Volume 15, No 1, 2018
Personal Finance Management Of Indian Working Professionals: An Empirical Study
Dr. Harpreet Singh , Dr. D. D. Chaturvedi , Prof. Dr. Anuradha Jain
Abstract
The growing popularity of Personal Financial Management has piqued the curiosity of many in the financial services sector. Personal Financial Management is the practice of maintaining your money in order to attain individual monetary fulfilment. As an individual's requirements and aspirations vary as he or she progresses through life phases, financial management is an integrated procedure. People are investing their own assets and personal income wisely in order to assure their economic stability not only throughout their working lives, but also beyond retirement. The ageing population, together with higher life expectancy, emphasises the necessity for as well as significance of well-planned Personal Financial Management. The present study is descriptive in nature. The findings demonstrate that a respondent's work position is the most influential factor in determining attitudes toward Personal Financial Management as well as the regularity with which they manage key parts of Personal Financial Management. Demographic parameters such as age, race, marital status, gender, as well as educational qualification are minor considerations. Sample of 219 working professionals were surveyed to know the factors that determine the Personal Finance Management. The study concludes that income, saving, educational level, lifestyle and residing status are the factors that determines the Personal Finance Management of Indian Working Professionals.
Pages: 173-184
Keywords: Personal Financial Management, Indian Working Professionals, Retirement Planning, Financial Knowledge, Capital Budgeting.