c

ccc

 
 
c c  c
c
c c

c 
 
c

c Women constitute above half of the world population. Their

contribution to the world·s work is about 55% including their unpaid

economic activities. Hence there is every reason that women should

plan an equal role in economic decision making. The 1994 world survey

on the role of women in development reported that the ratio of women

to men in economically active population has almost doubled over the

last 20 years. With the increase in role of women in the economic

activities and by nature, women being indentified as a better saver than

man, the decision making process by woman for investment purpose

gains its importance.

The hand that rocks the cradle rules the world is popular saying

about women. Saving is a habit specially embodied to women. Even in

the past, when mainly depended on their spouse·s income, they used to

save to meet emergencies as well as for future activities. In those days,

women did not have any awareness about various investment outlets.

But as time passed, the scenario had totally changed.

Now, the present women, who is equally employed, through their

education have knowledge about various aspects of investment and as a

result they invest in various investment avenues such as shares,

debentures, mutual funds and bank deposits.

Indian savings market has been expanding over the period and

there is a steady increase of household savings. Moreover, general

profile of women investors is changing in tune with time. But they lag

in various spheres of investment such as awareness and preference of

investment. So, an attempt has been made by the researcher to identify

the factors influencing women investor·s behavior to evaluate the level

of awareness among women investors and to analyze the preference of

women investor towards various investment outlets.

Employed women have a greater propensity to save and invest

because of their independent earning power. They are also motivated by

the investment behavior of their colleagues in their work place. They

are supposed to be risk adverse, safety oriented and guided by certainty

of returns. With increasing level of knowledge and awareness, women

are slowly participating in the risky investment portfolios and they are

becoming analytic in their investment behavior.

Study has revealed that female powerlessness in much more acute

in north india than in south. Women in the north have relatively little

autonomy or freedom of movement, limited inherit ants rights in

practice, limited support from their natal family and limited

opportunities for control over economic resources. In contrast women in

south India have closer notal ties, greater decision making authority

and control over the resources.

In fact, in a small and middle class families it is the woman who

practically saves for the family. Women by nature are gold loving. They

save their money in the form of different gold ornaments which is a

highly liquid financial investment. The total amount of gold that, has

been with Indian family is much higher than the amount of gold reserve

with the government of U.S.A.

 Excess of income over expenditure by any economic unit is called

saving. Saving is done by abstaining from the present consumption for

future use. In fact savings sometimes automatically come from

households as a matter of habit. Savings is a part of life. Not only

human being saves for the future but also insects like ant, honey, bee,

termite also save for the future. The story of ant and the bird taught in

childhood teaches us the importance of savings. Future is uncertain.

Hence saving is required to manage the uncertainty in life.

These above mentioned studies relate to the stock markets of

developed countries like USA, Canada and Great Britain. Indian capital

market however is in the process of learning. The corporate disclosers

are not adequate and there is little scope for individual investor to

access in time first hand information. Hence the behavior of individual

investor in such a market is an interesting topic to study. More

specifically when the investor is an Indian woman, there is every

possibility that her decisions regarding investment can be influenced by

the decisions of her family members. The parameters of investment,

instruments, degree of risk perceptions etc are likely to be different for

woman investor. The survey of literature points out to a glaring gap in

the research works related to women investors. Studies made also do

not find much reference to the behavior of women investors. The

present study is an attempt to fill this void.

Since, the money plays an important role in this competitive

world, we need money, so we have to save money in various forms of

investment.

c  c
c
c
c

The economic development of a nation depends on the

mobilization and effective utilization of domestic savings. Domestic

savings originate from three distinct sectors of the economy. They are

the household sector, the private corporate sector and the public sector.

In India, the household sector alone contributes more than two

third portion of the domestic savings. It necessitates the channelization

of the saving of the household sector in the desired direction.

Money is an inextricable part of our lives. Educated & Uneducated

also realize the importance of savings. Due to the development in the

massmedia and telecommunication people are aware of different

investment alternatives. Due to the transparency the general public

had gained expertise knowledge about the companies, its management

and its market shares in the market and the company·s earning

capacity over the period of time.

In this competitive world, everyone is interested in investment to

improve their standard of living, to meet the expectations of their

children, for children further studies, for family protection, for their

retirement, for tax saving and so on. Financial advisor or financial

planner also helps the investors to evaluate the portfolio strategies.

However, for Indian women there is every possibility that her

decision was always influenced by the family members.

As a women bank employee she earns steady lumpsum salary,

regularly, deal with money and exposed to different investment

avenues. Besides these, she is the preserver of home, custodian of her

children and a saver for hard days for her family. Thus evaluation

degree of risk perception, decision making process will enable the

Government and policy markets to frame the suitable strategies &

policies to suit working women needs.

cc
cc

Rethnasamy and Sebastian (1979) conducted a survey in 40

households of Thiruchirappalli city. The main objective of the study was

to find out the marginal propensity to save and the saving behavior of

the urban people. They found that the marginal propersity to save in

Thiruchirappali could be put at 0.41. they also found that ´about 40

percent of the people save for the purpose of educating their children

and the remaining 30 per cent, to purchase property.

In another household saving and investment study, Gothoskar

and Venkatachalam (1979) pointed out that, first official estimates of

saving in the Indian economy were prepared and published by the

Reserve Bank of India in March 1960 that covered the period 1950 to

1957. The household sector was eventually given special consideration

by several other studies (and report) including the one by National

Council of Applied Economic research (NCAER). After carrying out

review of existing literature in the first few and the study analyzes

saving behaviors upto 1977.

 Narayana (1979) states that, ´Income savings and Investment are

the three key variables of any economy. The level of income is an

important determinant of savings and Investment, while the past

investment in capital goods influence the present level of income. The

process of the economic development depends upon the community·s

ability to save and invest, and the progress of industrialization and

economic modernization is closely related to the rapidity with which

savings and investment are harnessed.µ

Krishnamoorthy and Saibaba (1982) had found in their study, the

following things about savings ´The propensity to save in financial asset

is significantly higher for the non agricultural households compared

with the agricultural households, whereas no significant difference is

found with regard to physical assetsµ. They also state, ´Growth of per

capital real income has a positive impact on the household saving rate.

This lends support to the hypothesis of lags in the response of

consumption to the changes in income with regard to the household

sector.
 Morais (1985) had published in article title, ´Double indemnityµ

stated that the article presents information related to term Life

Insurance. Term Insurance, which provides pure death protection and

no savings features, should be as easy to buy as gasoline. The industry

however has transformed this commodity into a product with prices

that vary all over lot. Some term policies were great bargins, but they

aren·t easy to find. A firm that is a low bidder on non-smoking males

may overcharge for women or smokers or it may lowball younger

buyers, hoping they will stay as they climb up the age scale into

expensive territory.

Panikar (1987) states that, the proportion of savings in the

household sector, taking the form of financial Assets, determines the

mobilization of savings for investment in other sectors. The volume of

savings in the form of physical assets and their composition will

influence. The productivity and generation of income in the household

sector.µ

Sushil, K.Jain had explained the share selection process which is

considered an important aspect for successful investment. He points out

that before making an investment that investor should review the

market conditions for an appropriate purchase or sale of shares. He

concludes that the proper selection of the timing of investment and the

proper companies will help the investors to get the best returns.

S.K.Ray had analysed that the various types of risks under the

title ´Investment in uncertaintyµ According to the study the

combination of risk and return depends upon the investors utility

function. The study shows that for the selection of a portfolio

comparison between a combination of portfolios is essential. The study

indicated that the individual wants to hold that portfolio of securities

that would place him on the highest return, choosing from the set of

available portfolios. In the concluding remarks he mentions that

investment should be made in a growth oriented company, which is

capable of following a sustained demand growth in the future.

Meeta Kathpal points out that traditional people were happy

investing in fixed deposits with the banks earning a small rate of

returns. Only in the late seventies and eighties the number of investors

investing in the equity shares showed an upward trend due to the

higher rate of return than in fixed deposits. The study pointed out that

in the year 1985 there was a virtual boom in the stock market which

attracted the traditional, fixed deposit investors to invest in the stock

market. At this stage the small investors became so obsessed with a

higher rate of return in the stock market that they started selling their

properties and household items to invest in stocks.

The study indicated that there was a decline in the stock market

in the year 1993 due to the exposure of a stock scam, followed by the

Ayodhya incidence and the bomb blasts in Bombay and Calcutta. Small

investors lost their earned savings. the study concluded that investors

were not able to decide whether, to have the equity purchased in the

boom period or sell them to avoid erosion in its value. Thus the days of

fixed deposit and debt instrument would return soon.

Joanne Stilley Hopper had published in the Journal of the year

1985, Title ´Family Financial Decisionµ making. Implications for

marketing strategyµ stated that Investigates family financial service

choice behavior including insurance, investments, and banking services.

Indicates that, for the majority of the couples surveyed, both spouses
participate in financial decision making. Results support the

overwhelming need for financial services institutions to target wives as

well as there husbands in promotional strategy an product / service

development.

Yadav and Mishra (1996) in their article states that, ´the role of

institutional investors in growing financial markets in the allocation of

household savings in developed countries with the liberation process

gaining momentum there has been significant changes in the pattern, of

investment of the household sector in financial asset. The household

sector·s savings in securities and debentures and units of UTI have been

increased significantly during the post liberalization period in

comparison with the late eighties.

Jones Matthew, T.and Obstfeld, Maurice (1997) in the title

´saving, Investment, and Gold, A reassessment of Historical current

Account dataµ. This paper revises pre-world war II current account data

for thirteen countries by treating gold flows on consistent basis. The

standard historical data sources often fail to distinguish between

monetary gold exports, which are capital account credits, and non-
monetary gold experts, which are current account credits. The paper

also adjusts historical investment data to the account for changes in

inventories. The revised data are used to construct estimates of saving

and investment over the period from 1850 to 1945. Our methodology for

removing monetary gold flows from the current account leads naturally

to the gold standard version of the Feldstein ² Horioka hypotheis on

capital mobility. The regression results are in broad agreement with

those of Eichengreen, who found a significantly positive cross sectional

correlation between savings and investments even during some periods

when the gold standard prevailed. Despite reaching broadly similar

conclusions, we estimate correlations between savings and investments

that are somewhat lower and less significant than those Eichengreen

found. In Particular, we find that in comparison to other interwar

subsamples, the saving investment correlation is markedly low during

the fleeting years of a revived world gold standard, 1925 ² 1930.

Martin Rama and Donna Makgaac (1999) did a study on

´Earnings and welfare after Dawnsizing : central bank employees in

Ecuadorµ. This article measures the earnings and welfare losses

experienced by displaced employees of the Central Bank of Ecuador. It

links these losses to individual characteristics such as gender,

education seniority and salary in the public sector. Datas are from a

survey of displaced employees that public sector. Datas are from a

survey of displaced employees that included subjective evaluations of

well-being in addition to the information on activities and earnings. The

welfare losses of separated employees are not highly correlated with

their earning losses, partly because some of them withdrew from the

labor force after separation. Earnings and the welfare losses also vary

depending on the nature of displacement, which was voluntary for

roughly half the employees and involuntary for the rest. Overall, the

losses were larger for employees with higher salaries. However,

compensation for displacement was based on the rule of thumb that

involved only salary and seniority and was applied across ² the ² board.

For those employees who left voluntarily, the resulting compensation

package was, on average, about 20 per cent higher than the welfare

loss. The article derives the implications of these findings for the design

of assistance programs for displaced workers and more specifically for

the tailoring of compensation package to their individual

characteristics.
 Kulkarni and Talele (1999) had put forth the importance of

savings in an interesting way. Household, public (govt) and private

corporate sectors are three pillars of Indian economy of these three the

last two are generally in deficit, the household sector is a surplus sector

which finances the deficit of the other two sectors. The extent to which

the household sector can perform the job of financing is given by the

¶pattern· or ¶portfolio· of savings i.e., the distribution of saving in to

claims on government, private corporate or financial institutions.

Balsara Anita H.and Pestonjee DM (2000) anlysed, Investment

pattern and Decision Making. The role of working women is an attempt

made to study how far working women enjoy freedom to take

investment related decision on their own and the pattern of

investments in the male dominated investment world in India. The

questions related to investment pattern and its decision maker with

respect to working women was studied by taking, 227 respondents from

3 cities : 108 in Ahmedabad, 60 in Solapur, 59 in Gulbarga.

Questionnaire method was administrated and datas were collected on

saving types of Investment, influencers, expenditure and decision

makers. In order to answer the questions, conventional and non-

conventional statistics were used. There is no significant difference

among the respondents across the cities with respect to age, family size,

type of family, marital status, level of education, occupation and annual

income. No cultural and demographical patterns are associated with

decision making of working women.

Bhanoji Rao (2001) in his article ´East Asian Economic Trust in

savings and Investmentµ has observed that savings rates were

exceptionally high in Singapore. No other economy had saved 40 to 500

per cent of GDP. Savings rates in all economics (except Hongkong) were

on an upward trend and were mostly in the region of 30 to 35 per cent of

GDP.

Reier, Sharon has published an article in the year 2001, title,

´Starting an Investment Advisory practiceµ. The article presents some

practical suggestions for certified public accountants who want to

establish their own investment advisory firms. Get reactions from some

of your current accounting clients about your proposed investment

advisory services. Make sure the local investment community is not

threatened by your expansion plans. Evaluate the abilities of the

partners and existing professional staff to advise clients on their

investments. A variety of resources are available to help you start an

advisory practice. Review your proposed level of investment planning

activities and decide whether you will offer investment advice on your

own or affiliate with another registered investment advisor. Develop a

plan to help identify where you are going and how you will get there. It

should cove your target market, the specific services you want to

provide, your operating structures and an estimate of start up costs.

Devan Ahotsey (2003) stated that Indian stock market could

sustain the FIIS investment on the three premises only. GDP growth at

7 per cent should be sustained, corporate should continue to show good

profits and should remain stable or show a gradual appreciation.

The study titled ´Investment Patterns and performance of

investor groups in Japanµ. Conducted by Akiko Kamesaka(2003). The

investment patterns and performances of foreign investors, individual

investors, and fives types of institutional investors. Securities firms,

banks, and foreign investors perform poorly. We also find that foreign

investor trading is associated with positive feedback market timing and

that this trading earns high returns. Alternatively, individual investors

use positive feedback trading in their market timing but earn low

returns. Consequently he documented evidence consistent with

information based trading and behavioral based trading occurs in the

same market.

Lewis A.Sandar said that is necessary for the investors to learn

about documents offered to them and the risk factors before investing in

mutual funds schemes. He also suggested that since the mutual fund is

a dynamic instrument, it necessary for the investors to keep pace with

all the changes in the regulations that are getting updated by the SEBI.

Brian Ranson says that the various possibilities of separating the

interest rates and the credit risk in a bond portfolio. The study showed

that keeping a mix a bank loan, bonds and credit derivatives would

ensure diversification.

The study concluded that if investors wish to involve with

attractive risk and returns then they must accept some element of

interest rate risk.

 Pietrangel has published an article in the year 2007 title ´Women

and investing: finding the Extra money to saveµ. It explains that women

in the country have fewer opportunities to accumulate pensions and

retirement savings. But women must give priority to savings for the

future. They should create a plan of attack with defined goals and the

discipline to stick with it. Make a conscious decision to break the

spending habit and change your mine set into saving. Find creative

ways to save additional money that you can invest for retirement.

c
  c
c
c c

The main objectives of the study are:

1.c To study the various investment alternatives available to the

women bank employees.

2.c To identify the critical factors which influence the investment

pattern among women bank employees.

3.c To examine the extent the nature of family or group influence or

type of investors and the purpose of investment.

4.c To study the awareness of various available investment

opportunities and their satisfaction with it.

 5.c To study out the investment preferred and reasons for the

preference by women bank employees.

c
c
c
c c

The study is pertaining to women bank employees in the Madurai

city. It makes an effort to analyses the investment alternatives

preferred by women Bank employees. The study also analyse the reason

for preferring the particular investment patterns.

c


  c

ùc There is no relationship between type of bank and type of

investors.

ùc There is no relationship between total income and purpose of

investment.

ùc There is no relationship between family group and investment

decision at home.

ùc There is no relationship between age and awareness of

investment.

ùc There is no relationship between education and awareness of the

investment.
 ùc There is no relationship between education and satisfaction of

investment.

ùc There is no relationship between type of investor and satisfaction

of investment pattern.

ùc There is no relationship between annual income and investment

in real estate.

ùc There is no relationship between annual income and investment

in Gold.

c

c 
c
c
 c

1.7.1 Investment:

An investment is a commitment of funds made in the expectation

of some positive create of returns. If the investment is properly

undertaken, the returns will commensurate with the risk the investor

assumes.

c !"c#$!$ c

The word real estate means land & building. Real estate is a

lucrative form of investment with high capital appreciation.

c%$%!"c%&'#c

Mutual funds are trusts which mobilize savings from the people

and use the funds to purchase securities.

c (!) #c

The Capital of the company divided into different units are called

shares.

*c
 
c
cc

4c The study is based on both primary and secondary data. The

secondary data was collected from books, journals, website.

4c The primary data was collected from the women bank employees.

4c The researcher carefully prepared on interview schedule. After the

pre-test, final draft was prepared and the data were collected.

+c # !),(c #-.&c

The study is descriptive and empirical in nature as the researcher

has no control over the variables, she can only report what has

happened and what is happening. The researcher has to use the facts or

information already available with her.

 The present study covers a sample of 100 women Bank employees.

The convenience sampling method is used. The 100 women Bank

employees were selected on the basis of convenience of the researcher.

/c
c
c
c c

The study period covered the Assessment Year 2007-2008.

cc
0c   c
cc

The primary data collected from the potential respondents from

different areas have been sorted, Classified, edited, tabulated in a

proper format and represented by using pie chart, bar chart, histogram.

It was analyzed by deploy by deploying appropriate statistical tools. The

researcher has used excel spreadsheet for recording and calculation of

the 100 samples. She has also used statistical package of social sciences

(SPSS) a computer aided software package of statistical tools for

deploying different basic and advanced statistical tools in the research

in order to check the accuracy of procured data.

 The researcher used the following statistical tools for analyzing

the data procured from the respondents from different areas selected for

the study.

4c Per centage analysis

4c Factor analysis

4c One way annova

4c Chi ² square analysis

4c Yule·s Co-efficient

4c Garrett·s ranking

4c Weighted average method

c  c   c

Percentage analysis is a simplest tool of all. It is used to give the

clear cut information about the analysis.

1)2%"!cc

individual respondent
Percentage = x100
Total number of respondents
c 
c   c

c Factor analysis is a multivariate statistical technique used for

analyzing complex multi-dimensional problems encountered by

business people. The technique condenses the information contained in

a number of original variables into a smaller set of composite

dimensions (factors) with the minimum loss of information.

1.11.3 ONE WAY ANONA

Under the one way ANONA we consider only one factor and then

observe that the reason for said factor to be important is that several

possible type of samples can occur with in that factor. We then

determine if there are difference with in that factor.

c
 &!"3#-#c14c5!)-!&, c$!6" c41)c1& c7!3c
c

8( ) c!) c0c#!29" #c(!5-&.c-#c!""c-&c-$ 2#:c

1%), #c14c %2c14c#;%!) #c  .) c  !&c ;%!) #c c>c)!$-1c

5!)-!$-1&c < =c 14c < =c<(-#c#c c
) '12c '-5-' 'c63c'=c
<'=c !&'c-#c!c
#$-2!$-1&c14c
5!)-!&, c$1c6 c
%# 'c-&ccc)!$-1c
Between n(x1-x)2 (k ² 1) SS between MS

Samples or +«.nk+(xk-x)2 k²1 between

Categories MS

within

With in ™(xji- (n-k) SS within

Samples or x1)2+«.+™(xki-xk n-k

Categories

Total ™(xji-x1)2 (n - 1)

i = 1,2«

j = 1,2..

c
c
> ?c c

Chi-square test is a non-parametric test is used for comparing a

sample variance to a theoretical population varilance. The chi-square

test is applied if the cell frequency is more than 5.

1)2%"!c

(O ² E)2
x2 = ™
E

O - observed frequency

E - Expected Frequency

Row total x Column total

E =
Grand Total

V = (C-1) (r-1)

As the calculated value is less than the table value then accept the

hypothesis.

c
c!$ @#c 1)) ,$-1&c

It the cell frequency is less than 5 then yate·s correction is applied.

1)2%"!c

(O-E -0.5)2
x2 = ™
E

Since calculated value is compared with their corresponding table

values, for a given degrees of freedom at a specified level of significance

and it the calculated value is less than table value, accept the

hypothesis.

c@ c
cc  c
c

c

Yule·s co-efficient of association is a tool used to find the

association between two attributes.

1)2%"!c

(AB) (ǂǃ) ² (Aǃ) (ǂb)

Q =
(AB) (ǂǃ) ² (Aǃ) (ǂb)
c@ c 0 c
?c

The following formula was used to find out the Garrett·s ranking:

100 (Rij ² 0.5)

Percent Position =
Nij

Where, Rji-Rank given for the ith variables by the jth respondent.

Nij ² number of variables ranked by the jth respondent.

By referring to the Garrett·s table, the percentage position

estimated was converted into scores. Thus for each factor, the sores of

various respondent were added and the mean score was estimated. The

means thus obtained for each of the attributes were arranged in a

descending order. The attribute with the highest mean score was

considered as the most important are and the factors followed in order.

c
 
c

It is one of the most popular and commonly used devices for

charting continuous frequency distributions, no matter whether the

variable under study is discrete or continuous. It consists in erecting a

series of adjacent vertical rectangles on the sections of the horizontal

axis (x-axis), with bases (sections) equal to the width of the

corresponding class intervals and heights proportional to the

corresponding class.

*c
cc

c

The researcher has adopted weighted average method to rank the

performance according to respondents view. The researcher used a six

point rating scale for each feature. Each scale was given a score

according to its importance starting from 6 to 1.

Weighted Average (xw) = ™wx

™w

Where xw = Weighted arithmetic mean

w = The weightage attached to variables

x = The variable value

c
c
c
c c

ùc Respondents have been selected only from the city of

Madurai.

ùc The study reflects the opinion of the respondents only for the

particular year.
 ùc The study was restricted only to female bank employees in

Madurai city.

c
c
c

ùc The first chapter deals with the introduction and design of

the study.

ùc The second chapter focuses on saving and investment

alternatives.

ùc The third chapter explains the profile and the factors which

influence the investment pattern among the women bank

employees. It also examines the extent the nature of the

family or group influence on the investment pattern women

bank employees and the purpose of investment.

ùc The fourth chapter highlights the investors preference

towards particular investment pattern and general

perception towards investment alternatives.

ùc The fifth chapter deals with the summary of findings and

suggestions of the study.

   c

1.c ´World economic survey on the ´1" c 14c 712 &c -&c

 5 "192 &$A, united nations, 1995.

2.c Mr.Gnana Desigan.C, ´Women Investors perception towards

investment ² An Empirical Studyµ, ( c &'-!&c 1%)&!"c 14c

!)B $-&. Vol.No.36, Issue 7 ² 12.

3.c Sohoni, N.K. Recapturing women·s Historiesµ, ,1&12-,c !&'c

1"-$-,!"c7 B"3, Vol.XXXIII (17), 1998, P.962.

4.c Mishra, B. ´&5 #$2 &$c !$$ )&c -&c &'-!ACc Arthavigyan,

Vol.2(2), 1996, P.18.

5.c Avadhani, V.A., ´&5 #$2 &$c !&!. 2 &$ACc Himaliya

Publishing House, Mumbai, 2002, P-17.

6.c Rethnasamy, D and Sebastian M. ´Savings behavior of urban

people in tamilnadu ² A case study, Š!9 )c 9) # &$ 'c 14c $( c

&'-!&c,1&12-,c,1&4 ) &, c#%)!$C 1979.

7.c Gothoskar, S.P. and Venkatachalam, T.R. Š
1%# (1"'c !5-&.c

!&'c &5 #$2 &$c -&c &'-!A. Nargin, Vol 12(1), Act.1979, PP.22-

39.
8.c Narayana, D.L. 1979, &,12 c#!5-&.#c!&'c-&5 #$2 &$c14c$( c

1%# (1"'c# ,$1)c-&c,(-$11)c-#$)-,$C New delhi, chand be and

company LTd., P.1

9.c Krishnamoorthy K.and Saibaba P., 1982, #!5-&.#c 6 (!5-1)c -&c

&'-!, New Delhi, Hindustan publishing corporation.

10. Morais (1985) Š1%6" c&' 2&-$3A Vol 136 Issue 13, p

280- 280)

11.cPanikar P.G.K. 1987. %)!"c
1%# (1"'c #!5-&.c !&'c

&5 #$2 &$Cc Thiruvandurm centre for Development studies.,

P.117.

12.cSughil Jain, K.Selecting shares for investmentµ ( c

!&!. 2 &$c,,1%&$!&$CcVol28.No4 Apr 1993, PP 550-552.

13.cS.K. Roy, Investment in urcetainlyµ ( c !&!. 2 &$c

,,1%&$!&$CcVol28.No4 Apr 1993, PP 254-256.

14.cMeeta Kathpal ´Small investors in the stock market trayµ. ( c

,(!)$ ) 'c,,1%&$!&$CcVol X41, No.5, May 1994. PP 357-358.

15.cJoanne Stilley (1995) ´Family Financial decision makingµ

implications for marketing strategyµ. ( c !&!. 2 &$c

,,1%&$!&$CcVol 9 Issue 1 , Page 24-32.

16.cYadav, R.A and Mishra, B, Investment pattern of Household

sector, in financial Assets, An empirical investigation,µ c

!&!. 2 &$c1%)&!" Vol.9 No 1. January 1996.P.73

17.ccJones, Matthew, I. and obsttled Maurice, Saving Investment, and

Gold, A. Roeassesment of Historical Current Account dataµ

(1997). c71)B-&.c9!9 )#c&1c//c5!-"!6" c!$c  c

c($$9DD##)&,12D!#$)!,$cEc

18.cMartin Rama and Donna Maclsae (1999), ´Earnings and Welfare

after Downsizing : central bank Employees in Eculadorµ 71)"'c

!&Bc,1&12-,c) 5- 7 Vol 13. Number I PP 89-116.

19.cKulkarni, K.G. and TaleteC., ´Survey of saving and Investment

behaviour studies in Indiaµ. International Journal of development

Banking, Vol.17. (1) 1999, PP. 13-25.

20.cBalsara Anita H. and pestonjee DM 2000. &5 #$2 &$c 9!$$ )&c

!&'c ,-#-1&c2!B-&.c( c)1" c14c71)B-&.c712 &CcNo 2000

12 04 AIIMA working papers from Indian Institute of

Management Ahmedabad, Research and publication Department.

21.cBhanoji Rao ´ East Asian Economic Trends in Savings and

Investmentµ Economic and Political weekly, Nov.13 Mar 31, 2001,

PP.123 ² 1133.
22.cReier, Sharon 2001, Starting an Investment Advisory Practiceµ

1%)&!"c14c,,1%&$!&,3ci Aug 2001, Vol 192. Issue 2, P 18-18.

23.cDevan choksey, !"!"c #$) $c &5 #$2 &$c 1%)&!"Cc Dec 12003,

Vol XVIII No.25 P.59.

24.cAkito Kamesaka ´Investment patterns and performance of

investor groups in Japanµ. Faculty of Economics, Ryakota

university, vol 11, Issue I, Jan 2003 pages 1-22.

25.cLewis sandar, A. ´Regulating Mutual Fundsµ Capital Investors in

India, Vol. 04 No.3 Dec 2003. PP 6-7

26.cBrian Ranson, ´Finding pure credit Riskµ/ Global Investor

magazine.com 2007. P-79.

27.cPietrangelo, 2007,Women and investing : finding the extra money

to saveµ.Jul/Aug 2007.Vol.59.Issue 4 p.33-33 IP)


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The analysis of data is the most skilled task in the research

process.This study is aimed to analyse the investment pattern among

the women bank employees.In this chapter an attempt is made to study

the profile of the respondent and the various details regarding the

extent the nature of family or group influence on the investment

pattern of women bank employees.

c

 c
c   c

cccccccccccThe following statistical tools were applied for the analysis of the

data.Percentage analysis,Bar diagram,Pie diagram,Factor

Analysis,Anova,Chi-square test.

c
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  c

The respondents were women belonging to different age

groups,educational qualification,type of bank in which they are

employed and income of the family.

c> c   

c
c
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  c

c Table 3.1 shows the age-wise classification of the respondents.

cccccccccccccccccccccccccccccccc ccc

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c

 1c cccccccccccccccc. c ccccccccc 114ccccccccccccccccc  ), &$!. c

 #91&' &$#c

1 Below 35 36 36

2 35-45 26 26

3 45-55 27 27

4 Above 55 11 11

cccccccc1$!"c cccccccccc//c ccccc//c

From the above table it is clear that 36 percent of the respondents

fall in the age group of Below 35 years.To be specific ,27 percent

fall in the age group of 45-55 years and 26 percent fall in the above

55 years age group.

 It is concluded from the above table the most of the respondents aree

below 35 years.

cc c
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c
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  c

Table 3.2 depicts the type in which the respondent is employed.

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ccccc  1c cccc !$%) c14c ccccccc 114cc cc ), &$!. c

 cc29"132 &$c cc #91&' &$#c

1 Private sector 33 33

2 Government 67 67

Services

1$!"c //c //c

cccc Table 3.2 reveals that 67 per cent of the respondents are in

government services and 33 per cent of the respondents are in private

sectors.

According to the sample survey,most of the respondents are in

Government service.
ccc 
cc cc   
c
c
cc

 
  c

Table 3.3 shows the educational qualification of the respondents.

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cc cc   
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ccccccc  1c c c cc ), &$!. c

?%!"-4-,!$-1&c  #91&' &$#c

1 High School 9 9
2 Diploma 12 12

3 Graduate 47 47

4 Post Graduate 32 32

c 1$!"c //c //c

Table 3.3 depicts the Education ² Wise classification of the

respondents,47 per cent of the respondents fall under the category

of Graduates,32 per cent fall under the category of post graduate,

12 per cent of the respondent fall under the category of diploma

and least 9 per cent fall under the category of High School.

It is clearly shown from the above table (3.3) that the majority of

the respondents are Graduate.

cc c
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  c

Table 3.4 shows the annual income wise classification of the

respondents.

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 1c &&%!"c&,12 c 114c  ), &$!. c

 #91&' &$#c

1 Below Rs.75,000 17 17

2 Rs.75,000-1,50,000 25 25

3 Rs.1,50,000-2,25,000 35 35

4 Above Rs.2,25,000 23 23

c c //c //c

1$!"c

c
 Details regarding the income of the respondents are given in table

3.4. The table shows that the income of the respondents have income

between Rs.1,50,000-2,25,000, 25 per cent of the respondents earn Rs.

75000-150000, 23 per cent of the respondents earn above Rs.225000 and

17 per cent have income between Below Rs.75000.

It is seen from the table 3.4 that majority of the respondent are

earning between Rs.15,0001-2,25,000.

c
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Table 3.5 shows the total income of the respondents.

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 1c &&%!"c&,12 c 114c  ), &$!. c

 #91&' &$#c
 1 Below Rs.75000 10 10

2 Rs.75,000-150000 19 19

3 Rs.150000-225000 22 22

4 Above Rs.225000 49 49

c c c c

1$!"c //c //c

Table 3.5 shows that the 49per cent of the investors are earning

income from Above Rs.225000, 22per cent of the investors are earning

income Rs.150001 -225000, 19 per cent of the investors are earning

income between Rs.75000 ² 150000 and 10per cent of the investors are

earning income below Rs.75000.

According to sample survey, most the respondents were earning

between above Rs.225000.

 c
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c
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 c

c c Table 3.6 shows the number of members of the respondents.

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  1c %26 )c14c 26 )#c 114c  ), &$!. c

 #91&' &$#c

1 One - -

2 Two 3 3

3 Three 21 21

4 Above 3 76 76

c c c c

1$!"c //c //c

c Table 3.6 indicates that 76 per cent of the respondents have above

3, 21 per cent of the respondents have three, and least 3 per cent of the

respondents have two of the number of members.

The above table proves, that more number of respondents belong

to above 3.

cc
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c c Table 3.7 that the type of return expect from the investment

of the respondents.
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) #91&' &$#c

1 Periodical 42 42

Return

2 Return of 58 58

Maturity

Total 100 100

It is clear from the above table 3.7 that 58 per cent of the

respondents are expecting returns on maturity and 42 per cent of the

respondents are expecting returns on periodical returns.

Here it is identified from the table majority of the respondents are

expecting returns on maturity.

s
 
          

  

 
 Likert·s scale is employed to determine the factors, where the

respondents are asked to rate each attribute on a 5-point scale ranging

from ¶strongly agree· to ¶strongly Disagree·. The data so collected are

subjected to ¶Factor Analysis·. Factor analysis is a multivariate

statistical technique used for analyzing complex multi-dimensional

problem encountered by the business people.

From the scores assigned by the respondents, product moment

correlation matrix is obtained. These product moment correlation co-

efficient are than factored using the method of principal component as

the extraction technique and varimax as the method of rotation. To test

the sampling adequacy, Kaiser-meyer-olkin measure of the sampling

adequacy is computed, which is found to be 0.64. It indicated that the

sample is good enough for sampling. Further, the overall significance of

correlation matrix is tested using Bartlett test of sphericity and it is

found that the results of Bartlett·s test (approx. Chi-square = 703.402

significant at 0.0000) also provided support for the validity of the factor

analysis of the data set. The Eigen valuves of the resulting 22 factors

(before rotation) are given in table 3.8.

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 c

!,$1)#c -. &c!"% c  ), &$!. c14c %2%"!$-5 c

5!)-!&, c 5!)-!&, c

1 /c *c *c

2 /c /c 32.109

3 +c cc*c 40.252

4 c cc//+c 47.261

5 c cc/c 53.831

6 c cc+c 59.360

7 /+c cc+/c 64.319

8 //c ccc 68.895

9 +/c cc/++c 72.994

10 *c ccc 76.709

11 */+c cc+c 80.388

12 *c ccc 83.650

13 c cc+c 86.446

14 /c cc+/c 88.735

15 c cc/c 90.802

16 +c cc++c 92.751

17 +c ccc 94.426

18 *c cc*c 96.010

19 c cc/c 97.217

20 +c cccc++c 98.213

21 c cccc+c 99.185

22 +c cccc*c 100.00

An examination of the Eigan values discloses that the only eight

meaningful orthogonal factors with Eigen values greater than one.

According eight factors emerged out of this analysis and they account

for a variation of 68.895 per cent. The cumulative percentage of

variance accounted for each factor in the total variance is given in table

3.9.

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!"% #c 5!)-!&, c 9 ), &$!. c14c

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!,(c!,$1)c c

1 4.760 21.638 21.638

2 2.304 10.471 32.109

3 1.791 8.143 40.252

4 1.542 7.009 47.261

5 1.445 6.570 53.831

6 1.216 5.529 59.360

7 1.091 4.960 64.319

8 1.007 4.575 68.895

After extracting the eight factors, Varimax rotation is used to

enhance the interpretability of the factors. The loadings produced by

the varimax rotation method are the best to use in the absence of a

specific reason to use another method.

The factor loadings indicate that the extent to which each scale is

associated with an underlying factor. In order to assign some meanings

to the factor solution a minimum acceptance level of significance for

factor loading is selected in this analysis. The factor loading greater

than + 0.50 are considered significant. Table 3.10 shows the rotated

factor matrix.

cc/c

 
c
 c

Statement Factor Factor Factor Factor Factor Factor Factor Factor

No. as Per 1 2 3 4 5 6 7 8

questionnaire

22 .804

21 .803

20 .758

14 .758

15 .725

16 .643

4 .821

5 .691

1 .563

11 .862

10 .841

12 .515
13 .714

19 .701

8 .832

9 .658

17 .584.

2 .839

7 .664

6 .760

18 .673

3 .561

The factor analytic structure results are presented below in table

(3.11)
 ccc

 
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s.No. Factor Statement No. as Features (option) Factor

Per questionnaire Loading
1 Security and 22 Listed Security .804
Choice Availability of .803
21 Avenues
20 Market stability .758

2 Investment 14 Initial Investment is .821

Pattern low
15 High Interest .691
16 Secured Investment .563
3 Benefits 4 High market value .821
5 Additional Benefit .841
1 Regular Return .515
4 Growth and 11 Easy Transferability .862
easy 10 Duration is .841
procedure 12 transferring the .515
procedure
 Grow of capital
5 Return and 13 High earnings / .714
Safety 19 return .701
Government policies
6 Reliable 8 Easy Processing .832
9 Safety of the capital .658
17 Quick and return .584
with short period
7 Prestige and
easy loan 2 Loan facility .839
procedure 7 Prestige of the .664
Investment
8 Convenience 6 Affordability .760
18 Reliability .673
3 Tax benefit / .561
advantage

After grouping the twenty two variables into eight factors,

interpretative labels are suggested for each of the factor. The first factor

carries with it scales related to the availability of avenues. Listed

security and the market stability and is named as ´Security and

Choiceµ.
 The second factor contains scales related to the initial investment

is low, high interest, secured investment and is therefore named as

¶Investment Pattern·.

The third factor ¶Benefits· includes High Market value, additional

Benefit, regular return.

The fourth factor contains scales related to the easy

transferability, duration, growth of capital and is therefore named as

¶Growth and easy Procedure·.

The fifth factor carries with it scales related to High earnings

return, Government policies and is named as ¶Return and Safety·.

The seventh factor contains scales related to the loan facility,

prestige of the investment and is therefore named as ¶prestige and easy

loan procedure·.

The eighth factor carries with it scales related the affordability,

reliability, Tax benefit/advantage and is named as ¶Convenience·

After naming the factors, the factor which explains the maximum

percentage is identified. The analysis reveals that 21.638 per cent of the

variation is explained by factor 1. (Security and Choice)

Then 10.471 per cent of the variation is explained by factor 2

(Investment Pattern).

Then 8.143 per cent of the variation is explained by factor 3 (Benefits)

Then 7.009 per cent of the variation is explained by factor 4 (Growth

and Easy Procedure)

Then 6.570 per cent of the variation is explained by factor 5 (Return

and Safety)

Then 5.529 per cent of the variation is explained by factor 6 (Reliable)

Then 4.960 per cent of the variation is explained by factor 7 (Prestige

and Easy Loan Procedure)

Then 4.575 per cent of the variation is explained by factor 8

(Convenience)

Thus the ¶Security and Choice (F-1) is found to be the most

dominant among the eight factors and determines the investment

pattern of women bank employees.

s   
            

   

 
cc
cc
c
c 
  c

Table 3.12 shows the type of family of the respondents.

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c
cc
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c 
  c

 1c !2-"3c 114c  ), &$!. c

) #91&' &$#c

1 Joint Family 31 31

2 Nuclear Family 69 69

Total 100 100

From the above table (3.11) it clearly shows that the 69 per cent of

the respondents have nuclear family and 31 per cent of the respondents

have joint family.

From the above analysis is concluded that the major of the

respondents were in nuclear family.

cc
c  
 c
c
c 
  c

Table 3.13 shows the type of investor of the respondent.

c
 ccc

c
c  
c
c
c 
  c

 1c 39 c14c 114c  ), &$!. c

-&5 #$1)#c ) #91&' &$#c

1 Regular 42 42

Investor

2 Occasional 58 58

Investor

1$!"c //c //c

Table (3.12) depicts that out of the 100 respondents, 58 per cent of

the respondents were occasional investors and 42per cent of the

respondents were regular investors.

The study reveals that majority of the respondents were

occasional investors.

ccc
cc

c

c c c
c
 c

 cc
c  
c
 To find out whether there is any relationship between the nature

of employment and type of investor.

391$( #-#cc

There is no relationship between the nature of employment and

type of investor.

ccc



c c c
c
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c
c  
c

!$%) c14c ccccccccccccccc39 c14c&5 #$1)c c

29"132 &$c  .%"!)ccccccccccccccccc

,,!#-1&!"c 1$!"c

&5 #$1)ccccccccccccccccc&5 #$1)c

Private Sector 16 17 33

Government 26 41 67

Services

1$!"c c *c //c

c
 c
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