the surplus income they like to invest prudently. The role
of women has changed from “Savers to Investors”. Most of the working rural women
have regular income because they work on the basis of wages. Savings are seen as
insurance against foreseeable future difficulties which are completely unpredictable.
Therefore women investors insure themselves against future risks by saving in the form
of various investments such as deposits, gold, lands, and herds or by hoarding money.

A woman, if employed, she is the best asset of not only to her husband but also to their
entire family. Though money is a sole vital factor for a competent living, the source of
it is also equally much significant. Generally the source happens to be a job. Hence, for
a family man, his earnings alone are not copious for a happy life. Wife’s employment,
investment, in that sense, is a significant and inevitable source for a better maintaining
of a family.

The status and role of women is vacillating all over the world. Women’s stepping out
of the confines of the households multiplied their roles and responsibilities. They have
to shoulders their domestic responsibilities as well as say themselves in the professional
arena. But the balance between the two fronts is guileful exercise. The tilt on any side
to a state of conflict generated from the related role. (Nilima S, 2005).

1.6.2 WOMEN AND SAVINGS

Saving schemes are very important for countries which are experiencing deficiencies
in economic growth. There is a need for saving mobilization which means advocating
the need for more and more savings to improve the economic policies. It is human need
to save. Savings are to keep something for the future, by foregoing its consumption in
the present day. A person earns with the objective of being able to spend and fulfill
various basic needs. Keynes paradox of thrift advocates that individual savings are good

27
for an economy. However, overall savings for an economy are bad as they pull down
the consumption, reducing down the national income of the economy.

Savings is a habit specially embodied to woman. Even in the past when women mainly
depended on their income. They used to save to meet emergencies as well as for future
requirements. Many forces have contributed to the growth of the newly emerging
middle class working women in India. The socio-economic liberation of Indian women
has itself being a product of, and an instrument in the change in their lives due to
employment. A deep of vital change has taken place in the economic condition and
personal status of women in the recent past.

It is accepted fact now that women have to play a prominent role in the overall economic
development of our nation, as they constitute 50 per cent of the total population, “when
women move forward, the family moves, the village moves,” claimed Jawaharlal
Nehru. It is recognized through out the world that only when women are in the
mainstream of progress can economic and social development be possible and
meaningful.

Freedom depends on economic conditions more than other reasons. Now, the present
women, who is equally employed, through their education have knowledge about
various aspects of investment and as result they invest in various investment avenues
such as shares, debentures, mutual funds and bank deposits. Indian savings market has
been expanding over the period and there is a steady increase of household savings.

1.6.3 INVESTMENT MANTRAS FOR WOMEN INVESTORS

Women are not as active as men when it comes to investing money. They generally
keep themselves away from taking investment decisions, they are well known for
spending money or keeping it idle, rather that investing it for earning more. Even non
working women are mostly dependent on their spouses for meeting their day to day
expenses. Though to some extend it is true that women are dependent on their spouses
for finance, they should also think about their future. Women should start thinking and
understanding the importance of money, savings and its investment aspect to avoid
critical situations at any stage of their lives. They need to develop skills to plan for their
financial needs. Generally women tend to keep cash idle rather than investing it. They
tend to think that this “idle cash” can be easily used to meet expenses beauty parlours,
jewellery etc. However, as an exception few women invest in less risk avenues such as

28
bank deposits and post office schemes. They generally avoid risky options such as
equities, as they think that it is difficult to understand equity market trends, patterns and
as they volatile in nature.

1.6.4 SAVINGS AND INVESTMENT

Savings is the simple process of putting aside the earnings, usually in the form of cash
in hand or savings account or in the form of some highly liquid and safe instruments
such as government issued treasury bills. While, investment is spending money or
capital to purchase an asset that would generate secure and reasonable returns, income
or capital appreciation over a period of time. Saving is rather a passive activity. It needs
nothing more than putting aside a certain amount from what we earn regularly as an
income. Investment is much more active in nature. It involves spending money usually
from the savings to purchase a particular asset. Thus savings is usually short term in
nature but investment has much larger in time lasting up to several decades. Savings is
mostly done with banks or even at home in the form of cash.

Savings and Investment are really parts of the same process in which investment starts
where saving ends or the process of savings is preliminary to the process of investment.
Savings can be considered as the base of foundation for the investment. But it is also
important to understand that investment is not the sole or exclusive purpose of saving.
Investment is a vehicle that is used for long term financial objectives.

Investment is purely with an intention to use money or any other asset with a hope to
generate income in the future or a capital gain, and risk is a integral part of every
investment. Savings are funded, generally by either reducing the current expenses or
doing some extra work to have extra amount available for savings. People save or invest
money based factors, such as availability of funds, sources of the funds, liquidity and
risk and return trade. Future forecast is another critical reason that helps in the decision
of either saving or Investment. The level of savings in the economy depends on a
number of factors;

1. A higher interest rate will give a greater return on savings as banks offer more
favourable rates.

2. Poor return on investment in stocks and shares and other forms of investment make
savings comparably better.

29
3. Poor expectation for future economic growth, wages and job opportunities will
increase savings in preparation for better future.

1.6.5 SAVINGS AND INVESTMENT PATTERN OF WOMEN

INVESTORS
In India the socio economic profile of the people changes dramatically. Today people
are not only spending on products and services, earlier considered a luxury but are also
looking at smarter ways of investing their money. This is mainly due to the fact, that
people today not only have a wider choice of investing in different saving instruments,
but are also more educated and aware about their choices. Women are now moving
beyond the traditional savings options of Fixed Deposits, Post office savings to wider
investment options in the form of Insurance, Mutual funds, Bonds, Equities and even
property.

Income minus expenditure is equal to Savings. In today’s rapidly changing financial

environment, it is critical that individuals not only protect and enhance their current
financial resources, but also prepare for future security and against lass of income. This
requires careful planning and prudent management of ones financial assets.

Savings is a natural human activity because some large purchases cannot be afforded
immediately. Financial planning is the key and the first step towards fulfilling ones
dreams and aspirations. Good planning ensures financial security for the family
throughout life. An important component of a sound financial plan is not only the
inclusion of life insurance coverage in the plan. It is therefore unique needs with
qualified financial planning advisers who can assist in determining the right plan and
amount of coverage required.

Saving and Investment are two key macro variables with micro foundations, which play
a significant role in economic growth. Savings enable people to manage emergencies,
to smooth out peak income and expenditure to make investment in homes, families and
businesses and to provide for old age. Savings encourages cohesion among women
investors and serve as a reserve for repayment of loan from financial institutions. Even
though the women investors are poor, they contribute some amount of money as savings
on a regular basis. Most of the women investors feel that savings is an important activity
but the amount they save every month is not uniform. Though some of the women
investors are uneducated, they come to know about various savings and investment

30
avenues with the help of agents, family members and friends. Regular savings and
investment is valuable in developing an informal rural financial system which can be a
great benefit of women. Systematic savings among women also helps to ensure good
loan repayment rates.

The savings of women in investors provides the source of funds to make small
investments such as LIC schemes, Post office savings schemes, Bank Deposits, Chit
Fund, Mutual Funds are some of the key saving instrument. With the advent of the
investment options in the market, consumers are now exposed to an array of modern
and innovative products. For example, depending on the needs of the customers, life
insurers have introduced customized products in the market. Women investors also
prefer Insurance policy because they have to pay only small amount of money every
year and they prefer savings in post office because they can withdraw their amount at
times of necessity.

Women in India now participate in all activities such as education, politics, media, art
& culture, service sectors, science and technology, etc. More investment improves lot
of rural women which creates a “virtuous circle” of better education, improved health
and higher income and women need to be given the right to have more control over
productive assets like land, water and credit.

1.6.7 PROFILE OF INVESTMENT SCHEMES

Money occupies an important place in the modern economy for the efficient and smooth
functioning. In a modern economy, current money income represents the remuneration
of product services. The recipients of income spend the major part of it on current
consumption and save the rest representing a factor claim on the society. Capital
formation is the most crucial and strategic determinant of economic growth. It implies
the capacity to save and invest. India being a developing country requires capital
formation.

Though savings and investment objective can be achieved when individual savings and
investments have been properly planned promoted and channelled.

Investing is an activity that fascinated people from all walks of life regardless of the
occupational status, education and family background. Money and information are the

31
basis and major factor affecting investment decision. Various investment opportunities
are available for an individual to invest in the savings.

Investments have become a basic necessity for everyone. In our country there is rapid
growth in investment. More number of investors is investing their funds in different
types of investment opportunities. Investing wisely is a function of investor’s specific
needs and goals. Each investor has different objectives that need to be met depending
on age, income and attitude towards risk. Investors have to work out with their
investment profile to determine which investments are right for them and should
consider important factors such as a personal status, plans and constraints.

Investment is the sacrifice of certain present value for the uncertain future reward.
Investment is the employment of funds with the aim of achieving additional income or
growth in value. Investments have the essential quality that involves waiting for
rewards. It involves the commitment of resources which have saved from current
consumption, the hope that some benefits will accrue in future. Investment is classified
into financial and economic terms.

Financial investment means allocation of monetary resources to assets that are expected
to yield some gain or positive return over a given period of time. These assets range
from safe investments to risky investments.

Economic investments have a rather precise meaning in the literature of economic

theory. It includes net additions to the capital; stock of society, by capital stock of
society is meant those goods which are used in the production of other goods.

The hand that rocks the cradle rules the world is a popular savings about women. Saving
is a habit specially embodied to women. Even in the past, when women mainly
depended on their spouse’s income, they used to save to meet emergencies as well as
for future activities. In those days women did not have any awareness about various
investment outlets. But as time passed, the scenario has totally changed.

As per the recent International Labour Organization (ILO) report, the deepening
economic and job crisis across the globe is expected to increase the number of
unemployed women by up to 22 million in the year 2009. The global employment
trends (GET) report by ILO indicated that, of the 3 billion people employed around the

32
world in 2008, 1.2 billion were women (40.4%). It said that, in 2009, the global
unemployment rate for women could reach 7.4%, compared to 7% for men.

Financial independence is a very crucial thing for women in today`s world. Women
from different age groups should start investing from the early stages of their lives to
secure the future and for better lifestyle.

Going by the trend it is noticed that women have been more comfortable with savings
in bank accounts, storing money in lockers, or buying gold or bonds. Though they are
known for saving for a rainy day, they might not be smart in taking investment
decisions.

Women love to save on a regular basis and smallest of the surplus income they like to
invest prudently. Systematic Investment Plans (SIPs) in mutual funds is a big hit amidst
working women. This has enabled them build up a disciplined approach towards
investing. Here women are benefited from the power of compounding and rupee cost
averaging.

1.6.8 TRENDS AND PATTERN OF SAVINGS AND INVESTMENT

There has been a consistent increase in savings and investment rates in India through
the post- independence period, though with considerable fluctuations from year to year.
The Gross Domestic savings rate in Savings/ Investment sector increased

1.6.9 SAVINGS BEHAVIOR IN INDIA

The economic policy is of a crucial nature in understanding domestic savings and

investment behavior and the relationship between investment and growth. This is
particularly true for a country like India, where a highly interventionist government has
followed a complex set of economic policies in a wide variety of areas and sectors since
independence. During pre independence era in India, people spent most of their income
on consumption and only a small amount of income was left in the form of savings. As
a result the savings rate was very low, especially in the rural sector.

33
1.7 GENERAL BEHAVIOUR OF WOMEN INVESTORS

Gone are the days when men were deemed masters of moolah as recent studies have
proved that women are wiser investors than men. Different risk perception by women
and men generate different emotional responses, leading to different investment
behaviours. Recent and past research has shown that these psychological differences
inherently make women better investors. The first point to be noted here is how women
like to be in absolute control. This trait is observed not only at work but also home.
Women adore being in control of their environment at all costs. They might take time
in doing so but will achieve it somehow. Being in control denotes order and women
like order just as much.

The world of investment is full of apprehension, uncertainty and unfamiliarity. These

certainly do not project what women would want from any situation. In such situations
women behave in a very typical womanly fashion – they get anxious and strained. But
these negative outcomes instigate women to fare as better investors. When they are
unsure, they exercise caution and invest gingerly. To women, having a safer investment
at times is better than facing losses.

As a woman, and an investor, shaping of financial future is as important as the many

other roles they play in life. That's why taking control today is essential in realizing
their dreams for tomorrow. Whether women are just beginning to develop their
investment strategy or are refining a current one, it's important to keep in mind that they
should build a financial legacy for long term. At various stages of your life, you are
faced with important investment and financial decisions. Your success in making these
decisions with the help of a sound investment strategy can have a major impact on your
income, net worth and, ultimately, quality of life in retirement.

Women today have more earning potential and more influence over financial decisions
than ever before. Women represent almost half of the workforce and many businesses
are owned or managed by women. Many women influence or control the majority of
all consumer purchase decisions and many of the investment decisions. As a result, it
is important for women to focus on finances now more than ever Throughout their lives,
as a woman, they will be faced with different financial challenges than their male
counterparts. If women are going to take control of their financial future, it’s important
that they recognize those differences and empower themselves.

34
Earning money is only half the equation for achieving financial independence.
Effectively putting your money to work for you is equally important. Though the size
of household income matters, how to manage the money women have - to meet short
term obligations as well as long-term goals -determines how they live today and in the
future. That's why taking control of their finances is so important. The challenges of
investing are unique for each individual. In addition, circumstances are frequently
different for women - and whatever choices you make will be better as a result of greater
knowledge of the underlying issues and your options.

1.7.1 INVESTORS BEHAVIOUR

The investor behaviour represents the financial behaviour of the individual. As a sign
of dynamic financial system, innovations in financial technology is taking place,
increasing use of finance instruments and reliance on the financial institutions by
different investors is becoming wide and sophisticated. The clever investors have
widely diverse taste for different wealth forms. All investment offer in general uncertain
future returns and asset holders may be distinguished according to the degree of utility
or disutility they expect to receive from bearing risks. The investors can be grouped
into risk neutrals, risk averters and risk lowers. Each investor tries to build good
portfolio. A good portfolio is more than a long list of good stocks and bonds

1.7.2 INDIVIDUAL BEHAVIOUR

Risk may be defined as the chance that an investor will not achieve the terminal amount
necessary at time required. The investor must understand that they cannot avoid risk
and it is not possible to find a risk- free investment. Hence, he must decide regarding
the categories of risk to which they willing to expose their portfolio and understand the
return implications of that risk exposure. Risk is actually not a question of objectivity
for most people; it is subjective question. Individuals risk tolerance is unique and
subjective to change influenced by the investors wealth position, health, family
situation, age, temperament, etc. The Social Perception Scale (SPS) and Behaviour
Prediction Scale (BPS) are used to measure the individual behaviour towards risk.

1.7.3 INVESTMENT PATTERN

35
It indicates the choice of preferences in their investment in different assets. The women
investors may prefer to invest their money in physical and financial assets. This
investment pattern may differ according to the investor’s demographics and behaviour.
The investment pattern in the present study covers various investment patterns of
savings both in the form of physical and financial assets.

1.7.4 INVESTOR’S PREFERENCES

Women investor’s preferences are showing the willingness to invest in a particular or a

set of assets in the present situation. The Indian capital market has proved a fertile
ground for investors to make money. As a matter of fact, a great public dis enhancement
with paper assets has begun during 1980s. Of late, the investor’s preference seems to
have shifted from equity to debt capital. The investor’s preference may significantly
differ according to their location. The rural and urban background of the investors may
lead to the investor’s preference among the various choices.

1.8 FACTORS INFLUENCING INVESTMENT DECISION OF

WOMEN

Each and every person can be specially differentiated on various parameters. Their
investment decisions depend on various attributes. There are so many factors which
influence their investment decisions. Everyone has their own requirements. So,
accordingly they take decisions.

Personal investment is affected by the level of knowledge, an individual investor

possess about different investment instruments. The knowledge of the relationship
between risk and return along with the knowledge of industrial sectors, economic
indicators, companies performance analysis techniques, portfolio management
techniques etc., affect the investment decision of individuals.

The source of information regarding investment avenues also guides the investment
decisions. One of the most important factors affecting personal investment is the
availability of disposal funds. Apart from all these factors, invested money should be
convertible into cash in the hour of need and this is an important factor which affects
personal investment.

36
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 return associated with an investment decision. Knowledge
is required regarding the complex investment alternatives available in the economic
environment.

discovering their capacity and carving their own niche in these contemporary yet
conventional times. They know striding a fight balance between personal life and career
is challenge and they learnt to conquer it with grace of savings. Swearing by the
principles of equal opportunities as propagated by the constitution itself, the role and
contribution of women in society at large can never be completely underlined, however
it is articulated. It is imperative today that each woman investors should understand the
role what she plays in society. However, there is a need to address certain challenges
faced generally by women today.

1.8.1 WOMEN ARE MORE LIKELY TO LIVE LONGER

As a woman; the life expectancy is at an all-time high. In fact, 90% of women

eventually end up living on their own. To help ensure that women will be able to
maintain their lifestyle, they should stay involved in investment decisions and consider
planning for the unexpected early on.

1.8.2 WOMEN ARE MORE LIKELY TO HAVE DEPENDENTS TO

CARE FOR

With a growing divorce rate, the number of single mothers is on the rise. Providing for
and raising a family, while also saving for college and retirement, can be a daunting
task. One way to help ensure that you have enough savings is to invest a small amount
regularly through a systematic investment plan.

1.8.3 WOMEN ARE LESS LIKELY TO TAKE INVESTMENT

RISKS

For whatever reason; many women are less willing than men to take risks. Yet, a certain
degree of risk is necessary to build a well-diversified portfolio. By learning all about
investing, women can become more comfortable making investment decisions that
involve different levels of risk.
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1.8.4 UNIQUE NEEDS

Virtually every investor faces special circumstances. Primary investment of an

individual and the unique risk profile that results from employment can play a big role
in determining a suitable investment portfolio for women. These unique needs often
center on a woman’s stage in the life cycle. Retirement, housing and children’s
education and many other factors demand for funds and investment policy will depend
in part on the proximity of this expenditure.

1.9 CHALLENGES AND OPPORTUNITIES FACED BY WOMEN

INVESTORS

The challenges and opportunities faced by women today honors some women of
substance, puts forward some social issues and hopes to offer realistic means towards
creation of a gender unbiased society. Women today have scaled great heights. They
are impervious to the traditional beliefs of our society in a non-defiant but affirming
way. They know what they want. They are not apprehensive in from 6.2% in the early
1950s to 24.3% in the mid of 2000s. The private corporate sector savings rate is
increased from 0.9% in 1950s to 4.1% in 2004. The public sector savings rate is
increased from 1.8% in 1950s to 4.6% in 1985 and then declined to - 0.3 in 2004. It
reveals that there was a significant increase in the savings rate only in private sector.

1.10 FACTORS CONSIDER BEFORE INVESTING BY WOMEN

INVESTORS

Investing in correct investment product at a correct time is very important. If you keep
on investing money without proper study, you may end up into mesh situation. You
should have a clear objective before making any investment. The ideal way is to consult
the financial planner or expert before making any investment. However, if you can’t
afford fees of financial planner here is ready reckoner explaining 10 factors to consider
before investing in any financial product.

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 RISK RETURN

GROWTH IN CAPITAL

TIME HORIZON

TAX

FACTORS
MINIMIZATION

LIQUIDITY

ASSET
ALLOCATION
EMERGENCY
FUND

LOAN

1. Objective of Investing
You should be aware of objective of investing. You can easily find out objective by
asking following question to yourself.

For what purpose you are making the investment?

How much you need as a final amount.
This factor will help you in deciding how much amount you need to invest in which
financial product.

2. Life stage
You need to know at what life stage you are making the investment. At the young stage
when you don’t have any dependency you can take more risk and invest more, but at
the old age your risk taking capacity reduces.

Remember Investment needs differs at different life stage. It also depends upon your
near and far term commitments. Investing when you get the bonus may differ from
when you are planning for retirement or child education.

3. Risk Return
Risk and return go hand in hand. You need to decide that you are ready to accept risk
for high return or not. Invest in equity linked product if you are ready to accept high

39
risk else invest in debt product. If you looking for better returns in short time, then you
should be ready to bear the risk of the market fluctuations.

4. Time Horizon
Decide that you want to make an investment for short term or for the long term. This is
called as Time Horizon for investment. If your time horizon is long term it is better to
invest in share or in mutual funds. As you are likely to get a better return in the stock
market at the long run. If your time horizon is a short term you can think of investing
in fixed deposit.

5. Income or Growth in Capital

Another important factor is you are investing for the regular income or for the growth
in capital. If your objective is to get regular income you should opt for debt based
instrument generating regular income like fixed deposit, MIS, MIP etc.
If you are looking for growth in capital, you can explore investing in equity or real
estate.

6. Tax Minimization
You should consider investment product from tax friendliness point of view also. The
government has declared some of the best tax saving investment options. Investing in
this options will help you to reduce your tax burden. However, the majority of tax
saving instrument comes with locking period.

7. Liquidity
Liquidity is another important factor you should look for before investing in any asset.
Liquidity means the degree to which an investment can be quickly sold in the market
and cash can be obtained as and when required. So, if you are sure that you will be
needing money in near term you should invest your money in highly liquid asset.

8. Loan
The loan is another factor which you should look for while making an investment. Two
factor you need to see first is wheatear you will be able to get the loan on investment
or not. The second factor is how much loan you actually owe. If you have already taken
loan it is good idea to prepay loan before investing.

9. Emergency Fund

40
Before investing any money, you should build an emergency fund. This is one of the
vital factors before making any investment. Setting aside emergency fund is very vital
as it will help you not to touch your investment in case of need.

Investing in the product which is highly liquid.

10. Asset allocation

The last point which you should consider before investing money is your asset
allocation. You should make the investment in the different asset class. Investing in the
different asset class is called as diversification. Diversification of portfolio always helps
in reducing risk.

41
1.11 NEED FOR THE STUDY
There is a fundamental shift in the savings and investment pattern from the traditional
ways to modern ways, as seen in the late 1980’s. This shift has paved the way for a new
range of investment instruments to cater the needs and preference of different segments
of women investors. The various financial institutions, money market also contributes
some regular changes to attract the women investors to save in various assets still, the
savings / investment on physical assets are also playing its own role. The savings
potential, savings pattern, investment behaviour among the women investors are
drastically different in all ways. After globalization, all corporates are targeting the rural
market to concentrate on the untapped area and there is a hectic competition in the
market. Finance is not an exception to this for the balanced development on nation; it
is highly essentially to analyse the savings and investment behaviour of the women
investors. This is the main reason behind the researcher for choosing the research topic
as “A STUDY ON INVESTMENT AVENUES OF WORKING WOMEN ’
awareness and satisfaction towards select investment avenues”.

42
1.12 STATEMENT OF THE PROBLEM

Each and every person can be specifically differentiated on various parameters. Their
investment decisions depend on their various attributes. There are so many factors that
influence their investment decisions. Women have move ahead from their iconic role
within the family. With the changing role of Indian women, there are every possibility
that decision regarding investment with their surplus money may be different,
depending on the parameters of the investment instruments, degree of risk taking
capabilities and advice of others like husband, family members, friends and colleagues.

In this modern world investment is being an important part of the human life. Women
investors should select the best among various investment alternatives. Nowa-days
many private sector banks and financial institutions have also entered and introduced
new investment schemes and attractive rate of interest to give maximum satisfaction to
investors.

Moreover, general profile of women investors is changing in tune with time. But they
lag in various spheres of investment such as awareness and preference of investment.
So, an attempt has been made by the researcher to identify the factors influencing
women investors’ behavior to evaluate the level of awareness among women investors
and to analyse the preference of women investor towards various investment outlets.
The women investors have a great dilemma in investment and selecting their best
investment channel. Hence it is needed to analyse the women investors’ satisfaction
towards various investments. Hence this study has started to measure the women
investors’ satisfaction level, which provides maximum satisfaction to them.

43
 CHAPTER 2

RESEARCH METHODOLOGY

2.1 OBJECTIVES OF THE STUDY

The present is aimed at assessing the awareness of women investors and their
satisfaction towards investment avenues. In this regard, the followings objectives have
been framed for the purpose of present study:

1. To examine the level of awareness of women investors towards select investment

avenues.

2. To analyse the present investment status of the women investors in the study area.

3. To study the perception of women investors towards the select investment avenues.

4. To identify the factors influencing preference of the select investment avenues.

5. To assess the level of satisfaction of women investors towards the select investment
avenues and

6. To offer suggestions towards increasing the level of awareness and satisfaction of

women investors.

2.2 HYPOTHESIS:

HO There is no significant association between age and level of investment attitude

H1 There is significant association between age and level of investment attitude

HO There is no significant association between educational qualification and level of

investment attitude.

H1 There is significant association between educational qualification and level of

investment attitude.

HO There is no significant association between marital status and level of investment

attitude.

44
H1 There is significant association between marital status and level of investment
attitude.

2.3 SCOPE OF THE STUDY

The importance of understanding the savings and investment behaviour is essential as

it forms the base for the development of the economy. If the savings and investment
behaviour among the people is good, it is a good symptom for the development of both
money and capital market and also the economy. The aim of savings and investment by
any women investor is to maximize the return from their savings and investment with
minimum risk. So that the trade-off between risks and return before they make
investment. Savings are made with a lot of expectations.

The study aims to make an analysis of the savings pattern of women investors through
data collected from the source of information on the various schemes of savings, their
income level and level of savings. “A study on women investors’ awareness and
satisfaction towards select investment avenues ” is the study to ascertain the preference
of investment avenues, problems of women investors, factors influencing the women
investors, level of awareness and satisfaction among women investors and to offer
suggestions for the improvement of investment by women investors have been
examined. Also, some of the factors have been compared with the demographic factors
to find out the relationship between them.

Women in India now participate in all activities such as education, politics, media,
science and technology, etc. With a changing scenario, women have started actively
participating in investing their surplus money, though it all depends upon the various
parameters such as degree of their risk-taking capability, influence of family members
and friends and the dare to get exposed to modern and innovative investment avenues.

2.4 LIMITATION

The study is subject to the following limitations:

 The study is confined to 50 women investors only in Andheri - Jogeshwari area

 The 50 respondents for this project were assumed as the whole universe due to
lack of time

45
  Respondents’ bias is yet another limitation of the study. The result of analysis
made in the study depends fully on the information given by the respondents.
 Women investors’ were unwilling to answer several questions. However, with
great difficulty the response was obtained.
 The preference on schemes of investment avenues may change from time to
time; hence the study is valid for specific period / time only.
 Due to lack of knowledge and experience this project is best of my efforts

2.5 NEED OF THE STUDY:

 To know the present scenario of women investment.

 To know the attitude of investment among the working women in Andheri
Jogeshwari area.
 This study will help the investment avenues to customize the service according
to the working women need.
 This study will also help the investment avenues to understand the expectation
and experience of the working women.

2.6 SAMPLE SIZE :

Sample size for this research paper is 50 working women as respondent

2.7 DATA COLLECTION:

PRIMARY:
Primary data are those which are fresh and are collected for the first time, and thus
happen to be original in character. The primary data was collected through direct
Questionnaire (close ended questionnaires)

SECONDARY:
Secondary data are those which have already been collected by someone else and which
already had been passed through the statistical process. The secondary data was
collected through web sites, books and magazines.

2.8 TABULATION OF DATA TECHNIQUES AND TOOLS USED

To analyse the data obtained with the help of questionnaire, following tools were used.

46
LIKERT SCALE:
These consist of a number of statements which express either a favourable
or unfavourable attitude towards the given object to which the respondents are asked to
react. The respondent responds to in terms of several degrees of satisfaction or
dissatisfaction.

PERCENTAGE AND PIE CHARTS:

These tools were used for analysis of data for 50 respondents

47
 CHAPTER 3

LITERATURE REVIEW

Ajmi Jy. A. (2008),

evaluated the determinants of risk tolerance of individual investors from 1500

respondents with the help of the questionnaire. The research concluded that men are
less risk averse than women, less educated investors are less likely to take risk and age
factor is also important in risk tolerance and also investors are more risk tolerance than
the less wealthy investors

Jagongo and Mutswenje (2014)

analysed the factors influencing investment decisions at the Nairobi Stock Exchange.
A sample of 42 respondents is selected for this study. The collected data are analysed
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 firms’ 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 analysed 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

According to Prof. Priya Vasagadekar’s research (2014)

on working women, she concludes that because of high level education, today’s women
are getting the best job offers with high take home pay packages. It has become the

48
present day need for working women in India to increase their wealth. As most of the
women are low in financial literacy, it becomes hardly possible for them to manage
their portfolios on their own. Also, the risk bearing capacity of working women in India
is low. This is due to lack of sound financial knowledge.

Dr. Sarita Bahl (2012)

concluded that there are younger women have already developed the plan for
investment. Women working in private sector are more faith in investing their money.
Women invest their money when they start earning and become independent. Majority
of working women have invested their money. Working women invest their money in
insurance plans as they are not willing to take risk to attain gain and want to have a safe
future.

Dr. R. Sellappan , Ms. S. Jamuna& Ms. Tnr. Kavitha (2013)

find out that married women are more curious in making investment than the unmarried.
As well as the younger are mostly like to invest in shares mutual funds, insurance and
fixed deposits than the older women. The middle age persons prefer to invest in real
estate source of investment. So, the government, Bankers and Financial institutions can
introduce lot of schemes of investment based on segmentation of the age and marital
status factors to acquire more funds.

Rajeshwari Jain (2014)

finds that women prefer fixed deposit in bank a safe investment option & for tax saving
purpose. Women also select gold as good investment

Richard B. Freeman (1979)

in his analysis showed that from the late 1960s through the mid-1970s when the number
of young workers increased. rapidly, the earnings of young male workers fell relative
to the earnings of older male workers, altering male age-earnings profiles, particularly
for college graduates. His study suggested that the increased number of young male
workers was the major causal force underlying the increased earnings of older men
relative to the earnings of younger men.

49
Bajtelsmit, V. L. &Bernasek, A. (1996)

in their research study explained for gender differences in investment and risk-taking
in an effort to help guide data collection and identification of relevant variables for
empirical research.

Hinz,R. P., McCarthy, D. D., &Turner, J. A. (1997)

studied that financial wealth had a significant and positive impact on the average level
of risk chosen in a portfolio. As it was an additional measure of financial sophistication,
they again confirmed the conclusion that more sophisticated investors entertain a higher
average level of portfolio risk. They showed that dummy variable for having no
financial wealth had no significant effect, statistically, on risk-taking.

Wang H. And S. Hanna, (1997)

concluded that relative risk aversion decreased as people aged (i.e., the proportion of
net wealth invested in risky assets increases as people age) when other variables are
held constant. They concluded that risk tolerance increased with age and therefore
rejected the constant life-cycle risk aversion hypothesis.

Barber, B. M., &Odean, T. (1999)

in their research article, identified that rational investors traded only if the expected
gains exceeded transactions costs. Overconfident investors overestimate the precision
of their information and thereby the expected gains of trading. They even traded when
the true expected net gains were negative. Models of investor overconfidence predicted
that, since men were more overconfident than women, men traded more and perform
worse than women.

Grable, J. E., & Lytton, R. H. (1999)

concluded that the classes of risk tolerance (i.e., above and below-average) differed
most widely on a respondent’s educational level and personal finance knowledge.
These two variables contributed significantly to explaining differences between levels
of risk tolerance.

50
Ronay., Richard & Kim Do-Yeong. (2006)

suggested that measuring individual variations in risk-taking propensity within

laboratory contexts alone could be misleading. At least in the case of males, it appeared
that individuals’ attitudes towards risky decisions could significantly deviate from their
explicitly expressed attitudes when placed in a group context. This finding not only had
a bearing on the issue of physical accidents resulting from risk-taking, but could also
be taken as an argument for the benefits of gender balance within decision making
bodies. Increasing gender diversity within predominantly male business and
government decision making bodies could help disrupt drifts towards bad decisions
arising out of high levels of group cohesion (Janis, 1982).

Herrmann, Andrew. F. (2007)

provided the estimation results and discussed that supported the initial hypotheses
regarding the roles of race/gender in investment preferences. Using multiple
specifications and leveraging multiple risk/return measures, the evidence pointed to
significant effects with respect to both race and gender.

Narayan, (2002)
defines empowerment as the processes by which women
take control and ownership of their lives through expansion of their choices.

Aparna Mahanta (2002)

sought to explain the question of women’s access
to or deprivation of basic human rights as the right to health, education and work,
legal rights, rights of working women’s, besides issues like domestic violence, all the
while keeping the peculiar socio-cultural situation of the North East in mind.

Stine and Karina (2003)

explain the term ‘empowerment’ as a process by
which the disempowered individuals and groups gain the power to control their lives
and the ability to make strategic life choices. The researchers also emphasize that the
economic elements of empowerment refer mainly to the capability of earning a
living. The study finds that one of the important determinants of the low average

51
income of women is their intermittent labour force participation, which is a
consequence of their time spent on unpaid work such as childcare, housework and
food production.

Pradhan, B. (2003)
this paper argues that while these quantitative socio-
economic measures of empowerment are useful indicators as a first approximation,
they are not sensitive enough to capture the nuances of gender power relations. This
is because quantitative methods alone are unable to capture the interactive processes
through which those in a weaker position strategies way of gaining from the unequal
relationship. Therefore, in order to understand the socio-cultural context within which
women’s behaviour in social interaction and gender relationships takes place, an in-
depth anthropological method is essential.

Fiedrich, M. and Jellema, A. (2003)

the study focuses on Reflect, an
approach to participatory adult education which aims to stimulate a wider process of
change in individuals and communities. It argues that although participatory
approaches are usually presented as a fundamental break with ‘top-down’ models of
development, aid agency reports suggest that Reflect participants adopt the very same
attitudes and practices long promoted by the development community. There is an
obvious contradiction in the uniformity of outcomes reported and development
processes which are meant to have become ‘participatory’ and ‘adapted to local
needs’. The paper ends by considering other development strategies which may be
more effective for empowering women.

Deshmukh-Ranadive, J. (2003)
he states in his report women’s
empowerment does not necessarily take place when incomes are generated, when
livelihoods are enhanced or when groups are formed. This is because within families
and households, hierarchies and structures do not alter. In fact, public interventions
which result in new social activity or new avenues of income generation can actually
accentuate tensions within households. It is at such times that supplementary
interventions are required. The intervention shows that in order to change the socio-

52
cultural space of women in the home, other members of the household need to be
involved in empowerment processes.

Mahmud (2003)
contends that providing security of tenure will encourage
more women to use their domestic space for income-generating activities. Other
recommendations include investing in human capital such as training for productive
employment, providing financial resources with a focus on credit, expanding wage
employment opportunities, improving social protection for female workers and
empowering women through greater organization.

Gurumurthy, A. (2003)
this project points out the progress in technology
has encouraged many in India, Bangladesh and Pakistan to see the potential of
Information and Communication Technologies (ICTs) for social transformation and
economic growth. This document looks at specific projects and programmes in the
region which focuses on women's economic empowerment and draws lessons from
these.

Vaill, S., (2003)

This report synthesizes the key lessons learned from the
Global Fund for Women‘s three-year Economic Opportunity Initiative. It finds that
the most effective interventions for women ‘s economic empowerment are those
efforts that iterate explicit objectives that go beyond income generation.

Kishore et al. (2004)

shows the status of women’s empowerment as a
whole and in each of the Indian states in particular, with the help of NFHS-25 data
sources. The sample of the study includes married women in the age group 15-49
from these states. The study divides the indicators of empowerment process into three
sub-divisions: (a) the indicators of evidence of empowerment (through educational
attainment); (b) the indicators of access to potential sources for empowerment which

53
measures women’s access to education and media exposure; and (c) the indicators of
the setting for empowerment, which focuses on the circumstances of the women’s lives
and reflects the opportunities available to them.

Sunita Kishor and Kamla Gupta (2004)

revealed that average women in India were disempowered absolutely relative to men,
and there had been little change in her empowerment over time. The authors viewed
that there were several cogent and pressing reasons for evaluating, promoting and
monitoring the level of women’s empowerment in India, not the least of which was that
household health and nutrition was generally in the hands of women and their
empowerment was necessary for ensuring not just their own welfare, but the wellbeing
of households. They also
asserted that empowerment was critical for the very development of India, as it
enhanced the quality and quantity of human resources available for development.

Kabeer, N., (2005)

he examines the empirical evidence on the impact of
microfinance with respect to poverty reduction and the empowerment of poor women
in South Asia. It finds that while access to financial services can and does make vital
contributions to the economic productivity and social well-being of poor women and
their households, it does not automatically empower women.

Mosedale, S. (2005)
he briefly reviews how women’s empowerment has
been discussed within development studies, how the concept of power was debated
and refined during the second half of the twentieth century and how power relations
might be described and evaluated in a particular context. A conceptual framework of
empowerment is then proposed which is based on women identifying their
contextualized gender constraints, and the process by which women redefine andextend
what is possible for them to be and do.

Grown, C., Rao Gupta, G. and Kes, A. (2005)

points that empowered
women must have equal capabilities such as education and health, and equal access to
resources and opportunities such as land and employment. However, they must also

54
have the agency to use these capabilities and resources to make strategic choices.
This report, prepared by the UN Millennium Project Task Force on Education and
Gender Equality, identifies strategic priorities and practical actions for achieving
women’s empowerment by 2015.

55
 CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

AGE OF INVESTOR

TABULAR

AGE GROUP NO OF PERCENTAGE

RESPONDENTS
BELOW 20 YEARS 10 20%
20YEARS -30YEARS 33 66%
30YEARS-40YEARS 3 6%
40YEARS AND 4 8%
ABOVE

GRAPHICAL

AGE

8%
6% 20%
BELOW 20YEARS
20YEARS- 30YEARS
30YEARS-40YEARS
40 AND ABOVE
66%

ANALYSIS

It was found that about 20% of respondent were of below 20years age 66% of
respondent were of age 20-30yrs 6% of respondent were of age 30-40yrs and 8% of
respondent were of age 40 and above

INTERPRETATION

From above table it’s been seen that there is more working women in age of 20-
30year than 30-40 year and 40 and above

56
QUALIFICATION OF INVESTOR

TABULAR

PARTICULAR NO OF RESPONDENT PERCENTAGE

UNDER GRADUATE 22 45%
GRADUATE 19 39%
POST GRADUATE 6 12%
PROFEESIONAL 3 4%

GRAPHICAL

QUALIFICATION

4%
12%
UNDER GRADUATE

45% GRADUATE
POST GRADUATE
PROFESSIONAL
39%

ANALYSIS

It was found that about 45% of respondent were under graduate 39% of respondent
were graduate 12% of respondent were post graduate and 4% of respondent were
from professional field

INTERPRETATION

The above table states that women of all age are more of under graduate than compare
to graduate and the ratio of post graduate is more than professionals

57
 ANNUAL INCOME OF INVESTOR

TABULAR

INCOME GROUP NO OF RESPONDENT PERCENTAGE

BELOW 2LAKH 29 58%
2LAKH-5LAKH 19 38%
5LAKH-10LAKH 2 4%
10LAKH AND - 0%
ABOVE

GRAPHICAL

INCOME GROUP

4%
BELOW 2LAKH

38% 2LAKH-5LAKH

58% 5LAKH-10LAKH
10LAKH AND ABOVE

ANALYSIS

It was found that about 45% of respondent were UNDER GRADUATE 39% of
respondent were graduate 12% of respondent were post graduate and 4% of
respondent were from professional field

INTERPRETATION

The above table shows that women of all ages have income below 2 lakhs yearly than
2-5lakh and 5-10 lakh yearly

58
 MARITAL STATUS OF INVESTOR

TABULAR

MARITAL STATUS NO OF RESPONDENT PERCENTAGE

SINGLE 40 82%
MARRIED 10 18%
DIVORCEE 0 0%
WIDOW 0 0%

GRAPHICAL

MARITAL STATUS

18%
SINGLE
MARRIED
DIVORCEE
WIDOW
82%

ANALYSIS

It was found that about 82% of respondent were single 18% of respondent were
married 0% of respondent were divorcee and 0% of respondent were widow

INTERPRETATION

From above survey it was seen that women of all are more single than married women

59
ARE YOU AWARE OF ANY OF THESE FINANCIAL INSTRUMENTS?

TABULAR

FINANCIAL NO OF PERCENTAGE
INSTRUMENTS RESPONDENTS
BANK SCHEME 29 30%
SECURITIES (SHARES, 16 17%
BONDS, DEBENTURE)
COMMODITY 20 21%
MARKET
PUBLIC PROVIDENT 16 17%
FUND
POST OFFICE SCHEME 14 15%
OTHER 0 0%

GRAPHICAL

AWARENESS OF FINANCIAL INSTRUMENTS

BANK SCHEME

SECURITIES(SHARES, BONDS,
15% 0% DEBENTURE)
30%
COMMODITY MARKET
17%
PUBLIC PROVIDENT FUND

17% POST OFFICE SCHEME

21%

OTHER

ANALYSIS

It was found that about 30% of respondent are aware of bank scheme 17% of
securities (shares, bonds, debenture) 21% of commodity market (gold, silver,) 17% of
public provident fund and 15% of post office scheme and 0% other

INTERPREPATION

From the above data it is seen that women’s are aware more of bank scheme and
commodity market (gold silver) than that of securities PPF and post office scheme

60
DO YOU INVEST IN ANY OF THESE FINANCIAL INSTRUMENTS?

TABULAR

FINANCIAL NO OF PERCENTAGE
INSTRUMENTS RESPONDENTS
BANK SCHEME 37 41%
SECURITIES (SHARES, 15 16%
BONDS, DEBENTURE)
COMMODITY 18 20%
MARKET
PUBLIC PROVIDENT 11 12%
FUND
POST OFFICE SCHEME 9 10%
OTHER (LIC) 1 1%

GRAPHICAL

INVESTMENT IN FINANCIAL INSTRUMENT

BANK SCHEME

10% 1% SECURITIES(SHARES, BONDS,

DEBENTURE)
12% COMMODITY MARKET
41%

PUBLIC PROVIDENT FUND

20%
POST OFFICE SCHEME
16%
OTHER

ANALYSIS

It was found that about 41% of respondent Invest in bank scheme 16% of securities
(shares, bonds, debenture) 20% of commodity market (gold, silver,) 12% of public
provident fund 10% of post office scheme and 1% other

INTERPRETATION

Above table status that women’s like to invest their income in more of bank scheme
and commodity market than that of PPF, post office and securities

61
WHAT FACTORS DO YOU CONSIDER BEFORE INVESTING?

TABULAR

FACTORS NO OF RESPONDENT PERCENTAGE

SAFETY OF 39 35%
PRINCIPAL
RISK 17 15%
RETURN 31 28%
MATURITY PERIOD 16 14%
TAX DEDUCTION 9 8%

GRAPHICAL

FACTORS CONSIDER BEFORE INVESTMENT

8%
SAFETY OF PRINCIPAL
14%
35%
RISK
RETURN
MATURITY PERIOD
28% TAX DEDUCTION
15%

ANALYSIS

It was found that respondent considerer factors about 35% of the safety of principle
15% of the risks 28% of the return 14% of the maturity period and 8% of the tax
deduction

INTERPRETATION

The above table says that women looks in factors before investing is more of safety of
principle, return, risk than that of maturity period and tax deduction

62
WHAT IS THE PURPOSE BEHIND INVESTMENT?

TABULAR

PURPOSE NO OF RESPONDENT PERCENTAGE

FUTURE NEEDS 44 35%
FINANCIAL 27 22%
SECURITIES
WEALTH GROWTH 27 22%
RETIREMENT PLANS 12 10%
TAX BENEFITS 8 6%
LIQUIDITY 6 5%

GRAPHICAL

PURPOSE OF INVESTMENT

5% FUTURE NEEDS
6%
10% FINANCIAL SECURITIES
35%
WEALTH GROWTH
RETIREMENT PLANS
22% TAX BENEFITS

22% LIQUIDITY

ANALYSIS

It was found the purpose of investment of respondent as 35% of future needs 22% of
wealth growth 10% of retirement plans 6% of tax benefits and 5% of liquidity

INTERPRETATION

The above tabular states that women’s invest their income more over for future need
and financial securities than that of retirement, tax benefits and liquidity.

63
WHAT ARE YOUR OBJECTIVES OF THE INVESTMENT?

TABULAR

OBJECTIVES NO OF RESPONDENT PERCENTAGE

STEADY INCOME 16 32%
LONG TERM 21 42%
SHORT TERM 5 10%
CAPITAL 8 16%
PRESERVATION

GRAPHICAL

OBJECTIVES OF INVESTMENT

16%
32% STEADY INCOME
10% LONG TERM
SHORT TERM
CAPITAL PRESERVATION

42%

ANALYSIS

It was found that objectives of respondent before investment about 32% of the steady
income 42% of the long term 10% of the short term and 8% of the capital preservation

INTERPRETATION

The above table states that the women’s objectives of all ages is for long term
investment and steady income than that of short term and capital preservation

64
WHAT PROPORTION OF YOUR INCOME DO YOU MAKE USE FOR
INVESTMENT?

TABULAR

PROPORTION NO OF RESPONDENT PERCENTAGE

0-5% 15 30%
5-10% 21 42%
10-15% 8 16%
15% AND ABOVE 6 12%

GRAPHICAL

PROPORTION OF INCOME TOWARDS

INVESTMENT

12%
30% 0-5%
16% 5-10%
10-15%
15% AND ABOVE

42%

ANALYSIS

It was found that proportion of income invested by respondent about 30% of the 0-5%
of their total income 42% of 5-10% of their total income 16% of 10-15% of their total
income and 12% of 15% and above of the total income

INTERPETATION

The above survey table it was seen that women of all ages invest 5-10% of their
income in investment

65
HOW FREQUENTLY DO YOU MONITOR YOUR INVESTMENT?

TABULAR

PARTICULAR NO OF RESPONDENT PERCENTAGE

WEEKLY 10 20%
MONTHLY 22 44%
QUARTERLY 10 20%
ANNUALLY 8 16%

GRAPHICAL

FREQUENCY OF MONITIZATION OF
INVESTMENT

16% 20%
WEEKLY
MONTHLY
20% QUARTERLY
ANNUALLY
44%

ANALYSIS

It was found that frequent monitor of their investment by respondent is about 20% of
the weekly 44% of the monthly 20% of the quarterly and 16% of the annually

INTERPRETATION

The above table states that women investor monitor their inestment more monthly
than that of other

66
WHO INFLUENCE YOUR INVESTMENT DECISION?

TABULAR

INFLUENCE NO OF PERCENTAGE
RESPONDENT
FINANCIAL ADVISOR/ 18 23%
FINANCIAL PLANNER
FAMILY/FRIENDS/RELATIVES 34 43%
INTERNET 14 18%
NEWSPAPER/MAGAZINES 9 11%
AGENTS/BROKERS 4 5%

GRAPHICAL

INFLUENCE FOR INVESTMENT

FINANCIAL ADVISOR/ FINANCIAL

5% PLANNER
11% 23% FAMILY/FRIENDS/RELATIVES

INTERNET
18%

NEWSPAPER/MAGAZINES

43% AGENTS/BROKERS

ANALYSIS

It was found that Influence of their investment by respondent is about 23% of the
financial advisor/financial planner 43% of the family/friends/relatives 18% of the
Internet 11% of the newspaper/magazines and 5% of the agents/brokers

INTERPRETATION

The above table states that women’s are more influence in investment by family
friends and relatives and least from agent/ broker

67
HOW FREQUENTLY DO YOU INVEST IN FINANCIAL INSTRUMENTS?

TABULAR

FREQUENCY NO OF RESPONDENT PERCENTAGE

WEEKLY 8 16%
MONTHLY 26 52%
QUARTERLY 6 12%
ANNUALLY 10 20%

GRAPHICAL

FREQUENCY OF INVESTMENT

20% 16%
WEEKLY
MONTHLY
12% QUARTERLY
ANNUALLY

52%

ANALYSIS

It was found that frequency of investment made by respondent is about 16% of the
weekly 52% of the monthly 12% of the quarterly 20% of the annually

INTERPRETATION

Above tables states that women of all age invest monthly more than that of weekly,
quarterly, yearly

68
WHO TAKES PRIME INVESTMENT DECISION IN YOUR FAMILY?

TABULAR

PRIME DECISION NO OF RESPONDENT PERCENTAGE

YOURSELF 41 82%
YOUR SPOUSE 4 8%
YOU AND YOUR 5 10%
SPOUSE BOTH

GRAPHICAL

PRIME DECISION ON INVESTMENT

10%
8%
YOURSELF
YOUR SPOUSE
YOU AND YOUR SPOUSE BOTH

82%

ANALYSIS

It was found that prime decision for investment made by respondent is about 82% of
the respondent himself 8% of the spouse 10% of the respondent himself and spouse
both

INTERPREATAION

Above table states that the prime decision for investing their investment is themselves
rather than only of their husband and average of both the partner taking prime
decision

69
WHAT TYPE OF RETURN DO YOU ACCEPT FROM YOUR
INVESTMENT?

TABULAR

RETURN ACCEPT NO OF RESPONDENT PERCENTAGE

FROM INVESTMENT
DIVIDEND 5 10%
CAPITAL GAIN 14 28%
INTEREST 31 62%

GRAPHICAL

RETURN ACCEPTED FROM INVESTMENT

10%

DIVIDEND
CAPITAL GAIN
28%
INTEREST
62%

ANALYSIS

It was found that return accepted from investment made by respondent is about 10%
of the dividend 28% of the capital gain 62% of the interest

INTERPRETATION

Above table states that the return they accept is more of interest and least of dividend
and an good average of captain gain

70
 CHAPTER 5

FINDING, CONCLUSION AND SUGGESTION

Following findings were generated from the study:-
 Maximum investors are aware of all the investment options.
 Investors do not invest in a single avenue. They prefer different avenues and
maximum investors prefer to invest in mutual funds.
 Maximum investors wants their investment grow at an average rate..
 Different factors considered by investors while investing are return, risk, tax
benefits, capital appreciation and the most prominent factor is the return and
risk on any investment avenue.
 Maximum investors invest on monthly basis.
 The investors investing in different avenues are satisfied with the return
generated by their investment option.
 Maximum investors are satisfied with the factors considered by them while
investing in different avenues.
 The most important factor is Return and risk which influenced the decisions
regarding investment.

71
CONCLUSION AND SUGGESTION

Since this research has been conducted on the women investors and a study of their
investment behaviour, it becomes important to understand the different types of
investors. Women Investors have their own investing styles: some are risk takers
by nature, willing to gamble large amounts of money on highly speculative
investments. Others prefer the safety and security of cash in the bank even if it
means that the actual buying power of their money is slowly dwindling because of
inflation. Most people fall somewhere in between these extremes, and are willing
to assume some risk, with the expectation that they’ll be rewarded with higher
returns.

Since this research states that here is no connection between age of women investor
and their investment It states that age never matter for investing

Also education and investment have no relation women invest in both the cases

Women investors are not dependent to their spouse for their investment

72
BIBLOGRAPHY

https://www.ijser.org/researchpaper/A-RESEARCH-PAPER-ON-INVESTMENT-
AWARENESS-AMONG-INDIAN.pdf

https://www.slideshare.net/hemanthcrpatna/a-study-on-investment-behavior-of-
women-investors-at-asit-c-mehta-ltd-hassan

https://www.slideshare.net/hemanthcrpatna/a-study-on-investment-pattern-of-
investors-on-different-products-conducted-at-asit-c-mehta-investment-intermediates-
ltd

http://shodhganga.inflibnet.ac.in/bitstream/10603/51167/7/07_chapter%201.pdf

http://shodhganga.inflibnet.ac.in/bitstream/10603/51167/8/08_chapter%202.pdf

https://journals.sagepub.com/doi/full/10.1177/0972622517706624#_i9

https://www.researchgate.net/publication/316918762_Investment_Behavior_A_Study
_on_Working_Women_in_Chittagong

http://www.ijbm.co.in/downloads/vol3-issue1/39.pdf

http://ijrar.com/upload_issue/ijrar_issue_1607.pdf

https://www.vinayakamission.com/userfiles/phd/MGT2009AP183.pdf

73
ANNEXURE

Q1. NAME
Q2 AGE GROUP OF INVESTORS
BELOW 20YEARS
20YEARS -30-YEARS
30YEARS-40YEARS
40YEARS AND ABOVE

Q3 QUALIFICATION OF INVESTORS
UNDER GRADUATE
GRADUATE
POST GRADUATE
PROFESSIONAL

Q4 ANNUAL INCOME OF INVESTORS

BELOW 2LAKH
2-5 LAKH
5-10 LAKH
5LAKH AND ABOVE

Q5 MARITAL STATUS OF INVESTOS

SINGLE
MARRIED
DIVORCEE
WIDOW

74
Q6 ARE YOU AWARE OF ANY OF THESE FINANCIAL
INSTRUMENTS
BANK SCHEME
SECURITIES (SHARES, DEBENTURE, BONDS, MUTUAL FUNDS)
COMMODITY MARKET (GOLD, SILVER)
PUBLIC PROVIDENT FUND(PPF)
POST OFFICE SCHEME
OTHER

Q7 DO YOU INVEST IN ANY OF THE FINANCIAL INSTRUMENTS

BANK SCHEME
SECURITIES (SHARES, DEBENTURE, BONDS, MUTUAL FUNDS)
COMMODITY MARKET (GOLD, SILVER)
PUBLIC PROVIDENT FUND(PPF)
POST OFFICE SCHEME
OTHER

Q8WHAT FACTORS DO YOU CONSIDER BEFORE INVESTING

SAFETY OF PRINCIPAL
RISK
RETURN
MATURITY PERIOD
TAX DEDUCTION

Q9WHAT ARE THE PURPOSE BEHIND INVESTMENT

FUTURE NEEDS
FINANCIAL SECURITIES
WEALTH GROWTH
RETIREMENT PLANS

75
TAX BENEFITS
LIQUIDITY

Q10 WHAT ARE YOUR OBJECTIVES OF THE INVESTMENT

STEADY INCOME
LONG TERMS
SHORT TERMS
CAPITAL PRESERVATIONS

Q11WHAT PROPORTION OF YOUR INCOME DO YOU MAKE USE

FOR INVESTMENT
0-5%
5-10%
10-15%
15% AND ABOVE

Q12HOW FREQUENTLY DO YOU MONITOR YOUR

INVESTMENT
WEEKLY
MONTHLY
QUARTERLY
ANNUALLY

Q13 WHO INFULENCE YOUR INVESTMENT DECISION

FINANCIAL ADVISOR/FINANCIAL PLANNER
FAMILY/FRIENDS/RELATIVES
INTERNET
NEWSPAPER/MAGAZINES
AGENT/BROKER

76
Q14 HOW FREQUENTLY DO YOU INVEST IN FINANCIAL
INSTRUMENTS
WEEKLY
MONTHLY
QUARTERLY
ANNUALLY

Q15 WHO TAKES PRIME INVESTMENT DECISION IN YOUR

FAMILY
YOURSELF
YOUR SPOUSE
YOU AND YOUR SPOUSE BOTH

Q16 WHAT TYPE OF RETURN DO YPU ACCEPT FROM YOUR

INVESTMENT
DIVIDEND
INTEREST
CAPITAL GAIN

77
NAME EMAIL ID
1.RITU RAWAL Riturawal44@gmail.com
2.KRUTIKA krutikakotian@gmail.com
3.KRUTU Krutikkk148@gmail.com
4KRUTIKA DOSHI Krutikadoshi@25gmail.com
5PRITI NAINA Nainapritee77@yahoo.com
6SONIA DASH Dash778@gmail.com
7POOJA RATHOD poojarathod@gmail.com
8MANSI RAMBHIYA Mansirambhia8894@gmail.com
9SHIVANSHI shivanshibharti@gmail.com
10POOJA MANGE poomange@148gmail.com
11PRITI CHAWAN Nil
12SHRUTI SHAH Shruti662@gmail.com
13SUMITA SINGH sumeetasingh@gmail.com
14HASEENA SHAIKH Haseenaaikh786@gmail.com
15RIYS VYAS Nil
16CHETNA GALA Chentagala26@gmail.com
17MITAL GADA Mitalgada14@gmail.com
18HITESHEE Hitesheesolanki@gmail.com
19PRIYA Priyaanand7@yahoo.com
20HEENA CHAUHAN Heenachauhan884@gmail.com
21DIPEEKA Nil
RAJARAAM
CHAVAN
22MAMTA KEDA Mamtakeda1992@gamil.com
23VAISHALI Vaishalichauhan97@gmail.com
CHAUHAN
24ARVINDI arvinadaagala@gmail.com

78
25PRATIKSHA Pratikshagangee552@gmail.com
26PRAJAKTA Rajaktappatel@1990gmail.com
RAHATE
27ASHMITA Ashmitachauhan296@gmail.com
CHAUHAN
28MEENA Meenagala14@gamil.com
29HIRAL Nil
30PRIYA priyamange@gmail.com
31PRITI CHAWAN Pritichawan333@gmail.com
32KIRTI Kirtuvaja987@gmail.com
33NIRALI GAONKAR Gaonkarnirali523@gmail.com
34NEHA PADEY Nil
35RAJNISHA NAYAK rajnayak@gmail.com
36SHABNAM S Jadhavshabnamshiv@ji87@gmail.com
JADHAV
37DHARA SAWANI Sawanidhara07@gmail.com
38MADIHA Nil
39DEEPIKA NAIDU naidudeepikaN37@gmail.com
40RUNALI NARKAR Nil
41AYUSHI itsmeaayupatel@gmail.com
42TEJAL FURIA Nil
43VIDHI SHAH vidhishah@gmail.com
44CHETNA ChentaHshah2009@gmail.com
HASMUKH SHAH
45DEEPA NIKET Nil
KARIA
46HETAL GALA galahetal@445gmail.com

79
47RAKHSHA Nil
KARIYA
48DIMPLE KARIA dimpleniket@gmail.com
49ALPA GALA Alpagala@936gmail.com
50NISHA ALOK Nil
SHAH

80
 DECLARATION

I The undersigned MISS PRIYANKA J GADDA HERE BY,

Declare that the work embodied in this project work titled “A study on
investment avenues of working women” forms my own contribution to
the research work carried out under the guidance of Prof. JASMINA
BHATT is a result of my own research work and has not been previously
submitted to any other university for any other degree/diploma to this or
any other university
Wherever reference has been made to previous works of others, I has
been clearly indicated as such and included in my bibliography
I, here by further declare that all information of this document has been
obtained and presented in accordance with the academic rules and
academic rules and ethical conduct

NAME AND SIGNATURE

PRIYANKA J GADDA

CERTIFIED BY
NAME AND SIGNATURE OF THE GUIGING TEACHER
JASMINA BHATT
81