{"id":19767,"date":"2024-01-31T18:07:00","date_gmt":"2024-01-31T12:37:00","guid":{"rendered":"http:\/\/www.sachdevajk.in\/?p=19767"},"modified":"2024-01-31T18:07:00","modified_gmt":"2024-01-31T12:37:00","slug":"research-on-managing-personal-finance","status":"publish","type":"post","link":"http:\/\/www.sachdevajk.in\/?p=19767","title":{"rendered":"Research on managing personal finance"},"content":{"rendered":"<p>TITLE\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Research on\u00a0 managing Personal Finances<\/p>\n<p>AUTHOR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Sristi Agrawal (Finance 1,2023-25 -21230023599)<\/p>\n<p>Shivani Kumari (Finance 1,2023-25\u00a0 -21230023728)<\/p>\n<p>Vishesh Tiple (Finance 1,2023-25\u00a0 -21230023170)<\/p>\n<p><strong>INTRODUCTION<\/strong><br \/>\nPersonal finance refers to the management of an individual&#8217;s or a family&#8217;s financial resources. It involves making financial decisions, setting financial goals, budgeting, saving, investing, and planning for the future in order to achieve financial well-being. Personal finance covers a wide range of topics and activities.<\/p>\n<ul>\n<li>Budgeting<\/li>\n<li>Savings<\/li>\n<li>Investing<\/li>\n<li>Debt Management<\/li>\n<li>Insurance<\/li>\n<li>Retirement Planning<\/li>\n<li>Estate Planning<\/li>\n<li>Financial Goal Setting<\/li>\n<\/ul>\n<p>Why Managing personal Finance is important?<\/p>\n<p>Managing personal finance is important for several reasons, and it plays a crucial role in an individual&#8217;s overall well-being and financial stability.<\/p>\n<p><strong>OBJECTIVES<\/strong><\/p>\n<p>To Understand the underlying phenomenon and analysing the respondents\u2019 \u00a0behaviour pertaining to the questions related to Personal Finance.<\/p>\n<p><strong>LITERATURE\u00a0 REVIEW<\/strong><\/p>\n<p><strong>Hogarth World wide , a UK based marketing company<\/strong>\u00a0 defines\u00a0 financial literacy as the ways how people manage their money in terms of insuring, investing, saving and budgeting. Its about the capability to understand the basic financial concepts, and the ability to use them to plan and manage their financial decisions. The evidence collected revealed that an individual who have better understanding of the financial market and highly educated as well can manage efficiently their money in terms of insuring, investing, saving and budgeting, take effective financial decisions andcan make their future as financially stable and secure<\/p>\n<p><strong>OPEC<\/strong> (Organisation for Economic Co-operation and Development) The Organisation for Economic Co-operation and Development is an <strong>intergovernmental organisation<\/strong> with 38 member countries<strong>, headquarters in Paris, France<\/strong> ) defines financial education is \u201cthe process by which financial<\/p>\n<p>consumers\/investors improve their understanding of financial products and concepts and, through information, instruction and\/or objective advice, develop the skills and confidence to become more aware of financial risks and opportunities, to make informed choices, to know where to go for help, and to take other effective actions to improve their financial well-being.\u201d<\/p>\n<p><strong>DATA COLLECTION<\/strong><\/p>\n<p>We have framed five questions and surveyed 100 students regarding their opinion on the choices involved in managing personal finances .<\/p>\n<p><strong>DATA ANALYSIS <\/strong><\/p>\n<table width=\"718\">\n<tbody>\n<tr>\n<td width=\"186\">QUESTIONS ON MANAGING PERSONAL FINANCE<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0 MEAN<\/p>\n<p>Sum\/no of observations<\/td>\n<td width=\"88\">\u00a0STANDARD\u00a0\u00a0 DEVIATION<\/td>\n<td width=\"104\">STANDARD ERROR<\/p>\n<p>SD\/(N^1\/2)<\/td>\n<td width=\"93\">Z VALUE<\/p>\n<p>(MEAN -3)\/standard error<\/td>\n<td width=\"136\">\u00a0\u00a0\u00a0 RESULTS<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">I believe in generating multiple sources of income<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.240<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0 1.232<\/td>\n<td width=\"104\"><strong>\u00a0\u00a0\u00a0 <\/strong>0.1232<\/td>\n<td width=\"93\">\u00a0\u00a0\u00a0\u00a0 1.948<\/td>\n<td width=\"136\">Since Z value is<\/p>\n<p>( -)1.96&gt;z&lt;1.96 we accept null hypothesis i.e \u00a0people in general do\u00a0 focus in generating multiple source of income.<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">I believe in preparing a monthly budget to have a check on my expenses.<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0 3.070<\/td>\n<td width=\"88\">\u00a0\u00a0 \u00a01.200<\/td>\n<td width=\"104\">\u00a0\u00a0\u00a0\u00a0 0.1200<\/td>\n<td width=\"93\">\u00a0\u00a0\u00a0\u00a0 0.583<\/td>\n<td width=\"136\">Since Z value is<\/p>\n<p>(-)1.96&gt;z&lt;1.96 we accept null hypothesis i.e\u00a0 people in general do focus \u00a0on preparing a monthly budget to have a check\u00a0 expenses.<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">I prefer value appreciation( investing in stocks \/ real estate) over liquidity of assets( Bank FDs \/ Gold).<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0 3.270<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0 1.100<\/td>\n<td width=\"104\">\u00a0\u00a0\u00a0\u00a0\u00a0 0.1100<\/td>\n<td width=\"93\">\u00a0\u00a0 2.455<\/td>\n<td width=\"136\">Since Z value is<\/p>\n<p>z&gt;1.96 we accept alternate \u00a0hypothesis i.e\u00a0 people in general do not \u00a0prefer \u00a0value appreciation( investing in stocks \/ real estate) over liquidity of assets( Bank FDs \/ Gold).<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">I prefer having emergency fund in the form of FDs or Saving Bank\u00a0 Account.<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0 3.280<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0 1.207<\/td>\n<td width=\"104\">\u00a0\u00a0\u00a0\u00a0 0.1207<\/td>\n<td width=\"93\">\u00a0\u00a0\u00a0\u00a0 2.320<\/td>\n<td width=\"136\">Since Z value is<\/p>\n<p>z&gt;1.96 we accept alternate\u00a0 hypothesis i.e\u00a0 people in general do not \u00a0prefer having emergency fund parked \u00a0in the form of FDs or Saving Bank\u00a0 Account<\/td>\n<\/tr>\n<tr>\n<td width=\"186\">I prefer investing in capital market in Lumpsum than investing in SIPs<\/td>\n<td width=\"110\">\u00a0\u00a0\u00a0\u00a0\u00a0 3.100<\/td>\n<td width=\"88\">\u00a0\u00a0\u00a0\u00a0 \u00a00.990<\/td>\n<td width=\"104\">\u00a0\u00a0\u00a0\u00a0\u00a0 0.0990<\/td>\n<td width=\"93\">\u00a0\u00a0 1.010<\/td>\n<td width=\"136\">Since Z value is<\/p>\n<p>(-)1.96&gt;z&lt;1.96 we accept null hypothesis i.e\u00a0 people in general do \u00a0prefer investing in capital market in Lumpsum than investing in SIPs.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><strong>CONCLUSION<\/strong><\/p>\n<ul>\n<li>People focus in generating multiple sources of income.<\/li>\n<li>People focus on preparing a monthly budget to have a check<\/li>\n<li>People do not prefer value appreciation ( investing in stocks \/ real estate) over<\/li>\n<\/ul>\n<p>liquidity of assets ( Bank FDs \/ Gold).<\/p>\n<ul>\n<li>People do not prefer having emergency fund parked \u00a0in the form of FDs or Saving Bank<\/li>\n<li>People prefer investing in capital market in Lumpsum than investing in SIPs<\/li>\n<\/ul>\n<p><strong>REFERENCES <\/strong><\/p>\n<ul>\n<li><a href=\"https:\/\/www.investopedia.com\/personal-finance-4427760\"><strong>https:\/\/www.investopedia.com\/personal-finance-4427760<\/strong><\/a><\/li>\n<li><strong>Google form guide <\/strong><a href=\"https:\/\/support.google.com\/docs\/answer\/6281888?hl=en&amp;co=GENIE.Platform%3DDesktop\"><strong>https:\/\/support.google.com\/docs\/answer\/6281888?hl=en&amp;co=GENIE.Platform%3DDesktop<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.investopedia.com\/terms\/h\/hypothesistesting.asp\"><strong>https:\/\/www.investopedia.com\/terms\/h\/hypothesistesting.asp<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/www.oecd.org\/finance\/financial-education\/37742200.pdf\"><strong>https:\/\/www.oecd.org\/finance\/financial-education\/37742200.pdf<\/strong><\/a><\/li>\n<li><strong>Xioa, J., &amp; Goyal, K. (2022), Personal Financial Management Behaviour, University of Rhode Island, jjxiao@uri.edu<\/strong><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>TITLE\u00a0\u00a0\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Research on\u00a0 managing Personal Finances AUTHOR\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 : Sristi Agrawal (Finance 1,2023-25 -21230023599) Shivani Kumari (Finance 1,2023-25\u00a0 -21230023728) Vishesh Tiple (Finance 1,2023-25\u00a0 -21230023170) INTRODUCTION Personal finance refers to the management of an individual&#8217;s or a family&#8217;s financial resources. It involves making financial decisions, setting financial goals, budgeting, saving, investing, and planning for the&hellip; <a class=\"more-link\" href=\"http:\/\/www.sachdevajk.in\/?p=19767\">Continue reading <span class=\"screen-reader-text\">Research on managing personal finance<\/span><\/a><\/p>\n","protected":false},"author":139053,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[38],"tags":[],"class_list":["post-19767","post","type-post","status-publish","format-standard","hentry","category-finance","entry"],"_links":{"self":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/19767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/users\/139053"}],"replies":[{"embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19767"}],"version-history":[{"count":2,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/19767\/revisions"}],"predecessor-version":[{"id":19769,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=\/wp\/v2\/posts\/19767\/revisions\/19769"}],"wp:attachment":[{"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19767"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.sachdevajk.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}