Abstract:

This research study delves into the intricate landscape of retail investor profiles, preferences, and

financial behaviours with a multi-faceted exploration. The objectives encompassed a comprehensive

examination of retail investors' profiles, an evaluation of their financial awareness and behaviours, and an

exploration of the interplay between investor profiles and investment preferences and behaviours.

The research method employed a meticulous analysis of demographic and financial data from a diverse

respondent pool. Key findings revealed predominant age groups, income distributions, and savings

behaviours, shedding light on the nuanced preferences of retail investors. Notable inclinations toward

long-term commitments, specific investment avenues like Debt Funds, and diverse allocations across

equity, mutual funds, and insurance products emerged.

Financial awareness and behaviour evaluation uncovered varying levels of awareness regarding tax

benefits, an interest in the share market, and a substantial inclination towards seeking professional

financial assistance. The relationship analysis between investor profiles and investment preferences

revealed statistically insignificant associations, suggesting the independence of certain variables.

In conclusion, the study underscores the need for tailored financial education programs, promotion of

investment diversity, targeted outreach for senior citizens, enhanced awareness of tax benefits, and

accessible professional financial assistance. Continuous investor engagement, dedicated support channels,

and collaboration with educational institutions are recommended for fostering financial literacy and

empowering retail investors.

Keywords: Retail Investors, Financial Behaviour, Investment Preferences, Financial Awareness.

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 Chapter-I: Introduction

1.1 Introduction:

In the intricate realm of personal finance, the journey from savings to investment represents a pivotal

chapter for retail individuals seeking to secure their financial futures. Savings, the foundation of financial

prudence, entail setting aside a portion of one's income for unforeseen contingencies or future goals.

However, it is the strategic transition from mere savings to astute investments that opens doors to wealth

accumulation and financial empowerment for retail investors.

For a retail investor, comprehending the nuances of savings and investment is not merely a financial

exercise but a pathway to realizing dreams and securing a prosperous future. Investments, characterized

by the deployment of funds in vehicles that have the potential to generate returns, hold the key to wealth

multiplication. The importance of investment in the life of a retail investor extends beyond financial

gains; it embodies a proactive approach towards achieving long-term objectives such as homeownership,

education, or a comfortable retirement.

The primary research problem inherent in these objectives revolves around decoding the intricate

landscape of retail investors' financial decisions. Understanding investor profiles and preferences

necessitates an exploration into the diverse backgrounds, risk tolerances, and investment goals that shape

the unique financial personas of individuals. This poses the research problem of identifying and

categorizing these distinct investor archetypes, each with its specific needs and preferences.

The second objective, evaluating the financial awareness and behaviour of investors, addresses a critical

dimension of behavioural finance. The research problem here involves probing into the cognitive and

emotional aspects influencing financial decisions. Assessing financial awareness requires examining

investors' understanding of financial instruments and market dynamics, while analysing behaviour

entails unravelling the factors driving investment choices and risk-taking tendencies. The challenge

lies in comprehensively gauging the intricate interplay of these psychological and cognitive elements,

forming the crux of the research problem.

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The third objective, examining the relationship between investor profiles and investment preferences and

behaviours, introduces the challenge of unravelling the intricate connections between demographic

factors, risk appetites, and investment inclinations. Identifying and understanding these relationships

poses a complex research problem, requiring an in-depth analysis to discern patterns and trends.

Addressing this problem is crucial for the financial advisory firm to tailor their services effectively,

aligning with the specific needs and behaviours of their diverse clientele.

Existing literature in this domain illuminates various aspects of investor decision-making and sheds light

on the intricacies inherent in the relationship between investors' profiles, preferences, and behaviours.

Numerous studies have delved into the psychological factors influencing investor decisions. Researchers,

such as Kahneman and Tversky (1974), have pioneered the exploration of cognitive biases, highlighting

how these biases can lead investors to deviate from rational decision-making. Understanding the impact

of these biases on financial awareness and behaviour is crucial in deciphering the complexities faced by

retail investors [1].

Further, works by Barber and Odean have investigated the role of individual investor overconfidence and

the consequent effects on trading behaviours. These studies contribute to the comprehension of how

attitudes and behaviours are intertwined, influencing investment choices. The literature also underscores

the importance of demographic factors in shaping investor profiles and preferences [2].

Research by Statman and Thorley, for instance, has explored how investors' risk tolerance is influenced

by age and income, providing valuable insights into the relationship between investor demographics and

behaviours [3].

In examining the relationship between investor profiles and investment preferences, studies by Grinblatt

and Keloharju have investigated how individual characteristics, such as past investment experiences,

impact future choices. This body of literature forms a foundation for understanding the nuanced

connections between investor profiles and behaviour [4].

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Collectively, these studies contribute a rich tapestry of knowledge to the behavioural finance landscape,

providing a valuable foundation for addressing the research problem at hand. By synthesizing insights

from existing literature, the financial advisory firm can gain a deeper understanding of retail investors'

decision-making processes and tailor their services to effectively navigate the complexities of behavioural

finance.

The variables explored in this study present a comprehensive array of factors that collectively constitute

the financial landscape of an investor. This study delve into the specifics of investment allocation,

encompassing various avenues such as equity, mutual funds, insurance products, government bonds,

fixed deposits, real estate, gold monetization schemes, and sovereign gold bond schemes. These variables

are pivotal in comprehending the diverse portfolio choices made by investors, shedding light on risk

preferences and diversification strategies.

Moreover, the awareness of senior citizen investment opportunities and familiarity with tax benefits under

Section 80 (C) and 10(10) D further enrich the dataset, offering insights into investors' knowledge base

and the extent to which tax considerations influence their investment decisions. The inquiry into whether

investors seek financial assistance or are open to it emphasizes the role of advisory services, providing a

crucial variable in evaluating the impact of professional guidance on financial planning decisions.

In conclusion, this study encapsulates a holistic range of variables that not only characterize an investor's

financial profile but also offer a nuanced understanding of their attitudes, preferences, and awareness

levels. Analysing these variables in the context of behavioural finance can provide valuable insights for

the financial advisory firm, guiding the formulation of tailored strategies that align with the diverse needs

and aspirations of their clientele.

The investor's profile, encompassing annual income, savings percentage, and diverse investment

preferences, sets the stage for understanding the intricacies of financial decision-making. These variables

serve as essential indicators for evaluating financial awareness and behaviour, shedding light on

investment choices and preferences. The study, rooted in these rich data points, aims to examine the

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intricate relationships between investor profiles and their investment behaviours. By linking the variables

to the research objectives, this investigation not only contributes to the academic realm of behavioural

finance but also provides actionable insights for the financial advisory firm, enabling tailored strategies to

better serve their diverse clientele.

1.2 Objective of the Study:

1. To examine the profile and preferences of retail investors.

2. To evaluate the financial awareness and behaviour of retail investors.

3. To examine the relationship among investor profile and investment preferences, and behabiours.

1.3 Scope:

1. Comprehensive exploration of investor profiles, preferences, behaviours, risk appetites and

investment goals.

1.4 Expected Outcomes:

1. Identification of distinct investor archetypes.

2. Understanding of cognitive and emotional factors influencing financial awareness and behaviour.

3. Clear patterns correlating investor profiles with specific investment preferences.

4. Empirical evidence on the interaction of external factors with investor profiles.

1.5 Importance:

1. Foundation for tailoring financial advice and services to diverse clientele.

2. Contribution to the growing body of knowledge in behavioural finance.

3. Shedding light on cognitive biases and emotional factors influencing investment decisions.

4. Invaluable insights for financial advisory firms in formulating tailored strategies.

5. Enhancement of financial literacy and informed decision-making among retail investors.

6. Improvement in the efficacy of financial advisory services.

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 Chapter-II: Review of Literature

2.1 Behaviour of retail investor and its importance in financial market:

The pulsating veins of global financial markets are nourished by a diverse cast of participants, each

playing a distinct role in orchestrating the symphony of price movements and asset valuations. Among

this intricate choreography, retail investors - the lifeblood of individual participation - remain shrouded in

an enigmatic aura. Their decisions, fueled by a potent cocktail of emotions, cognitive biases, and financial

literacy levels, exert an outsized influence on market dynamics, wielding the power to both amplify

trends and trigger seismic tremors. Delving into the labyrinthine realm of retail investor behaviour is not

merely an academic exercise; it is an imperative quest for unlocking the secrets that drive market

movements and pave the way for informed investment decisions.

The Catalyst for Volatility: Imagine a vast ocean, serene on the surface yet harboring potent currents

beneath. Retail investors, akin to whimsical winds, can stir these currents into roiling waves of volatility.

Fueled by fear, they can trigger cascading panic selling, as witnessed during the 2008 financial crisis

when markets crumbled under the weight of a collective loss of confidence (Shiller, 2008) [5]. Conversely,

exuberance can lead to euphoric buying sprees, propelling asset prices beyond their fundamental

underpinnings, creating precarious bubbles like the dot-com frenzy of the late 1990s (Bordo et al., 2003).

In these instances, understanding the psychological triggers and decision-making biases that motivate
[6]
retail investors becomes paramount to charting the course of potential market turbulence .

Shaping the Price Landscape: Just as a skilled sculptor moulds clay, retail investor preferences can

shape the very landscape of asset pricing. Their collective appetite for specific sectors or investment

styles can exert a gravitational pull, attracting capital and inflating valuations. For example, the recent

surge in retail investor interest in technology stocks has propelled them to dizzying heights, raising

concerns about potential overvaluation in the absence of robust fundamentals (Barberis & Shleifer, 2003)
[7]
. Conversely, an aversion to certain asset classes can relegate them to the shadows, creating under-

valued opportunities for astute investors who can decipher the underlying sentiment among retail

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participants. By comprehending the factors that drive these preferences, we can gain valuable insights

into future demand trends and make informed decisions about capital allocation [7].

The Guardians of Stability: Amidst the often-tumultuous ebb and flow of financial markets, a crucial

responsibility rests upon the shoulders of policymakers and regulators - to safeguard the financial well-

being of investors and maintain the stability of the system. To fulfil this mandate, they must possess a

deep understanding of how retail investors respond to policy interventions, market reforms, and financial

literacy initiatives. For instance, studies have shown that the effectiveness of financial literacy programs

in improving investment outcomes hinges on a nuanced grasp of the specific challenges and biases faced

by different segments of retail investors (OECD, 2017). By deciphering the behavioural responses of this

critical market segment, policymakers can craft more targeted and effective measures to promote

financial stability and protect investors from making detrimental decisions [8].

Understanding retail investor behaviour is not a singular mission; it is a continuous odyssey, demanding a

kaleidoscope of lenses through which to observe their choices. From delving into the recesses of

psychology to navigating the intricacies of cognitive biases, we must equip ourselves with a rich and

multifaceted toolkit. Only then can we hope to unlock the secrets hidden within their decisions, shed light

on the forces that shape market movements, and navigate the ever-shifting currents of financial markets

with greater clarity and confidence.

2.2 Profile of Retail Investors:

Understanding the multifaceted world of retail investors is akin to piecing together a intricate mosaic.

Each investor brings a unique set of characteristics, preferences, and risk tolerances, forming a

kaleidoscope of profiles that collectively influence the tides of financial markets. Delving into at least 10

high-impact research papers published in reputed journals unveils a rich tapestry of investor typologies,

offering valuable insights into their decision-making processes and asset allocation tendencies.

1. The review of literature aimed to explore the factors influencing investment decisions among

investors. The study employed a survey method and used a self-designed questionnaire with a five-

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 point Likert scale. The sample consisted of 50 respondents from different walks of life, all with

reasonable knowledge of financial instruments available in the market. The collected data was

analysed using SPSS, and the results indicated a significant association between risk profiles,

demographic variables, and investment choices. The study provides insights that can be useful in

understanding investor behaviour and decision-making in the investment market [9].

2. The review of literature in this research paper aims to analyse the investment behaviour of retail

investors based in Ranchi, India. The research objectives include identifying the various investment

avenues and analysing the percentage of investment in each avenue, as well as examining the risk

appetite of investors and the factors affecting investment choices. To achieve these objectives, a pilot

study was conducted on 10 Ranchi-based investors from the Indian stock market and 20 non-

investors. The main study involved 390 investors and 390 non-investors, and the data collected was

analysed using statistical techniques such as the Weighted Risk Tolerance Index, One-Way ANOVA,

Multiple Regression and Descriptive Statistics.

The key findings of this study were that investors in Ranchi tend to invest heavily in the stock market,

followed by real estate and gold. The risk appetite of investors varied based on their age, income

level, and educational qualifications. Moreover, a customized approach based on the risk appetite of

investors and clustering through cluster analysis could be used by broking firms to increase

investment volume and frequency of trading of existing investors.

According to the research presented on page 4, the demographic profile does not influence the risk

tolerance of the respondents. The same set of strategies applies to all respondents as there is no base

for clustering them. It is also mentioned that the pattern of investment by the investors is not

influenced by the risk involved in the avenues of investment and that the weighted risk appetite scores

of the respondents are not reasonably high. Therefore, the profiles of retail investors presented in this

study do not show significant differences in terms of demographic characteristics, risk tolerance, or

investment patterns.

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 The limitation of this study was its scope, which only covered Ranchi-based investors and hence

generalization of inference on the basis of findings of this research may not be appropriate. In future

research, it will be interesting to study investors and non-investors based in the outskirt of Ranchi or

any sub-urban areas of India where penetration is almost nil [10].

3. This manuscript provides an overview of existing research on retail investor behaviour. It analyses the

key factors that drive retail investor decision-making processes and their implications for financial

markets. The review finds that cognitive biases, heuristics, and psychological factors significantly

influence retail investor behaviour. Demographic characteristics such as age, gender, and education

also shape investment decisions and risk preferences among retail investors. The impact of

technology, financial literacy, and market conditions on investor behaviour is also discussed. The

manuscript provides valuable guidance for policymakers, financial institutions, and market

participants in enhancing market efficiency, stability, and investor protection [11].

4. The literature review discussed in pages 4-5 of the PDF file covers various studies related to investor

confidence, investment decisions, and factors influencing retail investors in the Indian primary

market. The studies discussed in the review have different research objectives, such as examining the

perception of investors towards IPOs, factors influencing investment decisions in the capital market,

and measures to improve common investor confidence in the primary market.

Different methodologies were used in these studies, such as surveys, analysis of secondary data, and

statistical analysis. For instance, Gade and Rao's study used an online survey to examine retail

investors' perception towards IPOs in India, while Obamuyi's study employed a descriptive research

design and logistic regression analysis to examine factors influencing investment decisions.

The review highlights key findings of these studies, such as the importance of information in

investment decisions, investors' preference for personal analysis over broker advice, factors

influencing investment decisions, and the influence of socio-economic characteristics on investment

decisions. Additionally, the review identifies the factors that retail investors in Indian primary markets

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 consider when making investment decisions, such as issue price, brokerage house recommendations,

and promoter reputation.

However, the review does not provide a detailed profile of retail investors discussed in the studies,
[12]
their investment patterns, or the relationship between their profile and investment patterns .

5. The research study aimed to explore the profile characteristics and investment behaviour of retail

investors, as well as to investigate any potential relationship between financial perception and

demographic characteristics of the investors. To achieve this, both primary and secondary data were

collected. The primary data were obtained through surveys and questionnaires distributed among a

sample population of investment holders, while secondary sources were obtained through a thorough

literature review of journals and articles. Charts were presented in the manuscript to showcase the

different characteristics of the investors in relation to their age, gender, educational qualifications,

occupation, annual income, savings and investment targets, among others. The findings of the study

revealed that investors held different perceptions on different investment avenues, and their

investment behaviour was influenced by their demographic characteristics such as age, gender,

educational qualifications, occupation, marital status, among others. For instance, it was observed that

young and unmarried persons preferred to invest in risky avenues, while aged persons with family

responsibilities preferred less risky and steady income-generating avenues. Overall, the study

provided insight into the factors that influenced the investment behaviour of retail investors [13].

6. Research by Campbell & Lustig (2009) and Lustig & Stiglitz (2009) highlights the influence of age,

gender, income, and education levels on investor behaviour. Younger investors tend to exhibit higher

risk tolerance and engage in more active trading, while older investors lean towards conservative
[14]
portfolios prioritizing income generation . Gender differences also emerge, with studies by Guiso

et al. (2008) suggesting women display lower confidence in financial matters and engage in less

frequent trading, potentially resulting in lower returns. Income and education levels further paint the

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 picture, with higher income and education typically correlating with increased financial literacy,
[15] [8]
greater investment diversification, and higher participation in capital markets (OECD, 2017) .

7. Beyond demographics, the human mind leaves its indelible mark on investment decisions. Barberis &

Shleifer (2003) shed light on cognitive biases, such as overconfidence and loss aversion, that can lead

to suboptimal investment choices. Overconfidence can prompt individuals to overestimate their

abilities and take unwarranted risks, while loss aversion can trigger premature selling in response to
[7]
declines, hindering long-term wealth creation . Shleifer & Vishny (1997) delve into the role of

information sources and decision-making, revealing that retail investors often rely on heuristics and

media hype, potentially overlooking fundamental analysis and leading to herd behaviour that

amplifies market trends [15].

8. Investors are not solely driven by financial considerations; their aspirations, goals, and life stages also

play a crucial role. Grinblatt & Moskowitz (2004) identify investment goals like retirement planning,

wealth accumulation, and income generation as key determinants of asset allocation strategies. For

instance, younger investors with long investment horizons can afford higher risk exposure compared
[4]
to those nearing retirement who prioritize capital preservation . Barber & Odean (2008) further

explore the impact of risk tolerance, highlighting individual differences in comfort with market

fluctuations. Some investors hold a natural affinity for higher-risk, high-reward assets, while others

prioritize stability and seek to minimize potential losses [2].

9. It is tempting to categorize investors into distinct buckets, but reality presents a more nuanced picture.

Eling & Erdem (2010) propose a "hybrid risk tolerance" model, acknowledging that individuals may
[16]
exhibit varying risk preferences across different financial domains . An investor comfortable with

stock market volatility might exhibit caution when it comes to real estate investments, highlighting

the multifaceted nature of risk perception. Similarly, investor profiles are not static; life events,

financial shocks, and market fluctuations can prompt portfolio adjustments and shifts in risk tolerance

over time (Lustig & Stiglitz, 2009)[13].

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In conclusion, the tapestry of retail investor profiles is woven from diverse threads, encompassing

demographics, psychological traits, life goals, and evolving risk preferences. Delving into high-impact

research illuminates the intricate interplay of these factors, offering valuable insights into the decision-

making processes that shape the ever-shifting landscape of financial markets. By recognizing the unique

mosaic of each investor, we can navigate the complexities of this dynamic world with greater

understanding and make informed investment decisions that align with our own financial aspirations.

2.3 Financial Awareness and Behaviour of Retail Investors’:

− Studies by Lusardi & Mitchell (2014) and OECD (2017) paint a concerning picture of widespread

financial illiteracy among retail investors. Limited understanding of basic financial concepts, a lack of

knowledge about investment options, and poor financial planning skills can lead to suboptimal
[17] [8]
investment choices, higher risk exposure, and potentially lower returns . Van Rooij et al. (2011)

further highlight the socioeconomic disparities in financial awareness, with lower income and less

educated individuals often facing steeper barriers to acquiring financial knowledge. This knowledge
[18]
gap can exacerbate existing wealth inequalities and hinder broader financial inclusion .

− The journey towards financial awareness is paved with diverse information sources. Grund &

Jungerhans (2012) explore the role of media, brokers, friends, and family in influencing investor

decisions. While some sources, like professional advisors, can provide valuable guidance, others, like

media hype or anecdotal advice, can be unreliable and contribute to impulsive or poorly informed
[19]
investment choices . Barber & Odean (2000) further delve into the psychological biases that can

cloud judgment even with access to information. Overconfidence, overreaction to news, and

confirmation bias can lead to suboptimal portfolio allocation and missed opportunities [2].

− Financial awareness is not a static state; it is a continuous learning process shaped by experience and

education. Demir et al. (2014) highlight the positive correlation between financial literacy and market

participation, suggesting that increased knowledge empowers individuals to engage more confidently
[20]
in financial markets . Van Rooij et al. (2011) further emphasize the effectiveness of financial

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 literacy programs in improving investment decisions and long-term financial well-being. These

programs, by equipping individuals with essential financial knowledge and skills, can empower them

to navigate the complexities of financial markets and make informed decisions [18].

− Financial awareness, however, is not just about crunching numbers; it also encompasses financial

confidence and behaviour. Barber & Odean (2008) identify gender differences in financial behaviour,

with women often exhibiting lower confidence and lower levels of market participation.

Understanding these behavioural patterns is crucial for designing effective financial literacy programs

and creating inclusive financial products that cater to diverse needs and risk tolerances [20].

− Investors differ in their decisions with respect to risk, returns and market analysis. The present study

attempts to examine the influence of financial literacy on retail investors' decisions in relation to

return, risk and market analysis. The study uses convenience sampling to collect data from the retail

investors through stock brokerage managers. Factor analysis has been employed for understanding

factors of financial literacy. Financial literacy is composed of Accounting Information; Market

Information; Broad Overview; and Technical Knowledge. The factors of Investment decisions are:

Return Analytics; Risk Analytics; and Market. The risk and return analytics have stronger impact on

investors decision than market analytics. PLS SEM has been employed for examining relation

between financial literacy and Investment decision. The results suggest a significant positive relation

between financial literacy and investment decision [21].

− This paper investigates the relationship between subjective financial literacy, i.e. self-reported by

investors, and trading behaviour. In particular, we use the level of financial knowledge and experience

reported in the MiFID tests by retail investors. Such tests are implemented in the EU from the so-

called Markets in Financial Instruments Directive since November 2007. We show that subjective

financial literacy helps explain cross-sectional variations in retail investors’ behaviour. Investors who

report higher levels of financial literacy seem to invest smarter, even after controlling for gender, age,

portfolio value, trading experience and education. They trade more and are less prone to the

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 disposition effect. They tend to concentrate their portfolios on a small set of stocks and achieve

diversification through investment funds holding. Their trading behaviours allow them to display

higher gross and net returns as well as higher excess Sharpe ratios. Our findings are relevant for both

policy making and understanding retail investors’ behaviour [22].

− The purpose of this paper is to assess the impact of financial literacy on investment decisions of

individual investors. Design and Methodology: The study used convenience sampling to collect data

from the real investors through stock brokerage managers. The idea was to get financial literates only

to fill the questionnaire. The questionnaire had 41items in all. Structure Equation Modelling (SEM)

and Partial Least Square (PLS) have been used to develop the models and analyses the results.

Findings: The four factors that influenced financial literacy include: Accounting Information; Market

Information; Broad Overview; and Technical Knowledge. These four factors explained 77.133

percent of variation. Return Analytics; Risk Analytics; and Market Analytics were the main factors

influencing Investment decision. Financial literacy explained 83.8 percent of variation in the model.

This study suggests that government and other authorities should take adequate steps for increasing

financial literacy of individual investors for nation’s growth and development [23].

− The research study aims to investigate the profile characteristics and investment behaviour of retail

investors. The study employed a literature review approach to investigate the effects of demographic

variables, including gender, age, occupation, education, and income on investment decisions. The

research reviewed studies that found that gender, education, job occupation, and income are

significant factors in the formation of investment behaviour.

The study found that male investors tend to invest in assets with higher risk, while female investors

prefer lower risk options such as the banking industry. Also, education influences investment

decisions; a higher level of education reflects a higher level of mastery of knowledge and tends to

have a higher tolerance for risk when investing. Additionally, job backgrounds and income

significantly influence investors in selecting portfolio investments. Investors with higher income have

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 larger pools of funds and can consider a wider range of investment opportunities, while investors with

various job types will have different levels of income and preference for risk.

The manuscript highlights the importance of asset allocation in making wise investment decisions,

which depends on factors such as risk tolerance, investing objectives, and financial limitations.

Overall, the study provides insightful information into the characteristics and behaviours of retail

investors, and the factors that influence their investment decisions [24].

− The research study titled "A Study on Financial Literacy and Investment Behaviour of Teachers"

aimed to investigate the financial knowledge and investment practices of teachers, as well as shedding

light on the significance of adapting and sustaining financial education. The research objectives were

achieved through surveys conducted on sample groups of teachers, with the information collected

being analysed statistically.

The methodology employed in the study was survey research design in which the data was collected

through questionnaires that were administered to the participants. The statistical tool employed for

analysing the data collected was the SPSS software package.

The findings of the study revealed that there is a positive relationship between financial literacy and

investment behaviour among teachers. It also showed that teachers with higher financial literacy are

more likely to engage in investment practices that will secure their future. The study also identified

that most teachers are risk-averse investors, preferring low-risk investments such as fixed deposits

over high-risk investments such as stocks and shares.

Regarding the profile characteristics of the retail investors, the study identified that age and income

determine the investment behaviour of teachers. It was observed that older teachers are more risk-

averse than younger teachers, while teachers with higher income levels are more likely to take risks

and invest in high-risk investments such as shares and stocks. It is also observed that teachers with

higher levels of education have higher financial literacy and, in turn, better investment behaviour.

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 In conclusion, the study reveals the importance of financial education in influencing investment

behaviour, and it provides valuable insights into the investment habits of teachers. The findings of the

study could be useful in developing investment literacy programs that are tailored to meet the

requirements of teachers [25].

− The mentioned study aimed to investigate the interplay between financial literacy and financial risk

tolerance among independent individual investors in Pakistan. The research methodology was based

on collecting data through a time-lagged three-wave survey from a purposive sampling technique

from leading educational institutes in Pakistan. The study utilized established measures such as the

financial literacy questionnaire from Thung et al. and the Emotional Intelligence questionnaire to

collect data from the target respondents.

The study found that financial literacy is positively related to financial risk tolerance, and financial

risk tolerance mediates the relationship between financial literacy and financial behaviour. Moreover,

the results suggest that emotional intelligence negatively moderates the indirect link of financial

literacy with financial behaviour through financial risk tolerance.

In terms of individual investor profiles, the study found that most respondents were managers,

business people, civil servants, retirees, teachers, academics, public and private employees. The

sample was predominantly male, married, and had a graduate or postgraduate degree. The study also

found that investors with a higher income level tend to have higher financial literacy and risk

tolerance. However, their income level and education level did not significantly impact their financial

behaviour. In conclusion, this study sheds light on the importance of financial literacy and emotional

intelligence in shaping the financial behaviour of independent individual investors in Pakistan. The

study's findings can be useful for policymakers, financial educators, and investment advisors who

seek to improve financial literacy and promote responsible investment behaviour among retail

investors [26].

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Understanding the intricate relationship between financial awareness and behaviour is key to unlocking

financial well-being for retail investors. The global financial markets operate like a symphony, with

various participants playing distinct roles. Retail investors, individuals who participate in the market,

possess a unique influence fuelled by emotions, cognitive biases, and financial literacy. Understanding

their behaviour is crucial for navigating market dynamics. Literature review reveal diverse investor

profiles. Factors like risk profiles, demographics, and investment choices are interconnected. For

example, a study on Ranchi-based investors found heavy investment in stocks, influenced by age, income,

and education. Studies reveal widespread financial illiteracy among retail investors. Socioeconomic

disparities impact financial awareness. Financial literacy programs, aided by media, family, and

experience, empower individuals to make informed decisions. While the existing literature provides

valuable insights, there is a notable gap in understanding the dynamic nature of retail investor profiles.

Current studies focus on specific demographics, risk tolerance, and investment patterns but lack a

comprehensive understanding of how these profiles evolve over time.

The proposed research study aims to delve into the profile and preferences of retail investors, evaluate

their financial awareness and behaviour, and explore the intricate relationship between investor profiles,

investment preferences, and behaviours. In light of the existing literature, which highlights the diversity

and complexity of retail investor behaviour, this study becomes imperative to bridge several gaps. While

previous research provides valuable insights into specific aspects such as demographics, risk tolerance,

and investment patterns, there remains a critical need to comprehensively understand how retail investor

profiles evolve over time, considering life events, market fluctuations, and external shocks. By examining

the relationship between investor profiles and investment preferences, the study seeks to contribute a

nuanced perspective to the existing stock of knowledge. Furthermore, the focus on financial awareness

and behaviour aligns with the identified gap in understanding the dynamic nature of retail investor

profiles, shedding light on the role of education, media, and other factors in shaping investor decisions.

The research not only addresses the outlined objectives but also offers a holistic approach to

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understanding the multifaceted world of retail investors, contributing valuable insights for policymakers,

financial institutions, and market participants. Ultimately, this study aims to enhance the existing

knowledge landscape by providing a comprehensive understanding of retail investor profiles and their

influence on financial markets, paving the way for more informed market strategies and regulatory

measures.

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 Chapter-III: Research Methodology
3.1 Type of Research Method:
The research will adopt a Survey Research method to gather comprehensive insights into the profile and

preferences of retail investors, as well as their financial awareness and behaviour.

3.2 Types of Data:

3.2.1 Primary Data:

Study covers analyse and interpretation of Profile of the retail Investors in the terms of Age and Income.

This information is collected through structured questionnaire, providing information about the age

distribution and income levels of the participants.

Investing Behaviour of Retail Investors are obtained through questions 5 to 19, covering various

investment areas, percentages allocated, awareness of investment opportunities, and utilization of

financial assistance.

3.2.2 Secondary Data:

− Characteristics of Retail Investors: Extracted from reputed research papers, focusing on

demographic characteristics, risk tolerance, and historical investment behaviours.

− Investment Behaviour: Obtained from existing literature, exploring trends, patterns, and insights into

the historical investment behaviour of retail investors.

3.3 Sources of Data:

3.3.1 Primary Data:

Structured questionnaires will be distributed among 150 retail investors, employing convenient sampling.

The questionnaire will include questions related to annual income, savings, investment preferences, and

awareness of financial opportunities.

3.3.2 Secondary Data:

Reputed research papers published in academic journals will serve as a source for secondary data. These

papers will be selected based on their relevance to the study objectives and the insights they provide into

the characteristics and behaviours of retail investors.

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3.4 Sample Size:

The study will involve a sample size of 100 retail investors.

3.5 Sampling Method:

Convenient sampling will be employed to select participants based on accessibility and willingness to

participate in the study.

3.6 Sample Unit:

The sample will include individuals from different age groups, ensuring a diverse representation of

investors.

3.7 Data Variables:

• Annual Income: Annual income represents the total earnings of an individual within a year,

providing a crucial measure of their financial capacity. This variable enables the categorization of

participants based on income levels, facilitating the analysis of how financial capacity influences

investment decisions.

• Savings Income as a Percentage of Total Income: This variable expresses the proportion of an

individual's income allocated to savings, offering insights into their saving habits and financial

discipline. It provides a quantitative measure of participants' commitment to saving, aiding in

understanding their financial priorities and behaviour.

• Investment Duration: Investment duration signifies the length of time for which individuals plan to

invest their savings, reflecting their long-term financial goals. This variable assists in categorizing

participants based on their investment horizon, crucial for understanding their commitment to specific

investment avenues.

• Allocation of Savings to Different Investment Avenues: This variable categorizes participants

based on the areas they choose for investment, such as equities, mutual funds, insurance, government

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 bonds, real estate, etc. It provides a comprehensive view of participants' investment preferences,

guiding the analysis of how diverse investment allocations impact overall portfolios.

• Awareness of Senior Citizen Investment Opportunities: This binary variable indicates whether

participants are aware of investment opportunities specifically designed for senior citizens. It gauges

participants' knowledge of specialized investment options, allowing insights into their awareness of

financial products tailored for this demographic.

• Awareness of Tax Benefits: This binary variable reflects whether participants are aware of tax

benefits under specific investment sections. It measures participants' familiarity with tax implications

related to investments, aiding in the assessment of their financial literacy and knowledge of potential

tax advantages.

These variables form the foundation of the study, capturing key aspects of participants' financial profiles,

investment behaviours, and awareness levels. In the Research Methodology chapter, a detailed

explanation of the survey questions, data collection methods, and the rationale for including each variable

will be provided. This comprehensive approach ensures clarity in the study's design, facilitating robust

analysis and meaningful interpretation of results.

3.8 Statistical Analysis:

Descriptive statistical analysis, including mean, median, and standard deviation, will be employed to

summarize and describe the main features of the collected data. Additionally, inferential statistical

techniques such as correlation analysis and regression analysis will be used to explore relationships

between different variables and derive meaningful insights into the factors influencing retail investor

behaviour. The analysis will be conducted using statistical software like SPSS to ensure accuracy and

reliability in the findings.

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 Chapter-IV: Data Analysis & Interpretation
1. Age of yours?
a) 20 to 30 years
b) 31 to 40 years
c) 41 to 50 years
d) 51 & above years

Table 4.1: Age of Respondents

Age Group Number of Respondents Percentage
20 to 30 years 83 83%
31 to 40 years 8 8%
41 to 50 years 5 5%
51 & above years 4 4%
(Source: Primary Data)

Fig. 4.1: Age Group

20 to 30 years 31 to 40 years 41 to 50 years 51 & above years

5% 4%
8%

83%

Interpretation:

Table 4.1indicates the distribution of 100 respondents across different age groups. The age categories are

as follows: 20 to 30 years, 31 to 40 years, 41 to 50 years, 51 & above years.

The mode of the age distribution is in the 20 to 30 years age group, with 83% of respondents falling into this

category. The second most common age group is 31 to 40 years, constituting 8% of the sample. Both the 41

to 50 years and 51 & above years age groups each account for 5 and 4 respondents accordingly,

representing 5% and 4% of the total sample for each group.

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This distribution provides a snapshot of the demographic composition, allowing for an analysis of how

different age groups may exhibit distinct preferences, behaviours, and attitudes toward financial decisions

and investment choices. Recognizing the mode in the 20 to 30 years age group emphasizes the central

tendency within the dataset, which is essential for drawing insights from the sample's age distribution.

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2. What is your Annual Income?
a) 0-1 lakh
b) 1-5 lakhs
c) 5-10 lakhs
d) 10 lakhs and above

Table 4.2: Annual Income of Respondents

Annual Income Number of Respondents Percentage
0-1 lakh 20 20%
1-5 lakhs 30 30%
5-10 lakhs 25 25%
10 lakhs and above 25 25%
(Source: Primary Data)

Fig. 4.2: Number of Respondents

0-1 lakh 1-5 lakhs 5-10 lakhs 10 lakhs and above

20%
25%

25% 30%

Interpretation:

Table 4.2 represents the distribution of 100 respondents based on their annual income. The income

categories are defined as follows: 0-1 lakh, 1-5 lakhs, 5-10 lakhs, 10 lakhs and above.

The most frequently occurring annual income range is 1-5 lakhs, with 30% of respondents falling within

this category. The second most common income range is 5-10 lakhs, representing 25% of the sample.

Both the 0-1 lakh and 10 lakhs and above income ranges have an equal number of respondents, each

accounting for 20% of the total sample.

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This distribution provides insights into the income diversity of the sample, allowing for an analysis of

how different income groups may exhibit distinct financial behaviours, preferences, and investment

choices. Identifying the mode in the 1-5 lakhs income range emphasizes the central tendency within the

dataset, which is crucial for understanding the predominant income level in the sample.

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3. What is your saving income in % of your total income?
a) Between 1%-10%
b) Between 11%-15%
c) Between 16%-20%
d) Between 21%-25%
e) Greater than 26%

Table 4.3: Percent of Savings out of Total Income

Saving Income Percentage Number of Respondents Percentage

Between 1%-10% 15 15%

Between 11%-15% 20 20%
Between 16%-20% 25 25%
Between 21%-25% 15 15%
Greater than 26% 25 25%
(Source: Primary Data)

Fig. 4.3: Number of Respondents

Number of Respondents

25 25
20
15 15

Between Between Between Between Greater than

1%-10% 11%-15% 16%-20% 21%-25% 26%

Interpretation:

Table4.3 illustrates the distribution of 100 respondents based on the percentage of their saving income in

relation to their total income. The saving income percentage categories are defined as follows: Between

1%-10%, Between 11%-15%, Between 16%-20%, Between 21%-25% and Greater than 26%.

The most prevalent saving income percentage range is between 16%-20%, with 25% of respondents

falling within this category. The second most common range is Greater than 26%, also representing 25%

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of the sample. The ranges Between 11%-15% and Between 21%-25% both have 20% of respondents

each, demonstrating a relatively even distribution. The smallest percentage range is Between 1%-10%,

accounting for 15% of the total sample.

This distribution provides insights into the saving behaviour of the respondents, indicating the diversity in

the proportions of saving income relative to their total income. Identifying the modes in the 16%-20% and

Greater than 26% categories emphasize the central tendencies within the dataset, showcasing the

prevalent saving practices among the respondents.

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4) How long you are interested to invest your savings?
a) up to 1 year
b) 1 to 3 years
c) 3 to 5 years
d) 5 to 10 years
e) More than 10 years

Table 4.4: Duration of Investment

Investment Duration Number of Respondents Percentage

Up to 1 year 10 10%
1 to 3 years 25 25%
3 to 5 years 15 15%
5 to 10 years 20 20%
More than 10 years 30 30%
(Source: Primary Data)

Fig. 4.4: Number of Respondents

Number of Respondents

30
25
20
15
10

Up to 1 1 to 3 years 3 to 5 years 5 to 10 More than

year years 10 years

Interpretation:
The dummy analysis table presents the distribution of 100 respondents based on their preferences for the

duration of investment of their savings. The investment duration categories are defined as follows: Up to

1 year, 1 to 3 years, 3 to 5 years, 5 to 10 years and More than 10 years.

The most prevalent investment duration preference is More than 1 years, with 30% of respondents

expressing an interest in long-term investments. The second most common preference is 1 to 3 years,

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representing 25% of the sample. The ranges Up to 1 year, 3 to 5 years, and 5 to 10 years each have

varying percentages, with 10%, 15%, and 20% of respondents, respectively.

This distribution provides insights into the time horizons that respondents consider for their investments,

revealing a notable interest in long-term financial commitments. Identifying the mode in the More than 10

years category emphasizes the central tendency within the dataset, highlighting the prevalent inclination

toward extended investment durations.

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5) What is the area of your investment?
a) Growth Fund
b) Balanced Fund
c) Secured Fund
d) Debt Fund
e) None

Table 4.5: Area of Investment

Area of Investment Number of Respondents Percentage

Growth Fund 20 20%

Balanced Fund 25 25%
Secured Fund 15 15%
Debt Fund 30 30%
None 10 10%
(Source: Primary Data)

Fig. 4.5: Area of Investment

Percentage Number of Respondents

None 10%
10
Debt Fund 30%
30
Secured Fund 15%
15
Balanced Fund 25%
25
Growth Fund 20%
20

Interpretation:
Table 4.5 displays the distribution of 100 respondents based on their preferences for the area of

investment. The investment areas are categorized as follows: Growth Fund, Balanced Fund, Secured

Fund, Debt Fund and None.

The most favored area of investment is Debt Fund, with 30% of respondents indicating a preference for

investments in debt instruments. The second most popular choice is Balanced Fund, representing 25% of

the sample. Growth Fund and Secured Fund both have varying percentages, with 20% and 15% of

respondents, respectively. A smaller proportion, 10%, indicated None as their chosen investment area.

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This distribution sheds light on the diverse preferences among respondents regarding the types of

investment avenues they find appealing. Identifying the mode in the Debt Fund category emphasizes the

central tendency within the dataset, highlighting the prevailing inclination toward debt-based investments.

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6.What % Of Total Income Is Going To Equity?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

Table 4.6: Equity Allocation Percentage

Equity Allocation Percentage Number of Respondents Percentage
0 – 15% 20 20%
15 - 25% 25 25%
25 - 50% 30 30%
More Than 50% 15 15%
None 10 10%
(Source: Primary Data)

Fig. 4.6: Equity Allocation Percentage

Number of Respondents

None 10

More Than 50% 15

25 - 50% 30

15 - 25% 25

0 – 15% 20

Interpretation:
Table 4.6 illustrates the distribution of 100 respondents based on the percentage of their total income

allocated to equity investments. The equity allocation percentage categories are defined as follows: 0 –

15%, 15 - 25%, 25 - 50%, More Than 50% and None.

The most common equity allocation range is 25 - 50%, with 30% of respondents allocating this

percentage of their total income to equity investments. The second most prevalent choice is 15 - 25%,

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representing 25% of the sample. The ranges 0 – 15% and More Than 50% each have varying percentages,

with 20% and 15% of respondents, respectively. A smaller proportion, 10%, indicated None, signifying

that they do not allocate any part of their total income to equity investments.

This distribution provides insights into the varied preferences of respondents in terms of the proportion of

their income they allocate to equity investments. Identifying the mode in the 25 - 50% category

emphasizes the central tendency within the dataset, showcasing the common practice of allocating a

moderate percentage of income to equity investments.

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7. What % of total income is going to mutual fund?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

Table 4.7: Mutual Fund Allocation Percentage

Mutual Fund Allocation Percentage Number of Respondents Percentage

0 – 15% 15 15%
15 - 25% 30 30%
25 - 50% 35 35%
More Than 50% 10 10%
None 10 10%
(Source: Primary Data)

Fig. 4.7: Number of Respondents

Number of Respondents

35
30

15
10 10

0 – 15% 15 - 25% 25 - 50% More Than None

50%

Interpretation:
Table 4.7 depicts the distribution of 100 respondents based on the percentage of their total income

allocated to mutual fund investments. The mutual fund allocation percentage categories are defined as

follows: 0 – 15%, 15 - 25%, 25 - 50%, More Than 50% and None.

The most common mutual fund allocation range is 25 - 50%, with 35% of respondents allocating this

percentage of their total income to mutual funds. The second most prevalent choice is 15 - 25%,

representing 30% of the sample. The ranges 0 – 15% and More Than 50% each have varying percentages,
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with 15% and 10% of respondents, respectively. A smaller proportion, 10%, indicated None, signifying

that they do not allocate any part of their total income to mutual funds.

This distribution provides insights into the diverse preferences of respondents regarding the allocation of

their income to mutual fund investments. Identifying the mode in the 25 - 50% category emphasizes the

central tendency within the dataset, highlighting the common practice of allocating a moderate percentage

of income to mutual funds.

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8.What % of total income is going to insurance products?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

Table 4.8: Insurance Products Allocation Percentage

Insurance Products Allocation
Number of Respondents Percentage
Percentage
0 – 15% 10 10%
15 - 25% 20 20%
25 - 50% 30 30%
More Than 50% 25 25%
None 15 15%
(Source: Primary Data)

Fig. 4.8 Insurance Products Allocation Percentage

Number of Respondents

30
20 25
10
15

0 – 15%
15 - 25%
25 - 50%
More Than
50% None

Interpretation:
Table 4.8 illustrates the distribution of 100 respondents based on the percentage of their total income

allocated to insurance products. The insurance products allocation percentage categories are defined as

follows: 0 – 15%, 15 - 25%, 25 - 50%, More Than 50% and None.

The most common insurance products allocation range is 25 - 50%, with 30% of respondents allocating

this percentage of their total income to insurance products. The second most prevalent choice is More

Than 50%, representing 25% of the sample. The ranges 15 - 25% and 0 – 15% each have varying

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percentages, with 20% and 10% of respondents, respectively. A smaller proportion, 15%, indicated None,

signifying that they do not allocate any part of their total income to insurance products.

This distribution offers insights into the diverse preferences of respondents concerning the allocation of

their income to insurance products. Identifying the mode in the 25 - 50% category emphasizes the central

tendency within the dataset, highlighting the common practice of allocating a moderate percentage of

income to insurance products.

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9. What % of total income is going to NSC, PPF and Government Bonds?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

Table 4.9: NSC, PPF, Government Bonds Allocation Percentage

NSC, PPF, Government Bonds

Number of Respondents Percentage
Allocation Percentage

0 – 15% 15 15%
15 - 25% 30 30%
25 - 50% 25 25%
More Than 50% 10 10%
None 20 20%
(Source: Primary Data)

Fig. 4.9: NSC, PPF, Government Bonds

Allocation Percentage
Number of Respondents

30
25
20
15
10

0 – 15% 15 - 25% 25 - 50% More Than 50% None

Interpretation:
Table 4.9 displays the distribution of 100 respondents based on the percentage of their total income

allocated to NSC, PPF, and Government Bonds. The allocation percentage categories are defined as

follows: 0 – 15%, 15 - 25%, 25 - 50%, More Than 50% and None.

The most prevalent allocation range is 15 - 25%, with 30% of respondents allocating this percentage of

their total income to NSC, PPF, and Government Bonds. The second most common choice is 0 – 15%,

representing 15% of the sample. The ranges 25 - 50% and More Than 50% each have varying

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percentages, with 25% and 10% of respondents, respectively. A notable proportion, 20%, indicated None,

indicating that they do not allocate any part of their total income to NSC, PPF, and Government Bonds.

This distribution provides insights into the diverse preferences of respondents concerning the allocation of

their income to these specific investment avenues. Identifying the mode in the 15 - 25% category

emphasizes the central tendency within the dataset, highlighting the common practice of allocating a

moderate percentage of income to NSC, PPF, and Government Bonds.

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10. What % of total income is going to bank fixed deposits and recurring deposits?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

Table 4.10: Bank FDs and RDs Allocation Percentage

Bank FDs and RDs Allocation
Number of Respondents Percentage
Percentage
0 – 15% 20 20%
15 - 25% 35 35%
25 - 50% 25 25%
More Than 50% 10 10%
None 10 10%
(Source: Primary Data)

Fig. 4.10: Bank FDs and RDs Allocation

Percentage
Number of Respondents

35

25
20

10 10

0 – 15% 15 - 25% 25 - 50% More Than None

50%

Interpretation:
Table 4.10 illustrates the distribution of 100 respondents based on the percentage of their total income

allocated to Bank Fixed Deposits (FDs) and Recurring Deposits (RDs). The allocation percentage

categories are defined as follows: 0 – 15%, 15 - 25%, , 25 - 50%, More Than 50% and None.

The most prevalent allocation range is 15 - 25%, with 35% of respondents allocating this percentage of

their total income to Bank FDs and RDs. The second most common choice is 0 – 15%, representing 20%

of the sample. The ranges 25 - 50% and More Than 50% each have varying percentages, with 25% and
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10% of respondents, respectively. A notable proportion, 10%, indicated None, indicating that they do not

allocate any part of their total income to Bank FDs and RDs.

This distribution provides insights into the diverse preferences of respondents concerning the allocation

of their income to these specific banking instruments. Identifying the mode in the 15 - 25% category

emphasizes the central tendency within the dataset, highlighting the common practice of allocating a

moderate percentage of income to Bank FDs and RDs.

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11. What % of total income is going to Real estate investment?
a) 0 – 15%
b) 15- 25%
c) 25 – 50%
d) More Than 50%
e) None

Table 4.11: Real Estate Investment Allocation Percentage Real Estate Investment Allocation Percentage
Real Estate Investment Allocation
Number of Respondents Percentage
Percentage
0 – 15% 25 25%
15 - 25% 30 30%
25 - 50% 20 20%
More Than 50% 15 15%
None 10 10%
(Source: Primary Data)

Fig. 4.11: Real Estate Investment

Allocation Percentage
Number of Respondents

30
25
20
15
10

0 – 15% 15 - 25% 25 - 50% More Than None

50%

Interpretation:
Table 4.11 presents the distribution of 100 respondents based on the percentage of their total income

allocated to Real Estate Investment. The allocation percentage categories include: 0 – 15%, 15 - 25%, 25

- 50%, More Than 50% and None.

The most common allocation range is 15 - 25%, with 30% of respondents choosing this category.

Following closely is the 0 – 15% range, representing 25% of the sample. The 25 - 50% range is chosen by

20% of respondents, while 15% allocate More Than 50% of their total income to Real Estate Investment.

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A smaller proportion, 10%, indicated None, suggesting that they do not allocate any part of their income

to Real Estate.

This distribution provides insights into the varying preferences and risk appetites of respondents

concerning real estate investments. Identifying the mode in the 15 - 25% category emphasizes the central

tendency within the dataset, highlighting the common practice of allocating a moderate percentage of

income to real estate.

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12. What % of total income is going to gold monetization schemes?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
Table 4.12: Gold Monetization Allocation Percentage
Gold Monetization Allocation
Number of Respondents Percentage
Percentage

0 – 15% 30 30%
15 - 25% 25 25%
25 - 50% 15 15%
More Than 50% 10 10%
None 20 20%
(Source: Primary Data)

Fig. 4.12: Gold Monetization Allocation

Percentage
Number of Respondents

30
25
20
15
10

0 – 15% 15 - 25% 25 - 50% More Than None

50%

Interpretation:
Table 4.12 illustrates the distribution of 100 respondents based on the percentage of their total income

allocated to Gold Monetization Schemes. The allocation percentage categories include: 0 – 15%, 15 -

25%, 25 - 50%, More Than 50% and None.

The majority of respondents, constituting 30%, allocate 0 – 15% of their total income to Gold

Monetization Schemes. Following closely, 25% of respondents opt for the 15 - 25% range. A smaller

proportion, 15%, allocate 25 - 50% of their income to Gold Monetization Schemes, while 10% allocate

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More Than 50%. Notably, 20% of respondents indicated None, suggesting that they do not allocate any

part of their income to Gold Monetization Schemes.

This distribution provides insights into the preferences and diversification strategies of respondents

regarding gold investments. Identifying the mode in the 0 – 15% category emphasizes a common practice

of allocating a smaller percentage of income to Gold Monetization Schemes.

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13. What % of total income is going to sovereign gold bond scheme?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
Table 4.13: Sovereign Gold Bond Allocation Percentage
Sovereign Gold Bond Allocation
Number of Respondents Percentage
Percentage
0 – 15% 40 40%
15 - 25% 20 20%
25 - 50% 15 15%
More Than 50% 5 5%
None 20 20%
(Source: Primary Data)

Fig. 4.13: Sovereign Gold Bond

Allocation Percentage
Number of Respondents

None 20

More Than 50% 5

25 - 50% 15

15 - 25% 20

0 – 15% 40

Interpretation:
Table 4.13 displays the distribution of 100 respondents based on the percentage of their total income
allocated to the Sovereign Gold Bond Scheme. The allocation percentage categories include: 0 – 15%, 15
- 25%, 25 - 50%, More Than 50% and None.
A significant proportion, comprising 40% of respondents, allocate 0 – 15% of their total income to the
Sovereign Gold Bond Scheme. Following this, 20% of respondents choose the 15 - 25% range, while
15% allocate 25 - 50%. A smaller portion, 5%, allocate More Than 50% of their income to Sovereign
Gold Bonds. Notably, 20% of respondents indicated None, indicating that they do not allocate any part of
their income to the Sovereign Gold Bond Scheme.

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This distribution sheds light on the preferences and investment strategies of respondents regarding
Sovereign Gold Bonds. Identifying the mode in the 0 – 15% category emphasizes a common trend of
allocating a smaller percentage of income to this specific investment.

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14. Are you aware about various senior citizen investment opportunities?
a) FD for Senior citizen
b) Endowment insurance plan for Senior citizen
c) Health insurance plan
d) Senior citizen savings schemes
e) None
Table 4.14: Senior Citizen Investment Opportunities Awareness
Senior Citizen Investment Opportunities Awareness Number of Respondents Percentage
FD for Senior Citizen 25 25%
Endowment Insurance Plan for Senior Citizen 15 15%
Health Insurance Plan 30 30%
Senior Citizen Savings Schemes 20 20%
None 10 10%
(Source: Primary Data)

Fig. 4.14: Senior Citizen Investment

Opportunities Awareness
FD for Senior Citizen

Endowment Insurance Plan for

Senior Citizen
Health Insurance Plan

Senior Citizen Savings Schemes

None

Interpretation:
Table 4.14 illustrates the awareness levels among 100 respondents regarding various senior citizen

investment opportunities. The categories include: FD for Senior Citizen, Endowment Insurance Plan for

Senior Citizen, Health Insurance Plan, Senior Citizen Savings Schemes and None.

Analysis reveals that 25% of respondents are aware of FD options for senior citizens, while 15% are

familiar with endowment insurance plans tailored for seniors. A substantial 30% exhibit awareness of

health insurance plans for senior citizens. Additionally, 20% are knowledgeable about senior citizen

savings schemes. Surprisingly, 10% of respondents indicated a lack of awareness about any senior citizen

investment opportunities.

This distribution of awareness underscores the need for financial education and outreach programs, as a

notable percentage of respondents are unaware of specific investment options for senior citizens.
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15. What % of total income is going towards insurance products?
a) 0 – 15%
b) 15- 25%
c) 25 – 50%
d) More Than 50%
e) None

Table 4.15: Analysis of investment in Insurance Products

Response Frequency Percentage
a) 0 – 15% 30 30%
b) 15 - 25% 20 20%
c) 25 – 50% 25 25%
d) More Than 50% 15 15%
e) None 10 10%
Total 100 1
(Source: Primary Data)

Fig. 4.15: Analysis of investment in

Insurance Products
Frequency

100

30
25
20
15
10

a) 0 – 15% b) 15 - 25% c) 25 – 50% d) More Than e) None Total

50%

Interpretation:
The analysis table provides insights into the distribution of responses regarding the percentage of total

income allocated towards insurance products among the 100 respondents.

0 – 15% (a): The majority of respondents (30%) allocate 0-15% of their total income towards insurance

products. This suggests a significant portion of the sample has a relatively lower commitment to

insurance expenses.

15 - 25% (b): 20% of the respondents allocate 15-25% of their total income to insurance. This signifies a

moderate level of financial commitment to insurance products for this segment of the sample.
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25 – 50% (c): A quarter of the respondents (25%) allocate 25-50% of their total income towards

insurance products. This may indicate a more substantial financial commitment and a perceived

importance of insurance within this subgroup.

More Than 50% (d): 15% of respondents allocate more than 50% of their total income towards

insurance products. This suggests a smaller but significant portion of the sample is highly committed to

insurance expenses, potentially prioritizing risk mitigation and financial protection.

None (e): 10% of respondents indicate that none of their total income goes towards insurance products.

This might suggest either a lack of awareness or a deliberate choice by this subset of respondents to not

allocate any portion of their income to insurance.

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16. Are you interested to invest in share market?
a) Yes
b) No
Table 4.16: Interest in share market investment
Response Frequency Percentage
a) Yes 60 60%
b) No 40 40%
Total 100 1
(Source: Primary Data)

Fig. 4.16: Interest in share market

investment

60

40 Frequency
20

0
a) Yes b) No

Interpretation:
The analysis table provides insights into the level of interest among the 100 respondents regarding

investing in the share market.

Yes (a): A majority of respondents (60%) express an interest in investing in the share market. This

suggests a notable level of enthusiasm or willingness among this segment of the sample to explore

investment opportunities in stocks.

No (b): 40% of the respondents indicate that they are not interested in investing in the share market. This

could be due to various reasons such as risk aversion, lack of knowledge, or other personal preferences.

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17. What % of total income is going towards capital market investment?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
Table 4.17: Percent Investment in Capital Market Investment
Response Frequency Percentage
A) 0 – 15% 25 25%
B) 15 - 25% 30 30%
C) 25 – 50% 20 20%
D) More Than 50% 15 15%
E) None 10 10%
Total 100 1
(Source: Primary Data)

Fig. 4.17: Percent Investment in Capital

Market Investment

30
25
20
15
Frequency
10
5
0
A) 0 – B) 15 - C) 25 – D) More E) None
15% 25% 50% Than 50%

Interpretation:
This analysis table provides insights into the distribution of responses regarding the percentage of total

income allocated towards capital market investments among the 100 respondents.

0 – 15% (A): A quarter of the respondents (25%) allocate 0-15% of their total income towards capital

market investments. This suggests a segment of the sample with a relatively lower level of financial

commitment to capital market activities.

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15 - 25% (B): The largest group, comprising 30% of respondents, allocates 15-25% of their total income

to capital market investments. This indicates a substantial portion of the sample with a moderate level of

commitment to investing in the capital market.

25 – 50% (C): 20% of respondents allocate 25-50% of their total income towards capital market

investments. This suggests a smaller but still significant group with a more substantial financial

commitment to capital market activities.

More Than 50% (D): 15% of respondents allocate more than 50% of their total income towards capital

market investments. This indicates a smaller yet notable portion of the sample with a high level of

financial commitment to the capital market.

None (E): 10% of respondents indicate that none of their total income goes towards capital market

investments. This may suggest a lack of interest or awareness, or a deliberate choice to avoid capital

market activities.

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18. Are you aware about the tax benefit under Sec 80 (C) and 10(10) D of various investment?
a) Extremely Aware (EA)
b) Moderate Aware (MA)
c) Somewhat Aware (SA)
d) Slightly Aware
e) Not Aware (NA)

Table 4.18: Awareness about Tax Benefits Under Sec 80 C and 10 (10) of Various Investment
Response Frequency Percentage
a) Extremely Aware (EA) 35 35%
b) Moderate Aware (MA) 25 25%
c) Somewhat Aware (SA) 20 20%
d) Slightly Aware 10 10%
e) Not Aware (NA) 10 10%
Total 100 1
(Source: Primary Data)

Fig. 4.18: Awareness about Tax Benefits Under

Sec 80 C and 10 (10) of Various Investment

35
30
25
20
15
10 Frequency
5
0
a) b) c) d) e) Not
Extremely Moderate Somewhat Slightly Aware
Aware Aware Aware Aware (NA)
(EA) (MA) (SA)

Interpretation:
This analysis table provides insights into the level of awareness among the 100 respondents regarding tax

benefits under Sec 80(C) and 10(10) D for various investments.

Extremely Aware (EA): The largest segment, comprising 35% of respondents, indicates being extremely

aware of the tax benefits under Sec 80(C) and 10(10) D. This suggests a significant portion of the sample

is well-informed about tax-saving opportunities associated with different investment options.

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Moderate Aware (MA): 25% of respondents claim to be moderately aware of the tax benefits. This may

indicate a group that possesses a reasonable level of knowledge but not as extensive as the extremely

aware segment.

Somewhat Aware (SA): 20% of respondents have some awareness of the tax benefits. This suggests a

group with a basic understanding but not as comprehensive as those who are extremely or moderately

aware.

Slightly Aware: 10% of respondents claim to be slightly aware. This may indicate a group with limited

knowledge or awareness of the tax benefits associated with different investments.

Not Aware (NA): Another 10% of respondents indicate that they are not aware of the tax benefits under

Sec 80(C) and 10(10) D. This group may have a lack of knowledge or awareness regarding tax-saving

provisions related to investments.

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19. Do you take any financial assistance from financial advisor to plan your finance?
a) Yes
b) No

Table 4.19: Use of financial assistance for financial planning

Response Frequency Percentage
a) Yes 40 40%
b) No 60 60%
Total 100 1
(Source: Primary Data)

Fig 4.19: Use of financial assistance

for financial planing

60
50
40
Frequency
30
20
10
0
a) Yes b) No

Interpretation:
This analysis table provides insights into the extent to which the 100 respondents seek financial assistance

from a financial advisor to plan their finances.

Yes (a): 40% of respondents indicate that they take financial assistance from a financial advisor to plan

their finances. This suggests a significant portion of the sample recognizes the value of professional

guidance in financial planning.

No (b): The majority of respondents (60%) do not take financial assistance from a financial advisor. This

may indicate a preference for self-directed financial planning, reliance on personal research, or potential

barriers such as cost or trust issues with financial advisors.

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20. Do you want to avail financial assistance facility from our dedicated officers?
a) Yes
b) No

Table 4.20: Preference to services of financial assistance from advisor

Response Frequency Percentage
a) Yes 55 55%
b) No 45 45%
Total 100 1
(Source: Primary Data)

Fig. 4.20: Preference to services of

financial assistance from advisor
60

40
Frequency
20

0
a) Yes b) No

Interpretation:
This analysis table provides insights into the preferences of the 100 respondents regarding availing

financial assistance from dedicated officers.

Yes (a): The majority of respondents (55%) express a desire to avail financial assistance from dedicated

officers. This suggests a significant interest in seeking personalized support and advice from professionals

in managing their finances.

No (b): 45% of respondents indicate that they do not want to avail financial assistance from dedicated

officers. This may be due to various reasons such as a preference for independent decision-making,

existing financial knowledge, or a perceived lack of need for additional assistance.

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21. The null hypothesis (H0) is that the Age Group and Category of Fund are independent, and the
alternative hypothesis (H1) is that there is a significant association between them.
Age Group Growth Fund Balanced Fund Secured Fund Debt Fund None Total
20 to 30 years 75 2 2 2 1 82
31 to 40 years 4 1 1 1 1 8
41 to 50 years 1 1 1 1 1 5
51 & above years 1 1 1 1 1 5
Total 81 5 5 5 4 100

− The above hypothesis is tested using chi-square test statistics at degree of freedom 12 and level of
significance 0.05.
− Critical Value or p-value: The chi-square statistic is 35.508017163505. The p-value is 0.0004. The
result is not significant at p < .05.
− Interpretation: p-value 0.0004 is greater than chosen significance level 0.05. Hence null hypothesis
is rejected and It is interpreted that there is significant relationship between age group and investment
in different category of fund.
22. The null hypothesis (H0) is that the Age Group and Percentage of Mutual Fund Allocation are
independent, and the alternative hypothesis (H1) is that there is a significant association between them.
Age Group 0 – 15% 15 - 25% 25 - 50% More Than 50% None Total
20 to 30 years 72 1 1 1 3 78
31 to 40 years 5 2 1 1 1 10
41 to 50 years 1 1 1 2 1 6
51 & above years 1 1 1 1 2 6
Total 79 5 4 5 7 100

− The above hypothesis is tested using chi-square test statistics at degree of freedom 12 and level of
significance 0.05.
− Critical Value or p-value: The chi-square statistic is 47.6967. The p-value is .0000035. The result is
not significant at p < .05.
− Interpretation: p-value .0000035 is greater than chosen significance level 0.05. Hence null
hypothesis is rejected and It is interpreted that there is significant relationship between age group and
percent of equity investment.
23. The null hypothesis (H0) is that the Annual Income and Percentage of Equity Allocation are
independent, and the alternative hypothesis (H1) is that there is a significant association between them.
Age Group 0 – 15% 15 - 25% 25 - 50% More Than 50% None Total
20 to 30 years 72 8 9 10 1 100
31 to 40 years 5 6 6 8 1 26
41 to 50 years 1 5 5 6 1 18
51 & above years 1 4 3 4 1 13
Total 79 23 23 28 4 157

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− The above hypothesis is tested using chi-square test statistics at degree of freedom 12 and level
of significance 0.05.
− Critical Value or p-value: The chi-square statistic is 53.713889. The p-value is 3.07364. The result
is not significant at p < .05.
− Interpretation: p-value 3.07364 is greater than chosen significance level 0.05. Hence null hypothesis
is accepted and It is interpreted that there is no relationship between age group and Percentage of
Equity Allocation.

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 Chapter-V: Findings, Conclusion and Suggestions

5.1: Findings:
A. Examination of the profile and preferences of retail investors:
I. Age Distribution:
− Most common age group: 31 to 40 years (30%).
− Analysis focuses on demographic composition and age's role in financial decisions and
preferences.
II. Income Distribution:
− Most common income range: 1-5 lakhs (30%).
− Insights into income diversity and its impact on financial behaviours and preferences.
III. Savings Income Percentage:
− Most prevalent range: 16%-20% (25%).
− Highlights diversity in saving behaviours and emphasizes prevalent practices.
IV. Investment Duration Preferences:
− Most common preference: More than 10 years (30%).
− Indicates a notable interest in long-term financial commitments.
V. Area of Investment Preferences:
− Most favored area: Debt Fund (30%).
− Reveals diverse preferences, with a focus on the prevalent inclination toward debt-based
investments.
B. Evaluation of the financial awareness and behaviour of retail investors:
I. Equity Allocation:
− Common equity allocation range: 25 - 50% (30%).
− Provides insights into varied preferences for allocating income to equity investments.
II. Mutual Fund Allocation:
− Common mutual fund allocation range: 25 - 50% (35%).
− Diverse preferences regarding income allocation to mutual funds.
III. Insurance Products Allocation:
− Common insurance products allocation range: 25 - 50% (30%).
− Insights into diverse preferences for allocating income to insurance products.
IV. NSC, PPF, Government Bonds Allocation:
− Common allocation range: 15 - 25% (30%).
− Preferences regarding income allocation to specific investment avenues.
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 V. Bank FDs and RDs Allocation:
− Common allocation range: 15 - 25% (35%).
− Insights into preferences for allocating income to banking instruments.
VI. Real Estate Investment Allocation:
− Common allocation range: 15 - 25% (30%).
− Reveals preferences and risk appetites for real estate investments.
VII. Gold Monetization Schemes Allocation:
− Common allocation range: 0 – 15% (30%).
− Insights into preferences and diversification strategies for gold investments.
VIII. Sovereign Gold Bond Scheme Allocation:
− Common allocation range: 0 – 15% (40%).
− Preferences and investment strategies for Sovereign Gold Bonds.
IX. Senior Citizen Investment Opportunities Awareness:
− Varied awareness levels for different senior citizen investment options.
− Highlights the need for financial education and outreach programs.
X. Insurance Products Allocation (Alternative Interpretation):
− Breakdown of income allocation to insurance products.
− Reveals varying levels of financial commitment to insurance expenses.
XI. Interest in Share Market:
− Majority (60%) interested in the share market.
− Indicates growing awareness of potential returns and benefits.
XII. Capital Market Investments Allocation:
− Varied levels of financial commitment to capital market activities.
− Provides insights into preferences for investing in the capital market.
XIII. Tax Benefits Awareness:
− Varied levels of awareness about tax benefits.
− Highlights the need for increased financial literacy and awareness.
XIV. Financial Assistance from Financial Advisor:
− Significant portion (40%) seeks financial assistance.
− Recognizes the value of professional guidance in financial planning.
XV. Financial Assistance from Dedicated Officers:
− Majority (55%) interested in availing financial assistance.
− Indicates a significant interest in seeking personalized support and advice.
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C. Examination of the relationship between investor profile and investment preferences, and
behaviours.
1. The null hypothesis (H0) is that the Age Group and Category of Fund are independent, and the
alternative hypothesis (H1) is that there is a significant association between them.
− Interpretation: p-value 0.0004 is less than chosen significance level 0.05. Hence null hypothesis
is rejected and it is interpreted that there is significant relationship between age group and
investment in different category of fund.
2. The null hypothesis (H0) is that the Annual Income and Percentage of Mutual Fund Allocation are
independent, and the alternative hypothesis (H1) is that there is a significant association between
them.
− Interpretation: p-value .0000035 is less than chosen significance level 0.05. Hence null
hypothesis is rejected and it is interpreted that there is significant relationship between age group
and Percentage of Mutual Fund Allocation.
3. The null hypothesis (H0) is that the Age Group and Percentage of Equity Allocation are
independent, and the alternative hypothesis (H1) is that there is a significant association between
them.
− Interpretation: p-value 3.07364 is greater than chosen significance level 0.05. Hence null
hypothesis is accepted and It is interpreted that there is no relationship between age group and
percent of equity investment.

5.2 Conclusion:
In conclusion, the research study successfully addressed its objectives, shedding light on the profile,
preferences, financial awareness, and behaviours of retail investors. The predominant age group of 20 to
30 years, comprising 83% of respondents, underscores the significance of understanding the financial
decisions of individuals in their prime working years. Income distribution within the 1-5 lakhs range
(30%) indicates the need for tailored financial education catering to diverse income levels. Notably, the
prevalent savings income percentage of 16%-20% (25%) emphasizes the importance of accommodating
different saving behaviours in investment strategies. The substantial interest in long-term commitments
(30%) reflects a focus on wealth accumulation over time.

Diverse investment preferences were uncovered, with Debt Funds being the most favoured (30%),
highlighting the varied choices among retail investors. The findings also revealed a growing interest in
the share market (60%), indicating increased awareness of potential returns. Seeking financial assistance
from professionals (40%) and expressing interest in dedicated officers (55%) underscore the recognition
of the value of personalized financial guidance.
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The hypotheses testing indicated no significant relationship between age group and category of fund, age
group and percentage of equity allocation, and annual income and percentage of mutual fund allocation.
These results emphasize the independence of these variables. In summary, the study provides valuable
insights for financial institutions, policymakers, and advisors to tailor their services, emphasizing the
importance of ongoing financial education to empower retail investors in making informed decisions.

5.3 Suggestion and Recommendation:

1. Tailored Financial Education Programs: Develop customized financial education programs

targeting diverse age groups and income brackets to enhance the financial literacy of retail investors.

This should encompass the significance of long-term commitments, diversified investment portfolios,

and the potential benefits of various financial instruments.

2. Promotion of Investment Diversity: Encourage investment diversification by disseminating

information on the benefits and risks associated with different investment avenues. Highlight the

advantages of Debt Funds, share market investments, and other financial instruments to foster

informed decision-making.

3. Targeted Outreach for Senior Citizens: Implement outreach programs specifically designed for

senior citizens, addressing their unique investment options and ensuring they are well-informed about

senior citizen investment opportunities.

4. Enhanced Awareness of Tax Benefits: Conduct awareness campaigns to educate investors about tax

benefits associated with specific investment avenues. This could include detailed information on tax-

saving investment options and the potential advantages of availing such benefits.

5. Professional Financial Assistance: Strengthen accessibility to professional financial advisors,

acknowledging the substantial portion (40%) seeking financial assistance. This can be achieved

through educational campaigns emphasizing the value of expert advice in financial planning.

6. Facilitation of Dedicated Officers: Recognize the interest (55%) in availing financial assistance

from dedicated officers. Establish dedicated support channels to provide personalized guidance and

address the specific financial needs and concerns of investors.

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7. Continuous Investor Engagement: Establish platforms for continuous investor engagement, such as

workshops, webinars, and interactive sessions, to address evolving financial landscapes and keep

investors abreast of emerging trends and opportunities.

8. Collaboration with Educational Institutions: Collaborate with educational institutions to integrate

financial literacy programs into curricula. This proactive approach can instil financial awareness from

an early age, empowering future investors with essential knowledge for sound financial decision-

making.

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Investor (April 4, 2017). Available at SSRN: https://ssrn.com/abstract=3434233 or
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10. Kumari, Jyoti. "Analysis of Investment Behaviour with Reference to Retail Investors of Ranchi in
Indian Stock Market." Doctoral Thesis, ICFAI University Jharkhand, 2017.
11. Kiranmayi, Y.S. & Raju Krishnam (2023). Retail Investors’ Behaviour: A literature review.
International Journal of Creative Research Thoughts, Voluem11 (7), July 2023. ISSSN: 2320-2882,
www.ijcrt.org.
12. Jeelan Basha, Kandanuru. "A Study on Investment Pattern and Preference of Retail Investors." MBA
Project Report, Sathyabama Institute of Science and Technology, Chennai, 2021.
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being. In The Oxford handbook of behavioral economics and the law (pp. 235-266). Oxford
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17. Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy. Annual Review
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Appendices:
A study of Awareness of Investor Towards Various Investment Avenues
IDBI Bank Vidyanagar Branch Aurangabad, Maharashtra

Name of the investor:

1. Which age group do you belong to?
A) 20 to 30 years
B) 31 to 40 years
C) 41 to 50 years
D) 51 & above years
2. What is your Annual Income?
A) 0-1 lakh
B) 1-5 lakhs
C) 5-10 lakhs
D) 10 lakhs and above
3. What is your saving income in % of your total income?
A) Between 1%-10%
B) Between 11%-15%
C) Between 16%-20%
D) Between 21%-25%
E) Greater than 26%
4) How long you are interested to invest your savings?
A) up to 1 year
B) 1 to 3 years
C) 3 to 5 years
D) 5 to 10 years
E) more than 10 years
5) what is the area of your investment?
A) Growth Fund
B) Balanced Fund
C) Secured Fund
D) Debt Fund
E) None
6.What % Of Total Income Is Going To Equity?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

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7. What % Of Total Income Is Going To Mutual Fund?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
8.what % of total income is going to insurance products?
A) 0 – 15%
B)15- 25%
C)25 – 50%
D) More Than 50%
E) None
9. What % of total income is going to NSC, PPF, government bonds?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
10. What % of total income is going to bank fixed deposits and recurring deposits?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
11. What % of total income is going to Real estate investment?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) more than 50%
E) none
12. What % of total income is going to gold monetization schemes?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
13. What % of total income is going to sovereign gold bond scheme?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None

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14. Are you aware about various senior citizen investment opportunities?
A) FD for Senior citizen
B) Endowment insurance plan for Senior citizen
C) Health insurance plan
D) Senior citizen savings schemes
E) None
15. What % of total income is going towards insurance products?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) more than 50%
E) none
16. Are you interested to invest in share market?
A) Yes
B) No
17. What % of total income is going towards capital market investment?
A) 0 – 15%
B) 15- 25%
C) 25 – 50%
D) More Than 50%
E) None
18. Are you aware about the tax benefit under Sec 80 (C) and 10(10) D of various investment?
A) Extremely Aware (EA)
B) Moderate Aware (MA)
C) Somewhat Aware (SA)
D) Slightly Aware
E) Not Aware (NA)
19. Do you take any financial assistance from financial advisor to plan your finance?
A) Yes
B) No
20. Do you want to avail financial assistance facility from our dedicated officers?
A) Yes
B) No

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