Analysis Of Personal Financial Planning Strategies Of Salaried Class Using Analysis Of Variance Method: A Case Of Dehradun City In Uttarakhand (India)
Journal of Contemporary Issues in Business and Government,
2021, Volume 27, Issue 1, Pages 2523-2537
AbstractAfter the liberalization of the Indian economy in 1992, the wave of globalization
benefitted Indian Financial services and individuals. However, Tier-II cities of India
participated in this rally by the final part of the decade. Financial literacy is an important
aspect in making a well-informed decision in the highly dynamic and convoluted market.
Financial crisis can be attenuated under Financial literacy. In the current era of
automation, the convoluted global economy increases the risk spectrum of the individual.
Keeping in mind the large population of India works in the shambolic sector with
minimum social security. As the Government withdrew pension schemes from government
jobs, financial security will be a huge concern for our population. Personnel financial
management will be effective as well as efficient if only financial literacy is acquired by
individuals. Personal Financial management includes financial literacy and Household
saving patterns of individuals. In this study, we try to identify and analyze the level of
financial literacy and its relationship with the demographic profile of the salaried class and
analyze the household saving pattern of the salaried class of Tier II city. Analysis of
variance method used for establishing the relationship between financial literacy and
demographic profile of the sample. The findings of the study imply that Financial literacy
is independent of age and monthly income but not independent from family responsibility.
The finding also suggests a change in household saving patterns as the age of individuals
increases. This study would help in adopting appropriate strategies to improve the level of
personal financial management for individuals.
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