STUDENT DECLARATION

I, Sayali M Gaud hereby declare that the present Field Project Report for the
subject “Financial Planning Awareness in Working Ladies” of F.Y.M.B.A (Sem
II) is uniquely prepared by me.

Name of the Student: Sayali Mevanand Gaud

Roll No.: C014

Date and Signature:

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Index

Sr No. Content Page No.

1. Introduction 04
Background
Statement Of Problem
Objectives
Importance

2. Literature Review 10

3. Methodology 12

4. Time-Table(Span) 13

5. Data Collection 15
Data Analysis

6. Findings 24

7. Conclusion 26

8. Annexure 27

9. References 31

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 Introduction
Financial Planning Awareness in Working Ladies :

Financial planning refers to the process of creating and

managing a strategy to achieve financial goals.

It involves assessing

1. One's current financial situation

2. Setting specific objectives, an
3. Designing a roadmap to reach those goals.

This encompasses budgeting, saving, investing, and managing risks.

By defining financial planning, individuals can gain clarity on their
financial priorities, establish a realistic plan, and make informed
decisions to secure their future.

One can understand the financial literacy by understanding the four

components of financial literacy better, which are discussed below in brief

1. Budgeting: Budgeting is the skill which is essential at every stage

of life of a person to learn. It helps in acquiring the financial
knowledge for planning & investing money appropriately.
Budgeting helps in planning expenses for short, medium as well
as in long term. The thumb rule of budgeting can be said is that

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 income must to be greater than expenses. To maintaining the
difference between them is what helps in putting aside as savings.

2. Debt:
Debt is nothing but the borrowing from others. For example, if an
individual borrows money from bank or any financial institution or
uses a credit card or takes any kind of loan for short/long term. All
these become part of the debt. Manier times it was seen that, not
everyone are able to buy house, or able to pay the fees in cash,
because of which the scenarios are created for borrowing or taking
loan to only way out of it. But one should always try max to avoid bad
debt as much as possible. This is the basics for the debt management.

3. Saving:
Saving ensures the financial stability & an un-predicted future. One
can build wealth in long term by doing the proper financial planning.
We can also that saving is nothing but also an emergency fund. An
emergency fund acts like a relaxation in time unexpected life events.
These funds are to be considered as at least six months worth one’s
income.

4. Investing:

Investing is nothing but to put money in bank, property, business, etc

in hope of making profit through it. Investing is termed about
generating and growing wealth to enjoy a secure and happy life. One
can reach their financial goals at same time by allocating their funds
towards their retirement saving. Some of the widely used investment
options are equities, debt instruments, mutual funds, real estate &
gold.

Women's empowerment is one of the largest issues facing our country, and
it can only be accomplished when the women of this nation are educated,
financially literate, and independent. The ability to make wise financial
decisions is referred to as financial literacy. A financially literate person
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is capable of making intelligent decisions and managing their money
effectively .
Although it is very heartening to observe that women are now equal to men
in all areas of endeavour, they are still reliant on male family members
when it comes to making financial decisions.

Financial literacy is a critical component of financial well-being, and

individuals need to possess adequate knowledge about financial matters to
make informed decisions regarding their finances. In India, working
women constitute a significant portion of the workforce and contribute
significantly to the country's economic growth. However, studies have
shown that women's financial literacy in India is limited, and this may
impact their financial decision-making abilities and overall financial well-
being.

This study aims to examine the financial literacy of working women in India
and explore the factors that influence their financial knowledge. The study
will focus on areas such as investments, savings, and insurance, which
are crucial for financial planning and decision-making. The research design
will be quantitative, and data will be collected through an online survey
distributed to 100 working non – working women, man across different age
groups and
income levels. The study will also examine the sources of financial advice
and the level of confidence that women have in making financial decisions
independently. The findings of this study are expected to provide valuable
insights into the financial literacy of working women in India and the
factors that impact their
financial knowledge. The study's recommendations may help improve
financial literacy among working women, enabling them to make
informed financial decisions and improve their financial well-being.

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Statement of Problem
In olden days, women were not given any right to take any
important decisions. Now, everything has changed. Women are
Educated they are allowed to work and take financial decisions.
Though women are allowed to take financial decisions, they
don’t have enough knowledge about various financial
alternatives. Women do not have financial knowledge and
awareness about various income tax and regulatory bodies.
Awareness level of working women is analysed in this study in
order to know the literacy level of working women.

Objectives :
The objective of the research paper

• To examine the level of financial literacy among working

women in India
and identify the factors that influence their financial literacy.
• The study aims to provide insights into the financial behaviour
of working
women in India, the challenges they face in managing their
finances, and
the potential ways to enhance their financial literacy.

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 Importance:

• Gender inequality:

Financial literacy is critical for financial well-being and economic

empowerment. However, women in India often face gender-based
discrimination, which limits their access to financial resources and
opportunities. The study can help identify the gaps in financial
literacy among working women and suggest ways to bridge the
gender gap in financial literacy.

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• Economic development:
Women's economic participation is vital for India’s economic
growth. The study can provide insights into the financial behaviour of
working women, their saving and investment patterns, and their role
in the economy. This can help policy makers develop targeted
interventions to promote financial inclusion and economic
development.

• Financial education:
Financial literacy is essential for making informed financial decisions.
The study can help identify the areas where workingwomen lack
financial literacy and suggest ways to improve their financial
education. This can contribute to building a financially literate society
and promoting financial stability.

• Social impact:
Financial literacy can have a positive impact on the overall well-being
of individuals and families. The study can help working women make
better financial decisions, manage their finances effectively, and
achieve their financial goals. This can contribute to reducing financial
stress and improving the quality of life for working women and
their families.

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Literature Review

In the past ten years, both established and emerging economies have
realized the necessity of financial literacy. To promote financial
education and counselling to both urban and rural populations across
India, the Reserve Bank of India initiated an effort in 2007 to construct
Financial Literacy and Counseling Centers. In a similar vein, the
United States established a council in 2008 to provide financial
education and broaden access to financial services (Cole et al., 2009).
Indonesia is also taking steps to improve financial services
accessibility and raise financial literacy in their nation. Moon has
acknowledged the importance of a systematic finance education
program that begins in elementary school and continues through
high school.

According to research, women typically encounter greater

financial difficulties than males when making financial decisions, and
tend to be more concerned about the future, but are less
knowledgeable about how to safeguard it 9Anthes & Most, 2000). In
terms of their financial attitudes, women have distinct demands
because they learn about investing options differently and have
different views overall (Hira & Loibl, 2007).

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[Link] Vasagadekar (2014),

From ancient times, women have been managing homes and their
activities. Hence they are called ‘Home makers.’ This situation has
been changing. These days, in all sorts of fields, women are working
efficiently and enthusiastically along with men or if it is said that
women work more efficiently than their male colleagues, it wouldn’t
be an exaggeration.

2. Akshita Arora (2016),

The lower level of financial literacy is one of the greatest concerns for
Indian women since independence. To assess the financial literacy
level of women, we conducted a survey for which, a questionnaire
is prepared and distributed among the working women in the state
of Rajasthan. The results of the survey show that the general
awareness about financial planning tools and techniques among
women remains poor even today, in 21st century

3. Abhishek Janvier Frederick et al.,(2017),

Tax planning is important for every assess to reduce their tax liability
and compliance with the income tax rule. To enjoy the benefits of
tax planning the assess must know different provisions of tax savings
schemes available in the law. This studies the awareness of working
women, towards tax benefits schemes and the investment pattern
towards tax benefits schemes in Allahabad.

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Methodology
This study examines the role of financial literacy and financial socialization
in developing financial self-efficacy, financial coping behavior, and
financial empowerment among women.

The data were collected from women using self-administered, structured

survey questionnaires by the research team and through online data
collection platforms from across different cities of India.

Sample selection aimed to capture diverse socioeconomic backgrounds

to enhance the generalizability of the findings. Many. The study covers
both primary and secondary data, primary data collected with the help of
questionnaire, secondary data collected through websites, articles and
published and unpublished journals and articles, and dissertation etc.

Data collected on the basis of survey method, questionnaire has been

used as a data collection tool ,respondents are selected on random basis
and will circulated questionnaire to check level of financial literacy.
Sample size are 100.

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 Time-Table

- Introduction

In Introduction part it took around 15hrs to define the research topic and
objectives, also too gather and analyze relevant research papers and
articles.

- Survey Conducted

Created survey question on google forms and methodology and administer

the survey to target population (Working women).

Gathered Survey responses.

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 - Analysis of data

Ensured the data quality and consistency, applied statistical methods and
data analysis techniques. Drew insights from data analysis (Interpretation).
It took around 5hrs to complete the analysis.

- Interpretation

Understood implications of data analysis. Summarized key findings and

implications and recognized study limitations and potential biases for
interpreting the whole data it took around 10hrs.

Report Writing, Correction and finalizing the whole project including the
references, annexure it took 50hrs.

For preparing the whole project it took overall 160hrs including priting
binding of it.

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Data Collection
Method The data was collected through a structured
questionnaire(Survey). It was aimed to record responses from working
women and 100 working women responded appropriately for the study.
The analysis is based on these responses(128) so collected primarily. The
findings of the study are explained below under the heads of demographic
profile of respondents, financial knowledge, financial behaviour and
financial attitude levels of the same.

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Data Analysis

Interpretation :
Basis on the above Pie-chart it can be clearly seen that 88.3% which is
equals to 113 persons out of selected target audience(128) is working so
based on this it became easier to understand the working women’s habbit
toward various Investment plans and Savings.

Interpretation :
The reason behind the study and research project is to know what restrict
working women to invest and their understanding about financial literacy

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so the first basic question was asked to target audience if they are aware
about the Financial Planning and its importance in this intensively growing
world, so through this question I got to know most of the people and
women’s are aware of the Importance and 94.5% said yes.

Interpretation :
The above Pie-chart indicates “If they pay Income Tax, and if yes what
strategies do they adapt to minimize their Tax Liability” as I selected Target
Audience working women’s so when someone earns they has some tax
liability which is part and initiative of Government which helps government
to generate the revenue which they utilise for welfare and nation’s growth
purpose, and most of the audience selected no as there Income is below the
government Income Tax threshold wherein the most of the audience is
earning less than 12lakh pa.

Whoever earning more than that are either following the New tax regime
or else they are investing in Insurance, Investment, Mutual funds, Health
Insurance to claim under various section.

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Interpretation :
The above Bar Graph showcasing whether the Working women has
passive/second source of Income beside the salary as Salary is not enough
to meet all the expenses and it’s important to have second source if earning
one lose their job and that could be because any possible reason and it will
also give one stable income without working for it wherein most of the
audience receiving income rest are either investing it, having their own
business or they are receiving rental income as their second source of
Income.

Majority(82.5%) has their source of money as Salary.

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Interpretation :
It’s important for having retirement planning for future to survive without
sacrificing on own needs and wants but as the study(survey histogram)
clearly showcasing (82.4%) have yet not planned or investing in any
retirement plans to receive one steady income.

Interpretation :
The above statement and graph is showcasing the Investment plans
prefered by the audience as it helps to create wealth, investing today enjoy
tomorrow, getting lumpsum and future benefit as Investment grows with

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time as India is economically growing country so along with the nations
growth market will also grow and will provide good returns who are
investing.

So 88.1% respondants choose to invest in Fixed deposits as this are 100%

safe and fixed bearing investment option so it can be clearly seen people
prefer safety over good returns and risk, and 41.3% choose to invest in
mutual funds and taking some risk, rest going with Guaranteed plans and
SIP(Systematic Investment Plans)

Interpretation :
To understand the nature of working womens it was required to add the
question how much portion of their salary they keep aside as Emergency
fund for emergency purpose so its concluded through survey 58.6% choose
to keep only 10-20% of funds as Emergency fund.

Emergency fund is a personal budget set aside as a financial safety net for
future mishaps or unexpected expenses and this is important to keep aside.

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Interpretation :
A Provident fund is a government mandated and managed retirement
savings plan that helps employees prepare for their retirement. Wherein
employees and their employers contribute to the plan out of their salary
which they can save and keep aside for the retirement purpose and study
shows 96.1% working women contribute in Pf/401(k) fund for the
retirement purpose which amount they can use later on instead of
spending all the received salary.

Interpretation :
The question of interest being addressed here is whether the respondents
choose to invest or save their salary. This is an essential question because
money invested over a longer terms can have greater returns than savings
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account ts depending on interest rates, market conditions and risks.
Investment types include

- Bonds
- Stocks
- Mutual funds
- Stocks and shares
- Exchange Traded Funds (ETF’s)
- Gold

And rightly audience chose to invest(89.8%) over saving for better returns
rather than fixed lower rates.

Interpretation :
This bar chart shows the result of a question in the questionnaire, “ how
confident do target audience feel about managing their personal finances
on scale of 1-5” wherein 100% audience has confident in them that they
know more than 1% on a scale of five which is the best part about the
study as it’s very essential for people to manage their own finances and
expenses

And it’s also found that (2.3%) have rated that they have five on five
knowledge and confidence about managing their own expenses and
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finances, and (46.1%) have enough knowledge and confidence to handle
their expenses as they rated 3 out of 5.

Interpretation :
This bar chart is a representation of the 128 respondents on “if they have
ever attended any financial literacy courses or workshops” where its
showing that majority of people (36.5%) have not attended any financial
literacy course so they can be selected for future study regarding
awareness and literacy related courses and rest 75 respondents have
already attended course either online or offline and rest remaining 15 are
not at all interested in learning and attending the financial course.

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Findings
. FINDINGS OF THE STUDY

• The data reveals the state of awareness regarding investment

revenue. People are well aware of saving accounts, mutual funds, gold
investments and purchasing assets.

• The data shows that people's investment choices or influence by

various factors safety and life security at 40.2% desires to acquire
assets at 31.7%, emergency needs 26.8% and family security 30.5% tax
benefits 23.2% some use investment to repay loans 12.2% and a few
prefer regular returns 4.9% a small portion is un decided 1.2%.

• The investment difference among respondents. Bank fixed deposits

are at 60.1%, real estate at 9.8%, chit funds at 13.4%, insurance
schemes at 32.9%, will gold and silver or less popular, with 45.1% not
choosing them.

• The reflects diverse satisfaction levels among respondents regarding

their investments 57.3% express high satisfaction 24.4% are
moderately satisfied with their investment, 18.3% or not being
satisfied with their investment.

• The various sources influencing decisions about their investments. A

substantial portion 39% trust there on judgment or some advice from
family and friends. 2.4% and friends by advertisements.

• The challenges are faced while choosing investment decisions

making. Notably respondent cited a lack of knowledge 30.5%, limited
income 32.9%, and some not knowing where to start 31.7%.

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• More than 60% of the women are unaware of the basic plans and
schemes available to them for their financial benefits.

• The study reveals that only 14 - 15% women manage their financial
decisions independently.

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Conclusion
In this research paper we conducted in depth analysis of working
women and their financial investments. The people are more
appealing to earn income but they are not serious about their
investment decisions and saving allocations. The Conclusion of this
research is that women should be more knowledgeable about the
investment avenue since they are generally depended on their spouses
or other family members.

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Annexure
Working?

Yes

No

1. Are you aware of the importance of financial planning in your life?

Yes

No

2. Do you pay Income Tax? if yes then what strategies do you adopt or
where do you invest to reduce your tax liabilities.

No

Yes, Investment Plans

Yes, Insurance Plans

Yes, follows New Regime

3. Do you have any second source of income/ passive income, if yes then
what passive source of Income you have out of given categories.

Salary from job

Investments

Rental Income

Freelancing

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Other

4. What are your plans for retirement? If any please specify.

Your answer :

5. What do you prefer when it comes to investment options ?

Fixed Deposits (FD)

Mutual Funds

Guaranteed long term plans

SIP (Systematic Investment Plans)

6. How much portion you keep aside as Emergency Fund from salary.

10-20%

20-30%

30-40%

0-10%

7. Do you have a retirement savings account like a Provident Fund or

401(k)?

Yes

No

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8. Do you prefer Investing over saving?

Yes

No

9. On a scale of 1 to 5, how confident do you feel about managing your

personal finances? (1 being not confident at all, 5 being very confident)

10. Have you ever taken any financial literacy courses or workshops? (Select
all that apply)

Yes, in- person workshop

Yes, online course

No, but interested in learning

No, not interested

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References

• Dr. [Link], D. U. (2021). A Study on Impact of Financial Literacy

on Women in Bengaluru City. Journal of Contemporary Issues in
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• Chijwani, M. M. (2014). A Study of Financial Literacy among Working

Women in Pune. IJSRD - International Journal for Scientific Research &
Development| Vol. 1, Issue 11, 2456-2458.

• Malhotra, T. J., & Jani, S. (2017). Finacial Awareness among working

women: An Empirical study. Amity University Rajasthan, 22-35.

• Sharma, A., & Joshi, B. (july 2015). Financial literacy of women and
its effect on their investment choice decision. Global journal for
research analysis, 190-192.

• International journal of recent advances in multidisciplinary topics

volume 3, issue 2, February 2022.

• ©2019 JETIR March 2019, Volume 6, Issue 3 Journal of Emerging

Technologies and Innovative Research. Khushboo solanki, p. d. (2020).

• Financial Literacy Among Working Women in The City of Jaipur.

International Journal of Advance Research in Commerce, Management
and Social Science, Vol 03, No. O4, 258264.

• Priyanka Agarwal, D. S. (2015). A Study on Financial Literacy Among

Working Women in Educational Sector of Jhansi District: With Special
Reference to Investment Avenue. International journal Of Advance
Research in Science and Engineering Vol. No. 04, 54-61.

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