Darshani 128

FINANCIAL LITERACY AND INVESTMENT STRATEGIES: A REVIEW
OF LITERATURE
SEMINAR REPORT
MFM 128
SUBMITTED IN PARTIAL FULFILLMENT TO

IIS (deemed to be UNIVERSITY), Jaipur
For the Degree of
MBA-Finance
(Department of Management)
Supervised by:
MS. Neha Sarin
Department of Management
Submitted by:
Darshani Sharma
MBA-MFM SEM I
IISU/2022/ADM/33739
2022-23
ACKNOWLEDGEMENT
The success and final outcome of this project required lot of guidance from many people and I
am extremely privileged to get all sort of resources required for completion of my report. All
work is been made possible only due to such supervision and assistance and I would never forget
to thank them.
I respect and thank Prof. Dr. M.K. Sharma Dean and faculty of commerce and management and
Ms. Neha Sarin for providing me all the support and guidance required to complete this report
work.
I would not forget to thank my subject teacher DR. Mahima Rai for their encouragement and
moreover their timely supports till the completion of my project.
I am thankful to and fortunate enough to get constant encouragement, support and guidance from
everyone who helped me in successful completion of this project.
DARSHANI SHARMA
PREFACE
This research study was undertaken in order to assess the Financial Literacy and Investment
Strategies in India.
This Research work in management is extremely important because it gives a close view of the
real business world and bridges a gap between theory and practical. For any MBA student who is
striving to perform outstanding. It is a paramount importance that apart from theoretical
knowledge one must also gain practical knowledge which in turn widely influences their
conceptions and perceptions.
This project was undertaken towards the partial fulfilment of the requirements IIS (Deemed To
Be University), JAIPUR.
This really provided me an opportunity to demonstrate my ability in applying theory to practical

business situations. The study undertaken by me is “Financial Literacy and Investment
Strategies” in this I have tried to perform my best. In the fourth coming pages, an attempt has
been made to present comprehensive report concerning different aspects of my project.
Darshani Sharma
MBA-FM
CHAPTER 1:
INTRODUCTION
INTRODUCTION:
Money does not have any value unless it is invested. If a person has a large sum of money and
he keeps it in his cupboard it will not grow. It has to be invested in some financial asset to get a
return. There can be no return without risk. It is within this framework of risk and return that
investment has to be made. It is assumed that a person is risk averse and at the same time he
expects a good return on the money that he invests. Therefore, an investor has to trade-off
between risk and return so,
Investment refers to a commitment of funds to one or more assets that will be held over some
future time period. The two important elements of investment are current sacrifice and future
benefits.
There are many ways through people can save money, one is controlling the extra
expenses. Every conents to increase their personnel freedom, sense of security and ability
to afford the things they want in life. Investment is important because it help in financial
interdependence, growth of income fulfilling personal goals and reduce future risks.
As the blood is necessary for the survival same the saving and investment is necessary for the
fulfilling the future needs and risk. Future is always have uncertain and unpredictable events
which must be covered with the proper saving and investment.
In India there is vast scope of
saving and investment because of presence of a large numbers of industrialists, businessman,
government and private organizations and circulation of money is also very high. Investors are
sensitive about their investment made. They need reliability of their investment. The government
and other agencies come up with innovate schemes to mobilize the savings of the people which
can be fruitfully in the development of the economy. It is necessary for the investors to have
adequate about the various investment avenues so as take rational decisions regarding the
investment of their savings.
MAIN REASONS FOR INVESTMENT:
(a)Security of family: Security and safety of the family is essential objective of the investment.
Investment fulfills the main objectives of the family file provision
for children education and marriage.
(b)High Returns:
Investors always invest their saving to earn regular and high returns. The return on investments is
to earn capital appreciation investment can be made in both financial and non-financial assets.
(c)Tax benefits: Tax benefits is important consideration for an investor as proper tax will
help to improve the efficiency of investor’s investments
(d)Liquidity: Investors generally prefer those investments which offer higher liquidity.
Liquidity means an ability of an investment to be converted into cash as and when required.
(e)Retirement plans: Investors, while investing their earned money consider those investment
plans which help them after retirement to meets their future needs like provision
for old age and sickness, provision for house construction and provision for dependents.
Factors affecting investments
(a)Safety of money (b)Children marriage and education
(c)Security of life after retirement (d)Tax saving
(e)Regular and best return (f)Educational level
INVESTMENT AND SPECULATION:
Investment is distinguished from speculation in three ways which are based on the factors of
1. Risk: The term ‘risk’ has significance in the financial meaning of investment. Whatever
amount is invested has the probability of incurring a gain or a loss in a financial transaction.
Investment is not considered to involve high risk but it has limited risk and risk can be calculated
through different techniques and the capital can be invested in avenues where the principal is
safe. ‘Speculation’ is correlated with ‘high risk’ and short commitment. There are degrees of
risk, and arbitrary judgements are made between high risk and low risk. An investor cannot have
completely risk-free investments because there are certain non-controllable risks that cannot be
calculated. The purchasing power risk or the fall in the real value of the interest and principal is
beyond the control of a person. The money rate risk or the fall in market value, with the rise in
interest rates also cannot be controlled. These risks affect both the speculator and the investor.
High risk and low risk are, therefore, general indicators to help an understanding between the
term investment and speculation.
2. Capital Gain: Speculation is buying low and selling high in a short time to make large capital
gains. The motive in speculation is primarily to achieve profits through price changes. This can
be distinguished from investment where securities are purchased by an investor through proper
evaluation, analysis and review with the view of receiving a stable return over a long-term period
of time.
3. Time period: it explains the difference between investment and speculation. A fund allocation
over a long-term period is called investment. A short-term holding is associated with trading for
the ‘quick turn’ and is called speculation. The speculator is not interested in holding a security
for current income but for high short-term gains. The distinctions between investment and
speculation help to identify the role of the investor and speculator. To summarize the above
discussion: The investor constantly evaluates the worth of a security through fundamental
analysis, whereas the speculator is interested in market action and price movement
2.1 Difference on the basis of following features of investor and speculator-
(a)Planning period: An investor always kept his holding for the longer period whereas the
speculator prefers to invest for a very short period.
(b)Owned funds: Investors always used his own fund whereas a speculator generally
resorts to borrowing.
(c)Expectation of return: An investor seeks moderate rate of return with limited
risk whereas a speculator always looks for a high rate of return.
(d)Risk: An investor is willing to take moderate risk whereas speculator willing to assume high
risk.
FEATURES OF AN INVESTMENT PROGRAM:
1. Safety of Principal: The investor, to be certain of the safety of principal, should carefully
review the economic and industry trends before choosing the types of investment. To ensure
safety of principal, the investor should consider diversification of assets. Adequate
diversification involves mixing investment commitments by industry, geographically, by
management, by financial type and by maturities. A proper combination of these factors would
reduce the risk of loss. Diversification in proper investment programmes must be reasonably
accomplished.
2. Liquidity: An investor requires a minimum amount of liquidity in his investments to meet
emergencies. Liquidity will be ensured if the investor buys a proportion of readily saleable
securities out of his total portfolio. He may therefore, keep a small proportion of cash, fixed
deposits and units which can be immediately made liquid. Investments like stocks and property
or real estate cannot ensure immediate liquidity.
3. Income Stability: Regularity of income at a consistent rate is necessary in any investment
pattern. Not only stability, it is also important to see that income is adequate after taxes. It is
possible to find out some good securities which pay practically all their earnings in dividends.
4. Appreciation and Purchasing Power Stability: Investors should balance their portfolios to
fight against any purchasing power instability. Investors should judge price level inflation,
explore the possibility of gain and loss in the investments available to them, limitations of
personal and family considerations. The investors should also try and forecast which securities
will appreciate. A purchase of property at the right time will lead to appreciation in time. Growth
stock will also appreciate overtime. These, however, should be done through analysis and not as
speculation or gamble.
5. Legality and Freedom from Care: All investments should be approved by law. Law relating
to minors, estates, trusts, shares and insurance be studied. Illegal securities will bring out many
problems for the investors. One way of being free from care is to invest in securities like Unit
Trust of India, Life Insurance Corporation, mutual funds or savings certificates. The
management of securities is then left to the care of the Trust who diversifies the investments
according to safety, stability and liquidity with the consideration of their investment policy. The
identity of legal securities and investments in such securities will also help the investor in
avoiding many problems.
6. Tangibility: Intangible securities have many times lost their value due to price level inflation,
confiscatory laws or social collapse. Some investors prefer to keep a part of their wealth invested
in tangible properties like building, machinery and land. It may, however, be considered that
tangible property does not yield an income apart from the direct satisfaction of possession or
property
THE INVESTMENT PROCESS – STAGES IN INVESTMENT:
The investment process is generally described in four stages. These stages are investment policy,
investment analysis, valuation of securities and portfolio construction.
1. Investment Policy: The first stage determines and involves personal financial affairs and
objectives before making investments. It may also be called preparation of the investment policy
stage. The investor has to be able to create an emergency fund, an element of liquidity and quick
convertibility of securities into cash. This stage may, therefore, be considered appropriate for
identifying investment assets and considering the various features of investments.
2. Investment Analysis: When an individual has the types of investments that he requires on his
portfolio, the next step is to analyze the securities available for investment. He must make a
comparative analysis of the type of industry, kind of security and fixed vs variable securities.
The primary concerns at this stage would be to form beliefs regarding future behaviour or prices
of stocks and the expected returns and associated risk.
3. Valuation of Securities: The third step is the most important consideration of the valuation of
investments. Investment value, in general, is taken to be the present worth to the owners of future
benefits from investments. An appropriate set of weights have to be applied with the use of
forecasted benefits to estimate the value of the investment assets. Comparison of the value with
the current market price of the asset allows a determination of the relative attractiveness of the
asset. Each asset must be valued on its individual merit. Finally, the portfolio should be
constructed.
4. Portfolio Construction: portfolio construction requires knowledge of the different aspects of
securities. These are briefly recapitulated here, consisting of safety and growth of principal,
liquidity of assets after taking into account the stage involving investment timing, selection of
investment, allocation of savings to different investments and feedback of portfolio. While
evaluating securities, the investor should realize that investments are made under conditions of
uncertainty. These cannot be a magic formula which will always work. The investor should be
concerned with concepts and applications that will satisfy his investment objectives and
constantly evaluate the performance of his investments. If need be, the investor may consider
switching over to alternate proposals.
INVESTMENT ALTERNATIVES / MEDIA

Many types of investment alternatives or channels for making investments are available. A sound
investment program can be constructed if the investor familiarizes himself with the various
alternative investments available. Investment media are of several kinds – some are simple and
direct, others present complex problems of analysis and investigations. Some investments are
appropriate for one type of investor and another may be suitable to another person. The ultimate
objective of the investor is to derive a variety of investments that meet this preference for risk
and expected return. The investor will select the portfolio, which will maximize his utility.
Securities present a wide range of risk-free instruments to highly speculative shares and
debentures. From this broad spectrum, the investor will have to select those securities that
maximize his utility.
RECENT TRENDS OF INVESTMENT
There has been a trend in recent years for investors to focus more on fundamental factors when
making investment decisions. This is in contrast to the past, when investors often made decisions
based on more technical factors, such as price charts.
The fundamental factors that investors are now focusing on include company earnings, revenue
growth, and economic indicators. These factors provide a more comprehensive picture of a
company’s health, and can help investors make more informed decisions.
There are a number of reasons why this shift has occurred. One reason is that the global economy
has become more interconnected, and investors need to be able to understand how companies are
performing in different countries.
Another reason is that the financial crisis of 2008 showed that relying on technical factors alone
is not enough to ensure success. Many investors lost a lot of money during the crisis because
they did not pay enough attention to fundamental factors.This trend is likely to continue in the
future, as investors become more sophisticated and the global economy becomes more complex.
There are a few key trends in investment that have emerged in recent years.
1. The rise of impact investing: Impact investing is a type of investment that aims to generate
both financial returns and positive social or environmental impacts. This trend has been driven
by a growing awareness of the need to address social and environmental problems, as well as a
desire by investors to make a positive difference with their money.
2. The growth of responsible investment: Responsible investment is an approach to investing
that takes into account environmental, social and governance (ESG) factors. This trend has been
driven by a growing awareness of the risks associated with environmental and social issues, as
well as a desire by investors to align their investments with their values.
3. The rise of exchange-traded funds (ETFs): ETFs are a type of investment fund that is traded
on a stock exchange, like a stock. This trend has been driven by the growth of online trading
platforms, which have made it easier for investors to buy and sell ETFs.
4. The growth of index investing: Index investing is a type of investing that involves buying a
basket of stocks that track a particular index, such
5. The growth of passive investing: Passive investing is an investment strategy that involves
investing in a basket of assets, such as a stock index, and holding them for the long term.
6. The rise of Robo-advisors: Robo-advisors are online investment platforms that offer
automated, algorithm-based portfolio management.
CHAPTER 2:
CONTENT ANALYSIS
REVIEW OF LITERATURE
Research paper reviewed 1:-
Panwar, M., & Aggarwal, k. (2021). A study on investment options available in the modern era.
International Journal of Advance Research, Ideas and Innovations in Technology, 04(05), 34-50.
Investment refers to a commitment of funds to one or more assets that will be held over some
future time period. The two important elements of investments are current sacrifice and future
benefits. There are many ways through people can save money one is controlling the extra
expenses. Everyone wants to increase their personnel freedom, sense of security and ability to
afford the things they want in life. Investment is important because it help in financial
interdependence, growth of income, fulfilling personal goals and reduce future risks.
Objective of the study :-
 To identify the various investment options available for investment in India.

 To find out the main reasons for Investment.
Research methodology used:-
Present study is based on secondary data, hence it is descriptive. Data has been collected from
the published records/ periodicals /publications. In addition to this the data collected from
various newspapers, magazines, books, websites, and journals etc.
Findings and conclusion:-
 There are various investment avenues are available in India.

 To attract the investors various new attractive schemes must be launched.
 Investment in share market should be popularized.
 Saving should be pooled and invested in the most productive investments.
 Many investment schemes are available in the market which must be reached to the
investors which motivate them for saving and investment
 The study concludes Saving and investment cannot be neglected in present days as it
provides surety about strong financial stability in future. To cope up with the increasing
needs of all the sections of the society saving and investment are the best options to
secure and fulfill all the present and future needs.
Observations:
It was observed that investment is a need of all the classes of the society. It is clearly found out
that if you want to secure your future whatever the future needs you had, all these needs can be
fulfill by best investment made. Everybody wants to secure their future so they secure by
investing. It is also additional source of income for people.
Arora, M. (2015). Indian Investor Behaviour. International Research Journal Commerce arts
science, 06(11), 64-75.
Investments form an important part of the economy of any nation. With the savings invested in
various options available to the people, the money acts as the driver for growth of the country.
Indian financial scene too presents a plethora of avenues to the investors.
 To observe the perception of individuals towards the different investment avenues that
they have.
 To analyze the relationship between various demographic variables like age,
qualification, occupation etc. pertaining to the profile of individuals and the choice of
investment they make.
The study design is Descriptive in nature and primary data collected. Primary data means that the
data has been collected from the original source first hand. For our study, we collected the data
through questionnaire. The questionnaire was then made into an online web form, which was
linked to a spreadsheet such that all new responses would automatically be added to the
spreadsheet. Some responses were taken on paper questionnaires, which were then later digitized
and added to the master spreadsheet. The sampling technique that we used in our research is
convenience sampling.
This report is a reflection of the behavior of various categories of investors. Selection of a perfect
investment avenue is a difficult task for any investor. An effort was made to identify the taste
and preferences of a sample of investors selected randomly out of a large population. Despite of
many limitations to the study we were successful in identifying some investment patterns. This
report concentrated on identifying the perception of individuals towards different investment
avenues that they have, analyzed the relationship between demographic factors like age and
occupation and the choice of investment they make and to identify the determinants of
investment behavior.
Observations -
 It was observed that the perception of individuals towards different investment avenues
will vary depending on the individual's risk tolerance, financial goals, and knowledge of
the investment vehicles.
 Younger investors may be more willing to take on more risk in order to reap greater
rewards, while older investors may be more conservative with their investments.
Research paper reviewed 3 -
Murithi, S., Narayanan, B., & Arivazhagan, M. (2012). Investors Behaviour in Various
Investment Avenues. International Journal of Marketing and Technology, 02(07), 164-189.
Investment benefits both economy and the society. It is an outgrowth of economic development
and the maturation of modern capitalism. For the economy as a whole, aggregate investment
sanctioned in the current period is a major factor in determining aggregate demand and, hence,
the level of employment. In the long term, current investment determines the economy’s future
productive capacity and ultimately a growth in the standard of living. By increasing personal
wealth, investing can contribute to higher overall economic growth and prosperity. The process
of investing helps to create financial markets where companies can raise capital. This too,
contributes to greater economic growth and prosperity. Specific types of investments provide
other benefits to society as well.
 To study the various alternatives of investment which are available in the market.
 To study the investors preference towards the investment.
 To find out how investors are motivated to invest in various financial instruments.
Research methodology used :-

The study design is Descriptive in nature, Primary data – collected through Structured
Questionnaire. Secondary data – Earlier records from journals, magazines and other sources.
 The study reveals that female investors dominate the investment market in India.
 Most of the investors possess higher education like graduation and above.
 Majority of the active and regular investors belong to accountancy and related
employment, non-financial management and some other occupations are very few.
 Percentage of income that they invest depends on their annual income.
 The investor’s decisions are based on their own initiative.
 This study confirms the earlier findings with regard to the relationship between age and
income level of the individual investors. The present study has important implications for
investment manager. As it has come out with certain important facts of an individual
investor
Observations-
 It was observed that the study confirmed that People are motivated to invest in various
financial instruments for a variety of reasons, including the potential for long-term
returns, diversification of their portfolio, and to capitalize on market trends. Investors
may also be motivated to invest in financial instruments due to tax benefits or the
potential for short-term profits. Additionally, some investors may invest in financial
instruments to hedge against inflation or to help fund retirement. individual investors still
prefer to invest in financial product which give risk free returns.
Geetha, N., & Ramesh, M. (2011). A Study on People’s Preferences in Investment Behaviour.
International Journal of Multidisciplinary Educational Research, 01(06).
The developing countries like India face the enormous task of finding sufficient capital in their
development efforts. Most of these countries find it difficult to get out of the -vicious circle of
poverty of low income, low saving, low investment, low employment etc. With high capital
output ratio, India needs very high rates of investments to make a leap forward in her efforts of
attaining high levels of growth. Since the beginning of planning, the emphasis was on investment
as the primary instruments of economic growth and increase in national income. In order to have
production as per target, investment was considered the crucial determinant and capital
formation had to be supported by appropriate volume of saving.
•To study the factor that influence investment behavior of the people.
• To study the attitude of the respondents towards different investment choices.
The study is based on primary and secondary data. Primary data have been collected from 210
respondents through a structure questionnaire covering different groups of peoples. The
secondary data have been collected from various books, magazine, journals, newspapers and
websites. The samples sizes of 210 respondents were taken for the research work. The sampling
technique followed in this study is probability sampling. Simple random techniques are used to
select the respondent from the available database.
 it is concluded that in Kurumbalur respondents are medium aware about various

investment choices but they do not know aware about stock market, equity, bound and
debentures. The study is conducted by taking a limited number of sample sizes which is
stated earlier. And this study reflects the perceptions of those respondents who are
residing in Kurumbalur.
 There might be a chance that the perceptions of the respondents of different are varied
due to diversity in social life, living pattern, income level etc. All the age groups give
more important to invest in Insurance, NSC, PPF and bank deposit. Income level of a
respondent is an impotent factor which affects portfolio of the respondent. Middle age
group, Lower income level groups respondents are preferred to invest in Insurance, NSC,
PPF and bank deposit rather than any other investment avenues.
Observations:-
 It was observed that in kurumbalur people are not aware about stock market, equity and
debentures.
 All the age groups people give more importance to invest in Insurance, NSC, PPF and
bank deposits rather than any other investment avenues.
Research paper reviewed 5-

Singh, J., & Yadav, P. (2016). A Study on the Factors Influencing Investors Decision in
Investing in Equity Shares in Jaipur and Moradabad with Special Reference to Gender. Amity
Journal of Finance, 1(1), (117-130).
Investment decisions of a sample of 100 investors in Moradabad city of Uttar Pradesh.
Revolution in the finance industry is brought about through the advent and evolution of
behavioural finance. Investors hardly act rationally in taking decisions while investing. Investors
simply react on the available information possessed by them and react accordingly. Lots of
consideration is required to be dealt with before investing in the equity market. Ratio analysis is
required to be considered. Technical and financial analysis of the company along with the
fundamental analysis of the economy is to be taken into account while investing in the capital
market. The present paper tries to find out the perception of male and female investors regarding
various considerations to be kept in mind while investing in the equity market
 To identify factors influencing the investor while investing in equity market.

 To identify certain factors that motivates the investors to invest in shares.
 To suggest strategies so that investors can optimize their return on investment.
The research is empirical in nature and a sample of 100 individual investors has been collected
through convenience sampling. Data has been collected through a questionnaire and primary as
well as secondary data has been used.

 Both male and female investors concern about considering past dividends paid by
companies while investing in equity shares. Those companies which pay higher rate of
dividends are considered good for investment purpose.
 Male investors study daily reports published by stock exchanges on gainers and losers
before investing in the equity shares as compared to female investors.
 Both male and female investors look for past bonus paid by the company to its
shareholders.
 There are lots of considerations while investing such as tax planning, future needs, safety
of investments, recurring income, etc. So as per the requirement of individual investor, he
or she should consider these variables.
Observations:-
It was observed that the attitude of the respondents towards different investment choices is
largely positive. Most respondents expressed a willingness to explore different investment
options and the majority felt that diversification was important for long-term success. Many
respondents also expressed a preference for low-risk investments, such as stocks, bonds, and
mutual funds.
Research paper reviewed 6-

Saranya, B. M., & Joyce, S. (2022). A Study on Investment Pattern of General Public.
International Journal for Research for Applied Science and Technology, 10(04), 2092- 2098.
Investment is the use of finances with the goal of generating extra revenue and increasing the
value of the asset. One of the most important characteristics of an investment is that it requires a
period of waiting for a reward. It requires committing resources that have been saved or laid
aside for future use in order to reap future benefits. Investment is the process of allocating
monetary resources to assets that are expected to yield a gain or positive return over a given
period of time. You must invest in order to achieve your goals. At the heart of every investment
decision is a risk-reward trade-off. Bank deposits, real estate, small savings, life insurance plans,
bullions, commercial deposits, corporate security-bonds, mutual funds, and equity and preference
shares are all examples of financial instruments.

 To review the investment pattern of different class of people.
 To give major findings in investment pattern of different class of people.
 To analyses the difficulties faced during investing in different avenues.
 Research Design In the beginning the research stage is exploratory because the research
statement was developed on the basis of various review of literature that was available
on internet and journals. After framing the research statement, the research design
becomes descriptive as it is now describes the characteristics of a part of population as a
sample for overall investment preference.
 Sources Of Data For the research both primary and secondary data is collected. The
primary data for the study is collected directly from target respondents through
structured questionnaire. The secondary data is collected from journal, articles, internet,
reports, and other publications.
 The research study uncovered a number of significant facts on respondents' investment

choices and investing challenges. When it comes to choices that are adhered before or
during investment, descriptive study of demographic factors suggested that. The study's
findings reveal that investment patterns and social class are favourably associated, with
no significant difference between income and the obstacles faced when investing in
various channels. This study can also be extended addressing all other factors for a wider
scope and better understanding.
Observations:-
It was observed that there are lot of difficulties faced by people during investing in different
avenues like lack of knowledge, high risk, lack of diversification volatile market, time
commitment, lack of liquidity, fees and taxes etc.

Shekhar, C., Jain, S., Deshpande, S., Rai, P. (2018). Indian Investor’s Behavior on Various
Investment Opportunities. International Journal of Research and Analytical Reviews, 05(04),
109- 122.
Saving is an important part for the economy of any nation. The money invested in various
options available to people acts as the driver for growth of the country. Indian financial sight also
boons a plethora of opportunities to the investors, certainly not the best or deepest of markets in
the world. Investors invest the money to receive return on their idle resources and generate a
specified figure for a specific goal in life and make a provision for an uncertain future. We invest
to meet the cost of inflation (Inflation is the rate at which the cost of living escalates).
 To understand various financial instruments present in Madhya Pradesh (Jabalpur &

Indore).
 To know the tenure of investments for which they prefer to invest.
 The factors considered by them while investing into a particular financial instrument.
 To understand the type of financial instruments Indian investors prefer for their
investments.
 To know the risk tolerance level of the investors.
Sampling techniques- The investors are carefully chosen for the convenience sampling
methodology. The selection of units from the population supported with their easy availability
and accessibility to the researcher is known as convenience sampling. Convenience sampling is
at its best in surveys dealing with an exploratory purpose for generating concepts and hypothesis.
Sampling Unit-The respondents has been asked to fill on the questionnaires are the sampling
units. These comprise of MNC’s personnel, government personnel, housewives, self-employed,
professionals and other investors.
Sampling Size- The Sample size has been restricted to only 100, which comprised of mainly
people from different regions of Madhya Pradesh (Indore and Jabalpur) due to time constraints.
Sampling Area- The area of the research is Madhya Pradesh (Indore and Jabalpur).
 Income level of an investor is an important factor which affects portfolio of the investor.
 44% of investors are preferred to invest in long term opportunities whereas 35% of
investors are preferred to invest in both long and short term.
 More than 50% of the investors preferred to invest in monthly or quarterly basis.
 Near around 60% of the investors are investing on the basis of self-awareness, which
shows that investors in India believe in self-study rather believing on others.
 Higher income level groups and risk taking investors are preferred to invest in equity
rather than any other investment opportunities.
 Middle age group investors are preferred to invest in equity, whereas the old age groups
are preferred to invest in bank FD’s.
Lower income level groups are not preferred to take risk and they choose bank deposits and
insurance as better investment option. They also look for tax saving investment opportunities.
Observations:-
 It was observed that in Madhya Pradesh people preferences is different on basis of their
age, income and time.
 44% of investors are preferred to invest in long term opportunities whereas 35% of
investors are preferred to invest in both long and short term.
 Middle age group are invested in equity and old age people preferred to invest in bank
FD’s.
Tyagi, M., Chanchal, K., Rajkumar, S. (2021). Investment Pattern of Youth in India.
International Journal of Scientific Research in Engineering and Management, 05(08), 1-16.
In recent days, we have seen that investment has become the backbone of a nation's countries
that are attempting to grow their economics, it is therefore necessary for the public to invest
appropriately in investments and liberate borders for other countries for their investments.
Fundamentally Investment is not only about investing current money for return, but it also
implies that return and risk is on both sides of investment. And this varies according to the
preferences of how the respondent views their savings today, for tomorrow.
Objective of the study -
 To comprehend the pay and saving pattern of youth.

 To know their drawn-out monetary objectives.
 To discover hazard craving of young people.
 To find out whether young investors are looking for long-term growth, risk, return on
investment or liquidity.
 To study the preferences of different age groups of youth towards financial investment.
Essential information assortment included an organized survey with restricted and centred
inquiries covering questions in regards to the saving/speculation conduct among understudies.
The survey tended to look at regions like how a lot (around) of the pay is saved, regardless of
whether it is placed into customary methods of investment funds or into the capital business
sectors and likewise questions with respect to what amount do social components like loved ones
impact their decisions. Around 80% of the reached base 125 respondents) shared data adequate
for incorporation into the examination test.
 We have conducted the research, as we can see the thoughts of youth for investment vary
depending on the individual. Generally, younger investors tend to be more risk-averse
than older investors.
 Younger investors are often focused on short-term investments such as stocks, mutual
funds, and ETFs, while also taking into consideration the long-term impact of their
investments.
 They also tend to be more interested in socially responsible investing and sustainable
investing, looking for investments that align with their values and have a positive impact
on the environment.
 Additionally, many young investors are turning to digital investments such as
cryptocurrency, digital platforms, and robo-advisors for more convenient and cost-
effective investment options
Observations:-
 It was observed that young people often invest in stocks, mutual funds, exchange-traded
funds (ETFs), real estate, and cryptocurrency.
 Additionally, some young investors choose to invest in more creative options such as
peer-to-peer lending, crowdfunding, and venture capital.
 They also tend to be more interested in socially responsible investing and sustainable
investing, looking for investments that align with their values and have a positive impact
on the environment
Vasagadekar, P. (2014). A Research Paper on Investment Awareness Among Indian Working
Women with Reference to Pune Region. International Journal of Scientific & Engineering
Research, 05(06), 1333- 1347
In the ancient times, women were not allowed to even get education. Their role was purely to
look after home. Their world was limited to their families. But then, the people slowly started
recognizing the importance of education for women. And today, we find many highly educated
women. They are progressing in real sense because in almost all sectors we find women working
successfully. And of course, while doing so, they haven’t forgotten their job of homemaker. On
both the fronts i. e. home & job, they are doing just fine. They know how to manage work life
balance. Now-a-days, we find more and more women who are financially independent. No
doubt, today’s women are more successful. They are getting paid handsome salaries. But what
about their investment behavior for these it is necessary for getting the picture of the role of
Indian working women while taking the investment decisions. Financial investment is the
purchase of a financial security such as stock, bond or mortgage. As a woman & an investor,
shaping of financial future is as the many other roles they play in life. Women today, have more
earning potential & more influence over financial decisions than ever before. Women represent
almost half of the workforce & many businesses are owned or managed by women. Many
women influence or control the majority of all consumer decisions. As a result, it becomes
important for women to focus on finances now more than ever.
 To find out the investment habits of the Indian working women.

 To know the role of Indian working women in making investment decisions.
 To know the investment avenues that the Indian working women usually prefer.
 To find out the risk bearing capacity of the Indian working women while making
investment decisions.
The research work was carried out in Pune & its outskirts. Working women in different industry
sectors were interviewed for this purpose. Working professionals were from banks, corporate,
LICs and other small firms. Structured questionnaire was provided to them & their responses
were noted. 1. Primary Source: Structured questionnaire via in-depth personal interviews. 2.
Secondary Source: As per references collected.
 It has been found out that 85% of the respondents are aware of investment.
 It has been found out that 15% of the respondents are not aware of all the financial
instruments & they are not much bothered about savings & investment. It has been
observed that 75% female working professionals monitor their investments regularly.
Among these, 25% monitor monthly, 35% quarterly & 15% bi-annually
 It has been observed strongly that 90% of the respondents rely on their husbands for
taking investment decisions. And remaining 10% respondents take their investment
decisions by themselves.
 It has also been noticed that 80% of the respondents don’t read any financial newspaper.
Only 20% respondents regularly read ‘Economic Times’ & ‘Financial Express’.
Observations:-
 It was observed that Pune is on the path of growth in real sense. Not only it is known for
the best education, it has now become the ‘Employment Hub’ as well. Because of high
level education, today’s women are getting the best job offers with high take home pay
packages. It has become the present day need for working women in India to increase
their wealth.
 As most of the women are low in financial literacy, it becomes hardly possible for them
to manage their portfolios on their own.
 Also the risk bearing capacity of working women in India is low. This is due to lack of
sound financial knowledge.

Sakthi, S., William, P. (2017). A Study on Investors Awareness of Stock Market. International
Journal of Advance Research and Innovative Ideas in Education, 03(06), 849-860.
The term equity means stocks. It is the ownership interest in the business. The equity investment
means the buying and holding of shares of stocks on a stock market by a firm to get income and
capital gaining. It refers to the amount of capital contributed by the owners or the difference
between a company’s total assets and its total liabilities. It is the security available in private
company and is called the private equity.
 The objective is to study the investors awareness in the Stock Markets.

 To study the influence of stock and investment strategies.
 To study the influence of demographic profile on investors awareness in stock markets
To study the investors awareness about investment in Stock Market, a structured questionnaire
was prepared and was administered on the investors of the stock market in Chennai. The
questionnaire was distributed through personal contacts, the executives of the participating
broking agencies. The questionnaires were distributed to the clients of various stock broking
agencies in Chennai and 120 responses were ultimately received.
 The study used two major parametric tests viz., T- Test and Anova one way.
 Primary data It is the first hand information, which is being collected by the researcher,
or assistant is called primary data. In this study, the primary data was collected through
structured questionnaire. Questionnaire was employed to collect the primary data from
120 selected sample respondents in organization.
The Awareness of Investors in Stock Market tells about Age levels of investors above 40 are
highly aware compare to other groups. The marital status is highly aware. The education levels
of investor are highly aware and there is a significant difference between them. The occupation
levels of the investor of business people are highly aware compare to other. The investors of the
income level are highly aware and of investing in stock markets. The Mean Analysis of the
investors consist of the dimension of investors awareness level having the higher rank is A6, and
the investors awareness level having the least rank is A5. Therefore the investors are highly
aware in investing in stock markets and the company earns the profit and they also collect money
from the financial institutions to develop the organisation.
Observations:-
 It was observed that the majority of participants had some knowledge of the stock market
and were able to identify the main components such as stocks, bonds, and mutual funds.
 Additionally, the majority of participants had a positive attitude towards investing, with
most expressing an interest in learning more about the stock market.
 The survey also revealed that the most influential factors in investment decisions were
the potential return on investment, the security of the investment, and the advice of an
expert. Finally, the survey revealed that stock market information had a significant effect
on investment decision.

Lokhande, M. A. (2015). A Study of Investment Awareness and Patterns of Savings and
Investments by Rural Investors. Indian Journal of Finance, 9(7), 22.
The nature of financial market has changed drastically. Investing money has become a very
complex task because of huge number of savings and investment companies and products
offered by them, terms and conditions of investment an prevalent complex rules and regulations.
Most of the investors, particularly rural investors are found unaware about investment avenues
and rules and regulations. In spite of remarkable growth of economy and increasing income
level of people, the pace of saving mobilization is lower in India. Rural savings are not mobilized
and invested properly. Investment is a economic activity which creates capital required for
various sectors of economy. So every earning person should be motivated to save and invest
his/her money.
 To understand the investment considerations of rural investors.

 To examine the investors awareness level and their preferences of investment.
 To compare the investment behavior of rural male and female investors.
 To make some suggestions in order to enhance investment awareness among rural
people.
 The focus of the study was on understanding the preferences of rural
 investors with regard to investment avenues, their educational qualifications and
investment
 awareness level.

 Data sources:
 The present study is basically based on primary data and secondary data. The primary
data were
 collected with the help of a well constructed questionnaire and partly interviews.
Secondary data
 were tapped from books, research journals, newspapers and study reports related to
the topic.
 The data analysis tools used were simple percentage, ANOVA and Garrett Ranking
method.
 Sample size:
 There are175 villages having population more than 3, 23,000 of Sillod block.
Considering the
 huge population, the researcher selected 4 villages for the purpose of the study
The focus of the study was on understanding the preferences of rural investors with regard to
investment avenues, their educational qualifications and investment awareness level. Data
sources: The present study is basically based on primary data and secondary data. The primary
data were collected with the help of a well constructed questionnaire and partly interviews.
Secondary data were tapped from books, research journals, newspapers and study reports related
to the topic. The data analysis tools used were simple percentage, ANOVA and Garrett Ranking
method. Sample size: There are175 villages having population more than 3,23,000 of Sillod
block. Considering the huge population, the researcher selected 4 villages for the purpose of the
study.
The study disclosed that rural investor has more trust in products and services provided by the
government banks. The first rank given by majority of the investors under the study supports
this. It was also revealed that gold and jewelry was the second preference of the investors. The
third preference given to real estate (a piece of land) indicates towards traditional attitude of rural
investors. Rural people prefer to invest in agriculture land and plots at nearby taluka (block)
place. Naturally rural investors prefer to invest their money in bank deposits, saving certificates,
government bonds. They prefer to invest in life insurance policies issued by LIC. There is a
strong bond between rural culture and buying and consumption pattern of rural consumers.
While investing money, rural investors emphasize more on safety and liquidity rather than
returns. The study concluded that majority of the rural investors were somewhat conservative.
Observations:-
 It was observed that rural people may not be interested in investing in stock bonds and
debentures due to a lack of knowledge or understanding about them.
 They may also be more risk-averse and prefer the more secure return of investing in
banks. They believe in variety of services offered by banks, such as fixed deposits and
recurring deposits, that is more trustable and safe according to them than stock bonds and
debentures.
 In addition, rural areas often lack access to reliable internet services, making it difficult to
access the necessary information and resources to make informed investment decisions.
Sisili, S., kumar, G., Sivakumar, S., Manikandan, G., & Dineshkumar,V. (2018). A Study on
Investors Behaviour Over Investment Options. International Journal of Advance Research and
Innovative Ideas in Education, 04(03), 695- 714
Investment refers to the commitment of funds at present, in anticipation of some positive rate of
return in future. Today the spectrum of investment is indeed wide. An investment is confronted
with array of investment avenues like Equity share, Mutual fund, Public Provident Fund, Bank
Deposits/ FD, Gold/Silver, Insurance, Real Estate, National Pension scheme. Among all
investment, investment in banks deposits, Public Provident fund are safest and most preferred by
individuals and in equity proportionately are most profitable. India economies are doing indeed
well in recent years. The present study is focusing on the behavior of investors over investment
options. The study took into consideration, Teaching Fraternity (College), Teaching Fraternity
(School), Professionals, Government employees, and Business/Self Employed.

The present study has made an attempt to understand the pattern of individual investor’s
investment, their strategies while investing and their expectation from the investment made by
them and of course their demographic features.

investment

 Data sources:
data were
Secondary data
the topic.
method.
 Sample size:
Considering the
The data for study is collected through well designed, structured Questionnaire during January
2018 to March 2018. The primary motive of investment by common investor in India is PPF for
Tax Saving, FD/Bank Deposit and Insurance for Security. The middle age group investors are
more risk takers than youngsters. The basic idea of investing in equity market is to obtain high
returns. Sample size was 250 individuals Professionals {60} Government Employees {60}
Teaching fraternity (School) {30} Teaching fraternity (College) {30} Business/Self Employed
{60} Others {10}
 Primary Data: Primary Data was collected by conducting a survey by distributing

questionnaires to 250 investors in Hyderabad. These 250 investors were from different
age group, different income level, different occupation and different education
qualifications.
 Secondary data: Secondary data was collected by referring various journals, websites and
books.
 Statistical Tools: Data collected was analyzed using statistical tools such as Percentage
Analysis and Cross-sectional tables.
 Percentage Analysis: Percentage analysis is the method to represent raw streams of data
as a percentage (a part in 100 percent) for better understanding of collected data.
Percentage Analysis is applied to create a contingency table from the frequency
distribution and represent the collected data for better understanding
 From the study we studied that the number of Male were more as compared to Females.
And Males invest more in Fixed Deposit and Insurance, whereas Females are concerned
they invest more in PPF, Gold/ Silver, FD and Insurance.
 According to the age it is analysed that the age group between 35 – 50 years makes more
investment as compared to other age group.
 When Income was taken into consideration, the study revealed that the population
earning above 30,000 invest more.
 Employability states that population of Government Employees, Business/ Self
Employed and Professionals invest more as compared to Teaching fraternity (College)
and (School) and others.
 On the basis of the study it can be said that investment patterns of investors included in
the study as samples are usually not dependent upon the demographic factors such as
Gender, Age, Education qualification and Employability. So the conclusion is that people
who are financially literate and reluctant to buy a financial products, because they do not
understand where to invest and what parameters to consider while investing.
Observations:-
 It was observed that there is no awareness of where to invest, for this several awareness
programs and seminars should be conducted to make population know where to invest
and hire an expert or investment guide to know where to invest.

Shukla, V.J., & Kediya, S. (2022). Analysis of Investment Behaviour of Investors in Nagpur
City- Study on Pre and Post Covid Pandemic. ICTACT Journal on Management Studies, 0(02),
1590-1599
Investment and savings play a very important role in economic development of the country.
Therefore, the Government’s primary objective is to mobilize the savings of the individuals by
promoting attractive investment options. COVID-19 pandemic adversely affects the economy of
every country including India. In India, investment options can be categorized into two i.e.,
financial and non-financial assets. Financial assets include, market linked securities like mutual
funds and share market, etc. and fixed income options like, Fixed Deposits, Recurring Deposits,
KVPs, NSCs, PPF, etc. Non-financial assets like Gold, real estate, etc. While choosing the
investment plan, it is mandatory for the individual investors to match the risk profile with the
risk of the product before investing. Impact of COVID-19 adversely affects the risk tolerance
level of the individual investors. Due to COVID-19 pandemic and restrictions implemented by
the Government, most of the people lost their jobs and their whole savings (ILO-OECD, 2020).
Now the individual investors prefer more secured investment options with moderate return and
minimum risk
 To identify the changes in preference for the investment options of the investors, before
and during COVID 19 pandemic.
 To identify the factors which affect investor’s investment decision and risk tolerance
level due to pandemic situation.
Study is based on both, primary and secondary data. Primary data was collected using the
structured questionnaire. More than 180 Respondents were selected through convenience
sampling method from Nagpur city. Individual investor was categorized on the basis of
demographics, investment objectives and their risk tolerance level. Secondary data was collected
through various research papers, websites and articles.

• The study found that, main purpose of the individual investor for the investment is wealth
creation followed by future requirements.
• According to majority of respondents, safety of principal amount was the most important factor
considered by the investors before making investment decision.
• Source for collecting the knowledge about investment, most of the respondents influenced by
their friends or peer investors followed by involvement of financial advisors.
• COVID-19 pandemic impacted the individual investor’s risk tolerance level. Now the majority
of respondents prefer medium level of risk with moderate returns.
• This study also found the most preferred investment option before pandemic is Mutual Funds
followed by fixed deposits and during pandemic also they are at the same position with positive
growth of 1.11%.
• Now the investors prefer more secured options for the investment with moderate return and
minimum risk. Measures taken by the state and central government like lockdowns, business
closures and downfall in the share market also impacted the willingness of the investors to invest
money in the market.
Observations:-
 It was observed that because of COVID-19 pandemic the investment behavior of the
individual investors is changed.
 Their risk tolerance level is affected due to decrease in their household income and less
savings
 Now they prefer medium level of risk with moderate returns.

Geetha, C., & Marimuthu, M. (2019). A study on Preferred investment Avenues Among Salaried
People. A Journal of Composition Theory, 12(09), 1340 -1349.
The developing countries like India face the enormous task of finding sufficient capital in their
development efforts. Most of these countries find it difficult to get out of the vicious circle of
poverty of low income, low saving, low investment, low employment etc. With high capital
output ratio, India needs very high rates of investments to make a leap forward in her efforts of
attaining high levels of growth. Since the beginning of planning, the emphasis was on investment
as the primary instruments of economic growth and increase in national income. In order to have
production as per target, investment was considered the crucial determinant and capital
formation had to be supported by appropriate volume of saving. Capital is a crucial factor in the
development of an economy. The pace of economic development is conditioned, among other
things, by the rate of capital formation.
 To study the investment preference among salaried people working in different sectors in
Tamil Nadu, India.
 To know the factor that influencing investment behavior of the peoples.
 To analyze the investment pattern among the salaried investors.
 To find the problems facing by the investors.
 To know the mode of investments of the salaried respondents in various investment
avenues.

investment

 Data sources:
data were
Secondary data
the topic.
method.
 Sample size:
Considering the
This part explains the methodology used in this study. The methodology includes data and
sources of data, sample size, area of the study and framework of analysis. The study is based on
primary and secondary data. Primary data have been collected from100 respondents through a
structure questionnaire covering salaried peoples of Tamil Nadu, India. The secondary data have
been collected from various books, magazine, journals, newspapers and websites. The samples
sizes of 100 respondents were taken for the research work among Tamil Nadu, India. The
sampling technique followed in this study is probability sampling. Simple random techniques are
used to select the respondent from the available database. In order to analyze the collected data,
the following tools were used. Simple percentage analysis: it states the frequency and percentage
of the customers profile, attitude and opinion regarding peoples.
 The study on preferred investment choices has been undertaken with the objective, to
analyze the investment choice of salaried class in Tamil Nadu, India. Analysis of the
study was undertaken with the help of survey conducted.
 After analysis and interpretation of data it is concluded that in Tamil Nadu, India
respondents are medium aware about various investment choices but they do not know
aware about stock market, equity, bond and debentures.
 The study is conducted by taking a limited number of sample sizes which is stated earlier.
And this study reflects the perceptions of those respondents who are residing in Tamil
Nadu, India. There might be a chance that the perceptions of the respondents of different
are varied due to diversity in social life, living pattern, income level etc.
 All the age groups give more important to invest in Insurance and bank deposit. Income
level of a respondent is an important factor which affects portfolio of the respondent.
Middle age group, Lower income level groups respondents are preferred to invest in
Insurance and bank deposit rather than any other investment avenues.
 In Tamil Nadu, India respondents are more aware about various investment avenues like
Insurance, bank deposits, small savings like post office savings etc. For that awareness
program has to be conducted by Stock Broking firms,
Observations:-
 It was observed that in Tamil Nadu, respondents are medium aware about various
investment choices but they do not know aware about stock market, equity, bond and
debentures.
 All the age groups give more importancy to invest in Insurance and bank deposit. because
most of the respondents unaware about these new services about stock market.
Dewan, A., Gayatri, R., & Dewan,R. (2019). A Research on Investment Behaviour of Corporate
and Individual Investors from Southern India. International Journal of Innovative Technology
and Exploring Engineering, 08(6S4), 1493-1501.
The corporate culture and rise in the level of cognizance among the individuals or business firms
to move ahead in the stock market investments due to several existing reasons. In fact, the avid
readers across genders have sustained the zeal to make and secure their fortunes in the stock
market investments due to the availability of a wide range of books being written by the top level
investors like Warren Buffet etc. to motivate the individuals and reshape their ideology to act
away from run of the mill practices. The investments are basically the commitments of the
capital or primary wealth by the multiple investors to buy financial assets or the instruments for
reaping the profitable returns in terms of income, interest or appreciation or hike in the value of
the particular financial assets. Investment decisions undertaken by individuals are based on their
attitudes, mindset or ideological set up which is based on the psychological strategy and their
opinions in context to stock market investment conceptualize the investment behaviour.
 To identify the factors affecting investment behaviour of corporate and individual
investors from Southern India.
 To compare the investment behaviour of corporate and individual investors from
Southern India
 The study used both primary and secondary data.
 Primary data has been collected personally by face to face interaction with the investor
Findings and conclusion :-
 Current study mainly aims to identify the factor which can have a bearing on the
investment behaviour, researcher has extracted total four factors which successfully
represent the investment behaviour of the corporate and individual investors.
 These factors are mainly; Investors related factors, Market or environment related factor,
Investment related factors and Company specific factors. Further, from the comparative
analysis of the investment behaviour of the corporate and individual investors it got clear
that corporate investors are more interested in getting knowledge about the market,
external environment, rules of SEBI, and the internal information of the company issuing
securities, such as; the profitability of the company, financial stability, liquidity position,
dividend policy, last year’s profits and other financial ratios.
 While investment behaviour of the individual investors got affected by their personal
factors related to the investors such as; level of knowledge or skills, saving pattern,
consumption pattern, financial goals, influence of friends or relatives, risk perception,
and the unused amount of funds with the investors. Apart from this, the investment
related factors is almost equally important for both the corporate and individual investors.
Observation :-
 It was observed that Individual investment behaviour is driven by the investor’s own
goals and objectives and is usually based on a personal assessment of the risk and return
of a given investment. It is usually focused on the long-term and may involve more active
management of the portfolio.
 Corporate investment behaviour is usually driven by the company's strategic objectives,
such as maximizing profits, minimizing risk, and minimizing costs. The focus of
corporate investment decisions is on short-term results, with less emphasis on long-term
goals.
2. SOURCES OF LITERATURE COLLECTION
Published research papers and articles on the topic ‘Financial Literacy and Investment Strategies’
were searched on various databases to cover diverse and comprehensive articles for review like:-
• ProQuest
• EBSCO host
• Google Scholar
• Research Gate
• Other online sources
Since a huge amount of literature was available on the research topic following boundaries were
used for screening the literature:
• Papers published in only peer-reviewed journals were included.
• Paper available in the full text was considered.
• Paper relevant to the present study were only included.

CHAPTER 3:
ANALYSIS OF
REVIEW WORK
CLASSIFICATION OF REVIEW OF LITERATURE:
Fifteen research papers identified through the SLR are analyzed in this section with respect to
the publication year, methodology used, journal of publication and country studied. It is done to
understand the trends and issue in the literature relevant to ‘Financial Literacy and Investment
Strategies.’
A) Analysis by year of publication-
S. No. Year of Publication No. of Research Papers

1. 2022 2
2. 2021 1
3. 2019 2
4. 2018 3
5. 2017 1
6. 2016 1
7. 2015 2
8. 2014 1
9. 2012 1
10. 2011 1
Total 15
B) Analysis by research methods-
The methodology applied means the type of paper, whether it is based on empirical work or
primary survey. The published articles can be broadly classified into three categories. These
include empirical, survey and conceptual study.
S. No. Research Methods No. of Research Papers

1. Empirical 1
2. Descriptive 13
3. Conceptual 1
Total 15
C) Analysis by the journal of publication-
The analysis by journal aims to identify the journals most involved in the conversation of
literature about ‘Financial Literacy and Investment Strategies’.
S. No. Name or Journal No. of Research Papers

1. International Journal of Advance Research, Ideas 1
and Innovations in Technology
2. International Research Journal Commerce arts 1
science
3. International Journal of Marketing and Technology 1
4. 1
5. Amity Journal of Finance 1
6. International Journal for Research for Applied 1
Science and Technology
7. International Journal of Research and Analytical 1
Reviews
8. International Journal of Scientific Research in 1
Engineering and Management (IJSREM)
9. International Journal of Scientific & Engineering 1
Research
10. International Journal of Advance Research and 2
Innovative Ideas in Education
11. Indian Journal of Finance 1
12. International Journal of Innovative Technology 1
and Exploring Engineering (IJITEE)
13. ICTACT Journal on Management Studies 1
14. A Journal of Composition Theory 1
Total 15
D) Analysis by country studied-
The report analyses the countries chosen for selection of sample by the selected research papers.
S. No. Country No. of Research Papers

1 India 15
Total 15
E) Citation Analysis-
Citations means that someone has referenced work of other author(s). The citation analysis
means studying cited references of a population of articles to find the most influential works in
the field. In this section, we examined the cited references of the ‘Financial Literacy and
Investment Strategies’ articles to observe the quality of the articles and to find out the most
important articles of the research stream.
S. No. Research Paper No. of Citations

1.
Arora, M. (2015). Indian Investor Behaviour. 54
International Research Journal Commerce arts
science, 06(11), 64-75.
2. Geetha, N., & Ramesh, M. (2011). A Study on

People’s Preferences in Investment Behaviour. 54
International Journal of Multidisciplinary
Educational Research, 01(06).
3. Singh, J., & Yadav, P. (2016). A Study on the

Factors Influencing Investors Decision in Investing 46
in Equity Shares in Jaipur and Moradabad with
Special Reference to Gender. Amity Journal of
Finance, 1(1), (117-130).
4. Zemichael Fesahatsion Weldeghebriel (2020).

Organizational Communication and Employee 20
Performance in Selected Large Manufacturing
Businesses in Eritrea. Journal of Business and
Social Review in Emerging Economies Vol. 2, No
2.
5. Saranya, B. M., & Joyce, S. (2022). A Study on

Investment Pattern of General Public. International 5
Journal for Research for Applied Science and
Technology, 10(04), 2092- 2098.
6. Vasagadekar, P. (2014). A Research Paper on 34

Investment Awareness Among Indian Working
Women with Reference to Pune Region.
International Journal of Scientific & Engineering
Research, 05(06), 1333- 1347
7. Sakthi, S., William, P. (2017). A Study on 2

Investors Awareness of Stock Market.
International Journal of Advance Research and
Innovative Ideas in Education, 03(06), 849-860.
8. Lokhande, M. A. (2015). A Study of Investment
Awareness and Patterns of Savings and 33
Investments by Rural Investors. Indian Journal of
Finance, 9(7), 22.
9. Dewan, A., Gayatri, R., & Dewan,R. (2019). A

Research on Investment Behaviour of Corporate 6
and Individual Investors from Southern India.
International Journal of Innovative Technology
SUMMARY TABLE OF LITERATURE REVIEW
Author Paper Title Objective of the Research Observation

(Year) Study Methodology
1. Panwar A study on 1. To identify the Present study is It was observed that
Madan investment various investment based on secondary investment is a
Singh, options options available for data, hence it is need of all the
Aggarwal available in the investment in India. descriptive. Data has classes of the
Kavita. modern era 2.To find out the main been collected from society. It is clearly
(2018) reasons for the published found out that if
Investment. records/ you want to secure
periodicals your future
/publications. In whatever the future
addition to this the needs you had, all
data collected from these needs can be
various newspapers, fulfilled by best
magazines, books, investment made. It
websites, and is also additional
journals etc. source of income
for people.
2. MS. INDIAN To observe the The study design is It was observed that
RAJAT INVESTOR perception of Descriptive in nature the perception of
ARORA BEHAVIOUR individuals towards and primary data individuals towards
(2015) the different collected. Primary different investment
investment avenues data means that the avenues will vary
that they have data has been depending on the
collected from the individual's risk
original source first tolerance, financial
hand. goals, and
knowledge of the
investment
vehicles.
Younger investors
may be more
willing to take on
more risk in order
to reap greater
rewards, while
older investors may
be more
conservative with
their investments.
3. Dr.S.Suriy INVESTORS 1.To study the The study design is It was observe that
a Murithi BEHAVIOUR investors preference Descriptive in individual investors
B.Narayan IN VARIOUS towards the nature, Primary data still prefer to invest
an INVESTMENT investment. – collected through in financial product
M.Arivazh AVENUES 2.To find out how Structured which give risk free
agan investors are Questionnaire. returns.
(2012) motivated to invest in Secondary data –
various financial Earlier records from
instruments. journals, magazines
and other sources.
4. N. Geetha A Study on 1. To study the factor The study is based It was observed that
Dr. M. People’s that influence on primary and in kurumbalur
Ramesh Preferences in investment behaviour secondary data. people are not
(2011) Investment of the people., Primary data have aware about stock
Behaviour been collected from market, equity and
2.To study the attitude 210 respondents debentures.
of the respondents through a structure All the age groups
towards different questionnaire people give more
investment choices covering different importance to
groups of peoples. invest in Insurance,
The secondary data NSC, PPF and bank
have been collected deposits rather than
from various books, any other
magazine, journals, investment
newspapers and avenues.
websites.
5. Jeet Singh, A Study on 1. To identify certain The research is It was observed that
Preeti Investment factors that motivates empirical in nature the attitude of the
Yadav. Pattern of the investors to invest and a sample of 100 respondents
(2016) General Public in shares. individual investors towards different
A Study on the 2.To identify factors has been collected investment choices
Factors influencing the through convenience is largely positive.
Influencing investor while sampling. Data has Most respondents
Investors investing in equity been collected expressed a
Decision in market. through a willingness to
Investing in 3.To suggest strategies questionnaire and explore different
Equity Shares so that investors can primary investment options
in Jaipur and optimize their return as well as secondary and the majority
Moradabad on investment. data has been used felt that
with Special diversification was
Reference to important for long-
Gender term success.
6. Ms. B M. A Study on 1.To review the In the beginning the It was observed that
Saranya, Investment investment pattern of research stage is there are lot of
Dr. S. Pattern of different class of exploratory because difficulties faced by
Joyce General Public people the research people during
(2022) 2. To give major statement was investing in
findings in investment developed on the different avenues
pattern of different basis of various like lack of
class of people. review of knowledge, high
3.To analyses the literature that was risk, lack of
difficulties faced available on internet diversification
during investing in and journals, For the volatile market,
different avenues. research both time commitment,
primary and lack of liquidity,
secondary data is fees and taxes etc.
collected.
7. Chandra Indian 1.To know the risk Primary Data It was observed that
Shekhar, Investor’s tolerance level of the Information has been in Madhya Pradesh
Shailesh Behaviour on investors. collected by people preferences
Kumar Various 2.To understand conducting a survey is different on basis
Jain, Sunil Investment various financial through distributing of their age, income
Deshpande, Opportunities instruments present in a questionnaire, and time.
Pallavi Madhya Pradesh Secondary Data has Middle age group
Rai(2018) (Jabalpur & Indore). been collected. are invested in
3.To know the tenure equity and old age
of investments for people preferred to
which they prefer to invest in bank
invest. FD’s.
8. Manisha Investment 1. To find out whether Present study is It was observed that
Tyagi , Pattern of young investors are based on secondary young people often
2. Krishna Youth in India looking for long-term data, hence it is invest in stocks,
Chanchal, growth, risk, return on descriptive. mutual funds,
3. Dr investment or exchange-traded
Rajkumar liquidity. funds (ETFs), real
S (2021) 2. To comprehend the estate, and
pay and saving pattern cryptocurrency.
of youth.
3.To know their
drawn-out monetary
objectives.
9. Priya A RESEARCH 1.To find out the The research work Because of high
Vasagadek PAPER ON investment habits of was carried out in level education,
ar (2014) INVESTMENT the Indian working Pune & its outskirts. today’s women are
AWARENESS women. Working women in getting the best job
AMONG 2. To know the role of different industry offers with high
INDIAN Indian working sectors take home pay
WORKING women in making were interviewed for packages. It has
WOMEN investment decisions. this purpose. become the present
WITH Working day need for
REFERENCE professionals were working women in
TO PUNE from banks, India to increase
REGION corporate, LICs and their wealth.
other As most of the
small firms. women are low in
Structured financial literacy, it
questionnaire was becomes hardly
provided to them & possible for them to
their responses were manage their
noted. portfolios on their
own.
10. R.SIVA A STUDY ON 1The objective is to The study used two The majority of
SAKTHI, INVESTORS study the investors major parametric participants had a
Mr. AWARENESS awareness in the Stock tests viz., T- Test positive attitude
P.WILLIA OF Markets. and Anova-one way. towards investing,
M, STOCK 2 To study the with most
ROBERT MARKET influence of stock and expressing an
(2017) investment strategies. interest in learning
more about the
stock market.
11. Murlidhar A Study of 1. To understand the The present study is It was observed that
Ananda Investment investment basically based on rural people may
Lokhande Awareness and considerations of rural primary data and not be interested in
(2015) Patterns of investors secondary data. The investing in stock
Savings and 2. To examine the primary data were bonds and
Investments by investors awareness collected with the debentures due to a
Rural Investors level and their help of a well lack of knowledge
preferences of constructed or understanding
investment questionnaire and about them
partly interviews.
Secondary data were
tapped from books,
research journals,
newspapers and
study related to the
topic.
12. Dr.T.Sisili, A STUDY ON The present study has The data for study is It was observed that
S.Gokul INVESTORS made an attempt to collected through there is no
kumar,S.Si BEHAVIOUR understand the pattern well designed, awareness of where
vakumar,G OVER of individual structured to invest, for this
.Manikand INVESTMENT investor’s investment, Questionnaire several awareness
an OPTIONS their programs and
&V.Dinesh strategies while seminars should be
kumar investing and their conducted to make
(2018) expectation from the population know.
investment made by
them and of course
their demographic
features.
13. Janmejay ANALYSIS OF To identify the Study is based on It was observed that
V. Shukla INVESTMENT changes in preference both, primary and because of COVID-
and BEHAVIOR for the investment secondary data. 19 pandemic the
Shailesh OF options of the Primary investment
Kediya INVESTORS investors, before and data was collected behaviour of the
(2022) IN NAGPUR during COVID 19 using the structured individual investors
CITY - STUDY pandemic. questionnaire is changed.
ON PRE AND To identify the Their risk tolerance
POST COVID factors which affect level is affected due
PANDEMIC investor’s investment to decrease in their
decision and risk household income
tolerance level due to and less savings.
pandemic situation
14. C. A STUDY ON 1 To know the factor The study is based It was observed that
GEETHA, PREFERRED that influencing on primary and in Tamil Nadu,
Dr. M. INVESTMENT investment behaviour secondary data. respondents are
MARIMU AVENUES of the peoples. Primary data have medium aware
THU AMONG 2 To analyse the been collected about various
(2019) SALARIED investment pattern from100 respondents investment choices
PEOPLE among the salaried through a structure but they do not
investors. questionnaire know aware about
covering salaried stock market,
peoples of Tamil equity, bond and
Nadu, India. The debentures.
secondary data have
been collected from
various books,
magazine, journals,
newspapers and
websites
15. Ashish A Research on 1. To identify the Primary data has It was observed that
Dewan, R Investment factors affecting been used to Individual
Gayatri, Behaviour of investment measure the investment
Rishi Corporate and behaviour of corporate investors’ behaviour is driven
Dewan Individual and individual opinions while by the investor’s
(2019) Investors from investors from secondary data has own goals.
Southern India Southern India. been used for review Corporate
2. To compare the of literature. investment
investment behaviour behaviour is usually
of corporate driven by the
and individual company's strategic
investors from objectives
Southern India.
CHAPTER 4
FINDINGS & CONCLUSION
FROM LITERATURE REVIEW
 Findings means the information discovered as a result of enquiry or investigation. The
result section states the findings of the study based upon methodology used by the
researcher in a logical sequence without any bias or interpretation.
 Based on the review of literature, findings may include the research gaps and limitations
in research methods, study settings and theoretical frameworks.
 The following table provides the findings of the research study done for the topic
‘Financial Literacy and Investment Strategies’
Research Question Conclusion
How research papers on Financial Literacy and The 15 research papers on this topic are reviewed
Investment Strategies in India are placed in times? from the year 2011 to 2022. Maximum number of
research papers belongs to a year 2022, 2019 and
2018.
Which countries were chosen for selection of sample Research work on impact of Financial Literacy and
by the selected article of research? Investment Strategies indicates that during the past
few years research on this topic was very popular in
India.
Which research and data collection methods were The most common methods of data collection were
used in the study? primary sources-questionnaires and interviews and
secondary sources-exploratory, descriptive research.
What has been studied about Financial Literacy and In these 15 papers, focus was on limited countries
Investment Strategies in India? and moreover, specific in-depth analysis is required
for Financial Literacy and Investment Strategies in
India.
CONCLUSION
 The study confirmed that investing in India has become increasingly attractive due to
the country’s strong economic growth and increasing openness to foreign investment.
 For that reason, India has seen a steady increase in the number of investments made in
the country over the past few years.
 The power of investment cannot be ignored.
 Investment is an important process in India because it is an effective way to put your
money to work and potentially build wealth.
 The investment process provides a structure that allows investors to see the source of
different investment strategies and philosophies.
 Investment support causes which is important to us, Wealth can be an important tool
for impacting the world in a meaningful way. So whether your passion is the
environment, the arts, or human welfare, you can use your wealth to affect positive
changes in your community or around the world.
 Investment can also be helpful to achieve Self-Determination and Independence.
 Investing can help you build financial security over the long term. It can provide you
with a steady stream of income, or capital gains if you choose to sell your
investments.
It will also helpful to achieve goals, Investing can provide the financial resources you
need to achieve your goals, such as buying a home, paying for college, retiring
comfortably, or leaving an inheritance.
SCOPE FOR FUTURE STUDIES
After reviewing 15 papers, following points provide the scope for the future research in the
field of “Financial Literacy and Investment Strategies”
Future research can be done to examine that what are the factors which affect the investment
decision of people.
 Future research can be conducted to get more clarity of ideas before Investing.
 Future research can be done to get better understanding of the artificial intelligence and
machine learning to help investors for making more informed decisions.
 scope for the comparative study of the mentality,
 Research can be conducted to see the perceptions & attitudes of the working women as
investors here in India & abroad.
 Purpose of Investment must be thoroughly analyzed in upcoming future research.
 Research can be done to analyzing the Impact of Regulation and Government
Intervention on Investment Pattern.
 Research could also focus on the development of new models to predict investor behavior
and the development of new financial products to meet the changing needs of investors.
 Research can be done to exploring the role of gender and culture in investment decisions.
 In general, research can be done to studying the Impact of Financial Literacy on
Investment Decisions.
 Future research could focus on the benefits of Investment in India.
REFERENCES
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https://www.academia.edu/37684003/
A_study_on_investment_options_available_in_the_modern_era
Arora, M. (2015). Indian Investor Behaviour. International Research Journal Commerce arts
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https://www.academia.edu/23684304/INDIAN_INVESTOR_BEHAVIOUR
Murithi, S., Narayanan, B., & Arivazhagan, M. (2012). Investors Behaviour in Various
Investment Avenues. International Journal of Marketing and Technology, 02(07), 164-189.
https://www.researchgate.net/publication/
261173666_INVESTORS_BEHAVIOUR_IN_VARIOUS_INVESTMENT_AVENUES_A_ST
UDY
Geetha, N., & Ramesh, M. (2011). A Study on People’s Preferences in Investment Behaviour.
International Journal of Multidisciplinary Educational Research, 01(06).
https://www.academia.edu/23756177/
A_Study_on_Peoples_Preferences_in_Investment_Behaviour
Singh, J., & Yadav, P. (2016). A Study on the Factors Influencing Investors Decision in
Investing in Equity Shares in Jaipur and Moradabad with Special Reference to Gender. Amity
Journal of Finance, 1(1), (117-130).
https://amity.edu/UserFiles/admaa/195Paper%209.pdf
Saranya, B. M., & Joyce, S. (2022). A Study on Investment Pattern of General Public.
International Journal for Research for Applied Science and Technology, 10(04), 2092- 2098.
https://www.ijraset.com/best-journal/study-on-investment-pattern-of-general-public
Shekhar, C., Jain, S., Deshpande, S., Rai, P. (2018). Indian Investor’s Behavior on Various
Investment Opportunities. International Journal of Research and Analytical Reviews, 05(04),
109- 122.
https://www.ijrar.org/papers/IJRAR1905037.pdf
Tyagi, M., Chanchal, K., Rajkumar, S. (2021). Investment Pattern of Youth in India.
International Journal of Scientific Research in Engineering and Management, 05(08), 1-16.
https://www.researchgate.net/publication/354178304_Investment_Pattern_of_Youth_in_India
Vasagadekar, P. (2014). A Research Paper on Investment Awareness Among Indian Working

Women with Reference to Pune Region. International Journal of Scientific & Engineering
Research, 05(06), 1333- 1347
https://www.ijser.org/researchpaper/A-RESEARCH-PAPER-ON-INVESTMENT-
AWARENESS-AMONG-INDIAN.pdf
Sakthi, S., William, P. (2017). A Study on Investors Awareness of Stock Market. International
Journal of Advance Research and Innovative Ideas in Education, 03(06), 849-860.
http://ijariie.com/AdminUploadPdf/
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Lokhande, M. A. (2015). A Study of Investment Awareness and Patterns of Savings and

Investments by Rural Investors. Indian Journal of Finance, 9(7), 22.
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Sisili, S., kumar, G., Sivakumar, S., Manikandan, G., & Dineshkumar,V. (2018). A Study on
Investors Behaviour Over Investment Options. International Journal of Advance Research and
Innovative Ideas in Education, 04(03), 695- 714
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Shukla, V.J., & Kediya, S. (2022). Analysis of Investment Behaviour of Investors in Nagpur
City- Study on Pre and Post Covid Pandemic. ICTACT Journal on Management Studies, 0(02),
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https://ictactjournals.in/paper/IJMS_V8_I2_Paper_9_1590_1593.pdf
Geetha, C., & Marimuthu, M. (2019). A study on Preferred investment Avenues Among Salaried
People. A Journal of Composition Theory, 12(09), 1340 -1349.
https://www.studocu.com/in/document/university-of-mumbai/bachelors-of-commerce-
accountancy-and-finance/a-study-a-study-of-investment-avenues-for-salaried-individual-in-
india/23993595
Dewan, A., Gayatri, R., & Dewan,R. (2019). A Research on Investment Behaviour of Corporate
and Individual Investors from Southern India. International Journal of Innovative Technology
https://www.ijitee.org/wp-content/uploads/papers/v8i6s4/F13050486S419.pdf
To understand the investment

considerations of rural investors
(2) To examine the investors
awareness level and their
preferences of investment
(3) To compare the investment
behavior of rural male and
female investors
(4) To make some suggestions
in order to enhance investment
awareness among rural people
female investors
female investors
female investors
awareness among rural
people 00000000000000000000000000000000000000000000000000000000000000
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0000000 backbone of a
nation's countries that are
attempting to grow their
economics, it is therefore
necessary for the public to
invest appropriately in
investments and liberate
borders for other countries for
their investments.
Fundamentally Investment is
not only about investing current
money for return, but it also
implies that return and risk is on
both sides
of investment. And this varies
according to the preferences of
how the respondent views their
s

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FINANCIAL LITERACY AND INVESTMENT STRATEGIES: A REVIEW

SUBMITTED IN PARTIAL FULFILLMENT TO

For the Degree of

This really provided me an opportunity to demonstrate my ability in applying theory to practical

INVESTMENT ALTERNATIVES / MEDIA

 To identify the various investment options available for investment in India.

 There are various investment avenues are available in India.

Research paper reviewed 2:-

Objective of the study :-

Research methodology used:-

Findings and conclusion:-

Research paper reviewed 3 -

Objective of the study :-

Research methodology used :-

Findings and conclusion:-

Research paper reviewed 4:-

Objective of the study :-

Findings and conclusion:-

 it is concluded that in Kurumbalur respondents are medium aware about various

Research paper reviewed 5-

Objective of the study :-

 To identify factors influencing the investor while investing in equity market.

Research methodology used :-

Findings and conclusion:-

Research paper reviewed 6-

Objective of the study :-

Research methodology used :-

Findings and conclusion:-

 The research study uncovered a number of significant facts on respondents' investment

Research paper reviewed 7:-

Objective of the study :-

 To understand various financial instruments present in Madhya Pradesh (Jabalpur &

Research methodology used :-

 To comprehend the pay and saving pattern of youth.

Research methodology used :-

 To find out the investment habits of the Indian working women.

Research methodology used :-

Findings and conclusion:-

Research paper reviewed 10:-

Objective of the study :-

 The objective is to study the investors awareness in the Stock Markets.

Research methodology used :-

Findings and conclusion:-

Research paper reviewed 11:-

 To understand the investment considerations of rural investors.

Findings and conclusion:-

Objective of the study :-

 The focus of the study was on understanding the preferences of rural

 Primary Data: Primary Data was collected by conducting a survey by distributing

Findings and conclusion:-

Research paper reviewed 13:-

Research methodology used:-

Findings and conclusion:-

Research paper reviewed 14:-

Objective of the study :-

 The focus of the study was on understanding the preferences of rural

Findings and conclusion:-

Research paper reviewed 15:-

• Other online sources