A Study on the Need of Personal Financial Planning for Individuals in India.

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EXECUTIVE SUMMARY:-
Traditionally, only a handful of people knew about Personal
Finance, wherein, they used to invest their income only in
traditional sources of investment, such as, Gold, Savings
Account, Fixed Deposits, Mutual Funds, and so on.
But, nowadays, a new trend has come up, wherein, people are
looking to invest their money in a variety of new sources of
investment, such as, Debentures, Equity Funds, Systematic
Investment Plans, and so on.
Some people even hire, the Certified Financial Planners, to
plan the saving and spending of their money for their future
needs. These, Certified Financial Planners, even play the role
of Financial Advisory, and help the individuals, in planning,
saving, and investing their money, in an eff ective and efficient
manner, for the requirements specified by them for their future
needs.
In this Study, we will analyze the Need of Personal Financial
Planning for Individuals in India, and the Overall Impact of
Personal Financial Planning, in the Day to Day Life of
Individuals, as a whole.

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CHAPTER 1:-
1.1 INTRODUCTION:
Traditionally, people never plan ned about, how to use finance
for their Day to Day Activities. People used to save their
Money in Advance, in Anticipation of any Events for the
Future.
But, in the earlier days, there was never any need felt for
planning, saving, and investing their Money, for their daily or
even their future needs. Cut down to today, and with the
cutthroat competition happening these days, a Number of New
Sources of Investment, have been coming up, namely,
Debentures, Equity Funds, Systematic Investment Plans , which
are quite different from the traditional Sources of Investment,
such as, Gold, Savings Account, Fixed Deposit , Mutual Funds
and so on.
Nowadays, a number of people do not tend to have that much
of Knowledge regarding these New Sources of Investment, and
some of these people, even tend to hire Certified Financial
Planners, for getting advice, regarding, planning, saving, and
investing their money in these, New Sources of Investment.
In this Specific Study, we will see, what is the Need of
Personal Financial Planning for Individuals in India, as well
as, in general, what important rol e, will Personal Financial
Planning, play, in the Day to Day Life of Individuals, and as a
whole.

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1.2 HISTORY OF PERSONAL FINANCE:
Before special focus was given to Personal Finance, various
areas which are related to it, namely, Family Economics, and
Consumer Economics were taught in a number of colleges, as a
part of, Home Economics, for more than a hundred years. The
earliest Research in Personal Finance, was done by Hazel
Kyrk, during the year, 1920. The Dissertation done by Hazel
Kyrk, at the University of Chicago, had laid the Foundation
and also, the Stepping Stone, for Consumer Economics and
Family Economics.
During the year, 1947, Herbert. A. Simon, who is an American,
Economist, Political Scientist, and Cognitive Psychologist ,
and, who was also, awarded with the, Nobel Prize Award in
Economics, had suggested that, any normal decision maker,
may not always be able to make the best possible Financial
Decisions, at times. These kind of situations, may tend to take
place, because of the limitations prevalent, in Educational
Resources and Personal Aptitude.
Therefore, the educational qualities regarding, Personal
Finance, are of utmost requirement, because they act as an
helping hand for individuals, in making judicious Financial
Decisions, all through the whole of their Life. Way back till
the Commencement of the year 1990, the Conventional
Economists and the Business In telligence, did not tend to pay,
a lot of importance to Personal Finance, in general.
As the Involvement about the Financial Effectiveness of
Consumers, has started to tend to be on the verge of
increasing, a number of different and unique, Educational
Programs, have started to come out in the open, for the general

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public, which are looking at, tending to cater to an voluminous
congregation, or to a categorical association of people, such
as, the Women, and the Youth.
These different and unique, Educational Programs, are
frequently being referred to as, Financial Literacy. However,
there was no well regulated curriculum, which was properly
developed, and kept in place, for teaching and giving effective
as well as efficient education, regarding, Personal Finance.
The Proper and Standardized Curriculum, started coming into
place, only after the Happening of the Financial Crisis, which
took place, in the Twenty First Century, during the year, 2008.
The President’s Advisory Council, on Financial Capability,
was established and introduced, during the year, 2008 , by the
United States of America (USA). This Council was
established, so as to look into, strengthening the Knowledge of
Financial Literacy, prevailent amongst the American People.
This Council also laid emphasis upon the importance of
developing a Standard, in the field of Financial Education.
This is the whole and sole reason, why the Financial Planning
Standards Board (FPSB) was developed in the first place. The
Financial Planning Standards Board had been developing and
has started granting a Certification, which is generally, been
referred to as, Certified Financial Planner (CFP).
This Certification is the only globally recognized symbol of
excellence in the field of Financial Planning. This
Certification is currently, in active use, in Twenty Six
Countries and Territories, of which, some of them are,
Australia, Austria, Belgium, Brazil, China, Canada, Colombia,
France, Germany, Hong Kong, India, Indonesia, Ireland,

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Israel, Japan, Malaysia, New Zealand, the Netherlands, the
Republic of Korea, Singapore, Switzerland, South Africa,
Thailand, the United Kingdom (UK), the United States of
America (USA), and so on and so forth.
The Financial Planning Standards Board (FPSB), India, is the
only licensing body that awards the certification of Certified
Financial Planner in India, through an agreement, with the
Financial Planning Standards Board (FPSB), which is
developed by the United States of America (USA).
Even in India, during the last handful of years, the growth of
Certified Financial Planner, as a profession, has been
considerably on the rise. This situation is taking place, mainly
because, a large number of people, are looking towards,
approaching Certified Financial Planners, for getting their
advise, regarding their requirements for the future in the area
of Personal Financial Planning.
These Certified Financial Planners, have a variety of diverse
knowledge, ranging from, Risk Analysis and Insurance
Planning, to Investment to Tax and Estate and Retir ement,
which will in turn, help in, effective and efficient, planning,
saving, and investment of their money .
This profession or certification of Certified Financial Planner,
as we may coin the term as, has also been rated as Gold
Standard, in Financial Planning, by the Wall Street Journal,
during the year, 2006. This is the most important reason why,
the credibility of this certification, has been even more on the
rise.
In India, the Certified Financial Planners, are governed by the
Financial Planning Standards Board (FPSB), India. This

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Financial Planning Standards Board (FPSB), is the only
licensing body that awards the certification of Certified
Financial Planner in India, through an agreement, with the
Financial Planning Standards Board (FPSB), which is
developed by the United States of America (USA). This
certification of Certified Financial Planner, has also been
approved by the Securities and Exchange Board of India , as a
valid certification, for Investment Advisers.
This is also the main reason why, a lot of people are turning
towards the Certified Financial Planners, for getting efficient
advise regarding, planning, saving, and investing their money,
in the correct sources of investment, according to their needs,
and requirements.

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1.3 MEANING OF PERSONAL FINANCIAL
PLANNING:
Personal Finance, in general, refers to the activities in the
area of Financial Management, which an individual or a family
may be engaged in, for planning, saving, and investing their
income, into monetary belongings, over a period of time,
taking into prior consideration, the multitudinous financial
risks, and probable happenings in the future.
Financial Planning, in general, refers to the course of action,
which may certainly be inclusive of, the computation of
requirement of capital, and determination of its competition.
This modus operandi, may also include, the procedure of
framing policies, in relation to, procurement, investment, and
administration of the funds of any specific individual.
While planning their Personal Finances, the individuals,
should take into consideration, the appropriateness of the
following financial products, which would act as a very
important aspect, directly as well as indirectly, in the
effective and efficient invest ment of their income, as per their
future requirements.
These Financial Products, may be inclusive of some of the
following, such as:
❖ Banking Products. (Cheques, Savings Account, Fixed
Deposit, Credit Cards and Consumer Loans)
❖ Investment in Private Equity . (Stock Markets, Bonds,
Mutual Funds)
❖ Insurance. (Life Insurance, Health Insurance, Disability
Insurance)

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❖ Participation and Monitoring of and/or Employer
Sponsored Retirement Plans, Social Security Benefits and
Income Tax Management.
Over here as well, the Certified Financial Planners, play the
very important role of a catalyst, because they suggest and
give the best possible advice, to the se individuals, as to when,
where, and how to invest their income, into these above
mentioned Financial Products, depending upon the market
trends, the risk factor bearable, and the requirements of these
individuals.

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1.4 DEFINITION OF PERSONAL FINANCIAL
PLANNING:
Personal Finance, in general, refers to a term, which is, in the
normal course, inclusive of managing the individuals’ income,
as well as, efficiently, and effectively, planning, saving, and
investing the same.
This term also covers the areas such as, Budgeting, Banking,
Insurance, Mortgaging, Investments, Retirement Planning, as
well as, Taxation Planning, and Estate Planning.
This term also includes an overall view of the Financial
Planning Industry, which pro vides Financial Services, to the
individuals, as well as the households, and in turn, it also
advises them, about the Financial, as well as, the Investment
Opportunities, currently available for them, in the Market.

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1.5 OBJECTIVES OF PERSONAL FINANCIAL
PLANNING:
The following are some of the below mentioned obj ectives of
Personal Financial Planning:
❖ ENSURING AVAILABILITY OF FUNDS:
Financial planning majorly excels in the area of
generating funds as well as making them available
whenever they are required. This also includes
estimation of the funds required for different purposes,
which might include, keeping aside funds, for their, son
or daughter’s marriage, and purchase of a new house.
❖ ESTIMATING THE TIME AND SOURCE S OF
INVESTMENTS:
Time is a game-changing factor for the individuals .
Delivering the investments at the right time at the right
place is very much crucial. It is as vital as the
generation of the amount itself. While time is an
important factor, the sources of these investments, are
very necessary to be taken into consideration, as well.
❖ AVOIDING UNNECESSARY FUNDS:
It is an important objective for the individuals, to make
sure that he does not raise unnecessary resources. If
there is Shortage of funds, the individuals, cannot meet
their payment obligations. Whereas with a surplus of
funds, the individuals, do not earn any extra returns, but
it may in turn, add to their costs.

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1.6 NEED FOR PERSONAL FINANCIAL
PLANNING:
While generally discussing about Money or Finances, planning
regarding the same, should be substantially taking place, with
care, because there are a variety of variables, which, as the
situation may take place, may a ffect their probable financial
planning activities.
For hitting the bull’s eye, regarding, achieving the needs of
their future, and for improvising their standard of living,
effectively and efficiently, this mainly depends upon, the
accomplishment of their plans, in the present day and time
period.
Financial Planning, also acts as a helping hand, in working
out, their short term, as well as, their long term, Financial
Ambitions.
Below have been mentioned, some of the Seven most
important, indispensable ulterior motives, which will help
these individuals, in understanding, why the re is a need for
Personal Financial Planning, for a more appropriate
subsequent time to come:
1. CASH FLOW:
Financial Planning, helps the individuals, in increasing
their Cash Flows, by keeping an eye, on the sequences of
allocations, as well as, the framewor k of expenditures.
Financial Planning, is also inclusive of, meticulous
budgeting, as well as, economical spending. These things

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would act as a helping hand, for the individuals, in
preserving a lot more of his or her income.
2. FINANCIAL PERCEPTIVENESS:
Financial Perceptiveness, could be achieved with the help
of Financial Planning, in some of the below mentioned
ways:
➢ When the Commensurate, Financial Intentions are
substantiated.
➢ The Consequences of Financial Prearrangements,
appreciated, and their Eventu alities, being
Extraordinarily, Critiqued .
Financial Planning, also provides the individual s, with
an exclusively designed, state -of-the-art, way of looking
at their Budget, and all in all, straightening out, the
control on their financial standard of livi ng, for their
future.
3. INTENSIFYING RISK ADMINISTRATION:
When the individuals are engaged in conducting, proper
Financial Planning activities, there can be efficient
determination regarding the coverage of Insurance, required
by the Individuals, with more appropriate,
Authoritativeness.
This is the whole and sole reason, why the Individuals , do
not have to overpay for, any. These individuals, also do not
have to end up with an Insurance Cover, lower than, what is
actually required by them.

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4. FUTURE PERCEPTIONS:
Financial Planning, acts as a helping hand for the
individuals, for assisting them, in achievement of their
perceptions, for the future, for the next ten to twenty years.
With the help of Financial Planning, the individuals, will
be in a much bett er position, for getting flexible finance
opportunities, at the time of their retirement.
Effective Financial Planning activities, may also help the
individuals, in effective and efficient planning of their
finances, at the time of uncertain situations.
5. CALCULATION AND DEVELOPMENT OF ASSET
APPORTIONMENT:
Asset Apportionment is a compelling fundamental, in the
area of Money Management. The individuals, need to
necessarily strike, the perfect balance between, taking
proper care of the Risk Elem ents, as well as, the Return
Elements.
An appropriate, Combination of Assets, is of ultimate
importance, for striking this perfect balance, between the
Risk Elements, as well as, the Return Elements.
Financial Planning activities, act as a facilitator for
making a perfect choice, regarding the appropriate
Amalgamation of Assets, to be selected. This also
revolves around, the inclination of the individuals, to
bear the risk, as well as the return preferences, of t he
individuals.

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6. STIMULATING DETERMINATION OF FINANCIAL
MISMANAGEMENT:
The Endeavors in the process of Financial Planning, not
only act as a helping hand, for designing the potential
Pattern of Spending, but these endeavors, also help in
bringing to light, the financial misconceptions, which the
individuals, might be facing.
Financial Planning, also provides, the individuals with,
easy going solutions, to overcome, these misconceptions.
For instance, Effective and Efficient, Financial Planning
Activities, act as a helping hand, for the individual to
conduct proper analysis, of the investment opportunities,
which maybe, currently prevailing, in the market .
7. AUGMENTED RETURN ON INVESTMENT ON THE
ENDOWMENTS:
Effective and Efficient, Financial Planning Activities, take
into high esteem, quite a few, diverse point of views, which
may include, Investment Planning, Risk Management,
Liquidity Management, Liability Management, and
Determination of Targets.
With the help of these, effective and efficient, Fina ncial
Planning Activities, the individuals would be in a much
better position, to conceptualize, their, Interspersed,
Investment Plan.
This, Interspersed, Investment Plan, would involve, the
awareness of their targets, risk proclivity, and the
interchangeableness, of money available, at the disposal, of
the individuals.

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This awareness, would in turn, act as a helping hand, for
the individuals, regarding the Augmentation of, Return on
Investment, on the Endowments, of the Individuals.

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1.7 PROCESS OF PERSONAL FINANCIAL
PLANNING:
The most significant part and parcel of Personal Finance, is
Financial Planning, which is a high powered course of action,
that possesses the requirement, of the run -of-the-mill,
supervision, and reexamination.
In the customary nomenclature, the Process of Personal
Financial Planning, is inclusive of, an incorporation of the
following Five Proceedings:
1) DETERMINATION:
The financial whereabouts, of the individuals, with the help
of, the consolidation of, the convention alized Financial
Statements, which include, the Balance Sheets and the
Income Statements.
The Balance Sheet, of the Individuals, may be inclusive of ,
the quantums of, the below mentioned items:
Personal Assets (For Example, Car, House, Clothes,
Stocks, Bank Accounts, and so on)
Personal Liabilities (For Example, Debt from Credit
Cards, Debt from Debit Cards, Bank Loans,
Mortgages, and so on)
The Income Statements, of the Individuals, may be inclusive
of, their Personal Incomes, as well as, their Personal
Expenditures.

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2) SCHEDULING OF TARGETS:
Having conglomerate targets, is monotonous, which may,
take into consideration, an amalgamation of their short term
targets, as well as, their long term targets.
For instance, their short term target, may include, the
saving an adequate amount of money, for the purchase of a
new laptop, in the next month.
While, on the other hand, their long term targets, may
include, the saving an adequate amount of money, to save
up, for their retirement.
3) ORGANISATION OF THE FINANCIAL PLAN:
The Financial Plan, consists of details, regarding , the
accomplishment of the targets, determined, by the
individuals.
This accomplishment of their targets, may be inclusive of,
for instance, cutting down on, superfluous overheads, and
incrementation, in the income, from employment, or
endowments in the stock market .
4) PUTTING INTO EFFECT:
Putting into Effect, the Financial Plan, may quite often ,
than not, depend upon, the self control and the
purposefulness, being possessed, by the individuals.
A number of individuals, may think about, procuring co -
operation, from the professionals, such as, Actuarial,
Certified Financial Planners, Chartered Accountants,
Financial Advisers, Wealth Managers, and so on, and so
forth, for putting into effect, these, Financial Plans.

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5) SUPERVISION AND REARRANGEMENT:
As time passes by, the Financial Plan, is supervised upon,
for checking, whether it requires, potential modifications,
as well as, certain rearrangements.
The typical targets, that most of the individuals, may have,
may include, paying off debt for credit cards, payment of
instalments, for housing loans or car loans, endowme nt for
retirement, providing for college expenditure for children,
payment for medical expenditures, and so on, and so forth.

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1.8 PRINCIPLES OF PERSONAL FINANCE:
The financial status, of the individuals, may differ,
substantially, with respect to, the standards of their needs of
income, wealth and consumption.
The laws regarding taxation, may also differ, from country to
country, and market necessities, may vary, g eographically,
over a period of time.
This mainly, means that, the financial advise, which may be
applicable, for one specific individual, might not, necessarily
be well suited, for the other individuals.
The Certified Financial Planners, can provide, personalized
advice, in sophisticated whereabouts, and for high wealth
individuals, but the Professor of, University of Chicago,
Harold Pollack, and the personal finance writer, Helaine Olen,
indicate that, in the United States of America (USA), good
financial advice, often culminates down, to a number of,
absolutely, simple points.
Some of these points, are as mentioned , below:
◆ Paying off the pending balance, in their Credit Cards,
every month in full.
◆ Saving, approximately, 10 per cent to 15 per cent , of
their Income, during every month, or every year,
depending, upon their future requirements.
◆ Maximizing contributions, into Funds, Accounts, or
Deposits, such as, Mutual Funds, Life Insurance
Corporation, Public Provident Funds, Post Office
Savings Account, and so on. Such contributions, also
provide the individuals, with Tax Exemptions, such as

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Deductions, under Section 80C of the Income Tax Act,
1961.
◆ While bankrolling their accumulations, the individuals
should keep in mind, the below mentioned point s:
➢ Do not attempt to trade in, individual securities.
➢ Avoid the high fee, actively managed, sources of
investment.
➢ Looking up for, low cost and diversified, Mutual
Funds, which balance the Risk Element, and the
Rewards Element, appropriately, depending upo n,
the target for retirement, determined, by the
individuals.
◆ While taking advice from a Certified Financial Planner,
or a Financial Adviser, the individuals should commit
upon them, to commit to a fiduciary contract, for acting,
in the best interest of the individual.
◆ Campaigning for, social insurance programs, being
conducted, by the government.
The limits stated in these, various laws, may be
substantially different, from country to country. In any such
type of situation, Personal Finance, should not be
overlooking, these correct, behavioral principles.
The individuals should not develop, an accessibility ,
towards the idea, of money being morally, condemnable.
While investing their money, the individuals, should
maintain the medium to long term, field of vision. This
field of vision, at present, will act as a helping hand,
avoiding the unexpected coincidences, which may take
place, in the course of, the expected returns, on
investments.

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1.9 ADVANTAGES OF PERSONAL FINANCIAL
PLANNING:
There are a number of, different advantages of, Personal
Financial Planning, which can have, certain innumerable,
forward looking, chain reactions. These forward looking, chain
reactions, may be spread out, on the lives of the individuals.

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Some of these, important, advantages, have been, mentioned
below:
a. DEPENDABLE SAFEKEEPING FOR THE
SUBSEQUENT TIMING:
Financial Planning, acts as a helping hand, for giving a
direction to the financial backbone of the individuals.
Financial Planning also helps, the individuals, in deciding
upon those sources of investment, which may, in turn, help
the individuals, in pulling out, the predicaments, faced by
them, while planning out, their finances.
For instance, investing into, a variety of different sources
of investment, may help the individuals, in repayment of
their loans, or, in saving enough money for their retirement.
Once the financial targets, are determined, these financial
targets, help in making the lives of the individuals, much
more secured, and flexible enough, for facing any such type
of financial situations, which may arise, even in the course
of any emergency. This is the main reason why, Financial
Planning, acts as a Dependable Safekeeping, for the
Subsequent, Timing.
b. HELPS IN DECISION MAKING:
Financial Planning, takes into contemplation, the conditions
of the individuals, their present conditions, as well as, their
future conditions. Financial Planning, thus, acts as a
facilitator, for decision making.
For instance, if the individuals, has a proper fi nancial plan,
in place, the individuals, would never be short of funds for,
their daughter’s marriage, or for buying a new car.

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This is the main reason why, the individual would not take,
any wrong decisions, that would affect, their financial well -
being. This is also, the main reason why, Financial
Planning is important for the success, because, Financial
Planning, provides the superintendence, for the decisions
taken by the individuals.
c. OPTIMUM UTILIZATION OF RESOURCES:
The financial plan, acts as a helping hand, for the
formulation of certain type of strategies. This, financial
plan, also helps the individuals for, effe ctive and efficient,
allocation of resources, for purchasing, different types of
assets.
This is the main reason why, the individuals should use
their income, more knowledgably. This may, in turn, lead
to, Optimum Utilization of Resources.
d. BETTER STANDARD OF LIVING:
With a pragmatically, developed financial plan, in place,
the individuals will never have to face, shortage of funds,
in the future. The individuals, will also have a free flow of
liquidity. The individuals, will also, not have to face, those
month end woes.
This is the main reason why, the individuals can achieve,
their targets, without, compromising on their, standard of
living.

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e. EXPERT ADVICE:
The activities in the area of financial planning, are time
and again, been taking place, with the help of Experts.
These Experts may include, professionals such as,
Actuarial, Wealth Managers, Financial Advisers,
Chartered Accountants, Certified Financial Planners, and
so on, and so forth.
It is advisable for the individuals, to seek Expert
Advice, from some of the above mentioned,
professionals. If this, Expert Advice, is not concentrated
upon, the individuals, could end up with, poor financial
information.
This type of poor financial information, can lead to some
decisions, which may, prove to be disastrous. In the case
of the working individuals, insufficient or random saving
for retirement, can lead to, a not so good lifestyle for the
future.
Similarl y, on the other hand, in the case of businessmen,
poorly managed tax preparation, could culminate into, an
unexpected debt. This, unexpected debt, may in turn,
lead to a loss in carefully, accumulated wealth.

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1.10 DISADVANTAGES OF PERSONAL FINANCIAL
PLANNING:
Personal Financial Planning, specifically, refers to the rough
draft of a plan, to describe the targets, as well as, the
objectives of the individuals.
Personal Financial Planning, may affect the rules, and the
standard procedures, of the individ uals, while creating a
financial plan.
There are a number of disadvantages of Financial Planning,
which may, crop up, while developing a financial plan. There
might also be, some disadvantages, in the Financial Planning
Model.
Some of these disadvantages, are, as mentioned below:
a. DIFFICULTY IN FORECASTING:
Financial plans are prepared by taking into account
the expected situations in the future. Since, the future
is always uncertain and things may not happen as
these are expected, so the utility of financial planning
is very limited. The reliability of financial planning
is uncertain and very much doubted.
b. DIFFICULTY IN CHANGE:
Once a financial plan is prepared , then it becomes
quite difficult to change it. The changed situations,
might demand, a change in financial plan but the
professionals, might not like it. Even otherwise,
assets might have been purchased and payment for
instalments of Loans, already discharged . It becomes

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very difficult to change the financial plans, under
such situations.
c. PROBLEM OF CO-ORDINATION:
Financial function is the most important of all the
functions. Other functions , might influence the
decisions about, the financial plans. While estimating
financial needs, production policy, personnel
requirements, marketing possibilities are all taken
into account.
Unless there is a proper -co-ordination among all the
functions, the preparation of a financial plan becomes
difficult. Often there is a lack of co -ordination among
different functions. Even indecision among personn el
disturbs the process of financial planning , in
particular.
d. RAPID CHANGES:
The growing mechanization of industry is bringing in,
rapid changes in the industrial process. The methods
of production, marketing devices, consumer
preferences create new demands every time. The
incorporation of new changes requires , changes to be
made, into the financial plan every now and then.
Once investments are made in assets , then these
decisions cannot be reversed. It becomes very
difficult to adjust a financial pla n for incorporating
fast changing situations. Unless a financial plan helps
in the adoption of new techniques, its utility becomes
limited.

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1.11 AREAS OF FOCUS IN PERSONAL FINANCIAL
PLANNING:
Key areas of personal financial planning, as suggested by the
Financial Planning Standards Board, are:
i. FINANCIAL POSITION:
Financial Position, is concerned with, a basic
understanding of the personal resources available with
the individuals, by conducting an examination of, the
individuals’ Net Worth and Cash Flow. Net Worth refers
to the Balance Sheet of the individuals, which is,
calculated by adding up all assets under t he control of
the individuals, minus all liabilities to be payable by the
individuals, at a certain point of time. Cash Flow, refers
to the sum total, of all the expected sources of income
within a year, minus all expected expenses within the
same year. After conducting this analysis, the financial
planner can determine, as to what degree and in what
time period, the personal targets, of the individuals, can
be accomplished.
ii. ADEQUATE PROTECTION:
Adequate Protection or Insurance, refers to the analysis
of protecting, the individuals from unforeseen situation.
These situations, can be divided into unpaid liabilities,
unpaid instalment of loans, death, disability, health and
long-term care. Some of these situations, may be self-
insurable, while most of them will require the purchase
of an insurance contract. Determining how much
insurance to get, at the most cost effective ter ms,
requires knowledge of the market for personal insurance.

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Business owners, professionals, athletes and entertainers
require specialized insurance professionals for
adequately, protect themselves. Because, insurance also
enjoys, some of the tax benefits, utilizing insurance
investment products , may be a critical piece of the
overall investment planning.
iii. TAX PLANNING:
Typically, Income Tax, might be, the only single largest,
expenditure for the individuals . Managing taxes is not a
question, regarding, whether or not taxes will be paid,
but when and how much , amount of taxes, need to be
paid, to the government. The government gives many
incentives in the form of tax deductions and credits,
which can be used to reduce the lifetime tax burden.
Most modern governments, might use a progressive tax
rate. Typically, as the income of the individuals, grow,
substantially, a higher marginal rate of tax must be paid.
Understanding how to take the advantages of the myriad
tax breaks while planning, the personal finances of the
individuals, can have a significant impact on the
Finances of the individuals.
iv. INVESTMENT AND ACCUMULATION OF TARGETS:
Planning how to accumulate enough money for large
purchases and life events is what most Individuals,
consider to be financial planning. Major reasons for
accumulation of assets includes, purchasing a house or
car, starting a business, payment for education
expenditure, and saving for retirement.

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Achieving these targets, requires, the projection of, the
costs of these assets, and the time of withdrawal of funds
by the individuals. A major risk for the individuals, in
achieving their accumulation of targets, are the rates of
prices, which increase over time, because of, inflation.
Using net present value calculators, the financial planner
will suggest a combination of asset earmarking and
regular savings to be invested in a variety of
investments.
In order to overcome th is rate of inflation, the portfolio
of investments, needs to get a higher rate of return,
which will, typically subject this investment portfolio to
a huge number of risks.
Managing these portfolio risks is most often
accomplished using asset allocation, which seeks to
diversify investment risk and opportunity. This asset
allocation will prescribe a percentage allocation to be
invested in stocks, bonds, cash and alternative
investments. The allocation should also take i nto
consideration the personal risk profile of every investor,
since risk attitudes vary from person to person.
v. RETIREMENT PLANNING:
Retirement Planning, is the process of, understanding
how much it costs to live at retirement, and coming up
with a plan to distribute assets to meet any income
shortfalls. Methods for retirement plan include taking
advantage of government allowed structures to manage

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tax liability including: individual (IRA) structures, or
employer sponsored retirement plans.
vi. ESTATE PLANNING:
Estate Planning involves planning for the disposition of
one's assets after death. Typically, there is a tax due to
be paid to the state or central government, at the time of
death of the individual . Avoiding these taxes means that
more assets, of the individuals, will be distributed
amongst their, legal heirs. The individuals, might leave
their assets, for their family, friends or charitable
groups.
vii. CASH MANAGEMENT:
Cash Management is the heart and soul of personal
financial planning, whether the individuals are an
employee or are planning, their retirement. It is a must
for every financial planner to know how much he or she
spends prior to his or her retirement, so that he or she
can save aside a significant amount for their retirement .
This analysis of Cash Management, is a wake-up call for
most of the individuals, because most of the individuals,
might be aware about their income, but, very few of the
individuals, actually, keep a track of their expenditures.
viii. REVISITING THE WRITTEN FINANCIAL PLAN
REGULARLY:
The individuals, should, make it a habit, to monitor,
their financial plan, regularly. A quarterly, or may be, an
annual review of their financial planning with a
professional, keeps the individuals, well-positioned, and

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informed about the required changes, if any, in their
needs or lifestyle circumstances. The individuals, need
to have a proper preparation, before hand, for all those
sudden curve balls , which their life may inevitably,
throw at them in their way.
ix. EDUCATION PLANNING:
With the growing interests on students’ loan, having a
proper financial plan in place is crucial. Parents , would,
quite often, want to save for their kids , but they might,
end up taking the wrong decisions, whic h might, in turn,
affect their savings adversely. We often observe that,
many parents give their kids expensive gifts, or
unintentionally endanger the opportunity to obtain the
much-needed grant. Instead, the individuals, should make
their kids prepared for the future and support them
financially in their education.

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CHAPTER 2:-
OBJECTIVES OF THIS STUDY
The following are the Potential Objectives for this Specific
Study, which were decided onto after conducting some Basic
Research Activities on the topic chosen for this specific study:
I. To find out, the Need of Personal Financial Planning for
Individuals.
II. To find out, the Advantages of Personal Financial
Planning for Individuals.
III. To find out, the Disadvantages, if any, of Personal
Financial Planning for Individuals.
IV. To find out, the Overall Impact of Personal Financial
Planning, in the day to day life of Individuals.

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CHAPTER 3:-
REVIEW OF LITERATURE
Jariwala Harsha (2012) Expected utility theory views
individual investment decision as a trade -off between
immediate consumption and future one. Individuals maximize
their utility based on classic wealth criteria making a choice
between consumption and investment though time. I ndividuals
do not always follow the classical theory of economics. Recent
theories of Investment behavior show that investors do not
behave rationally, rather several factors influences the
investment decision. The study is based on the responses of
equity investors selected by convenience sampling method in
the cities of Vadodara and Ahmadabad. This study considers
the theory of irrationality and of individual investors and
investigates the factors that influence the Investment Behavior
for Equity investment. Various statistical tools were used for
data analysis purpose. The analysis showed that the investors
are very conscious about their investment. The stagnant mode
of share market in current time period affected a lot to the
investment decisions of indi vidual investors.
Mittal (2008) explored the relationship between various
demographic factors and the investment personality exhibited
by the investors. Empirical evidence suggested that factors
such as income, education and marital status affect an
individual’s investment decision. Further the results revealed
that investors in India can be classified into four dominant
investment personalities namely casual, technical, and
informed and cautions.

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Murphy (2010) found out that while most respondents feel
both that financial planning is important and that they are
interested in developing a financial plan, very few feel that
they have the necessary skills and knowledge to prepare their
own plan. “In addition, the participants indicated a strong
preference for professional personal financial planning advice.
Less than 13 percent have prepared a comprehensive personal
financial plan. When asked to identify the one professional
from whom they would seek advice, certified financial
planners were the preferred resou rce.”
Ambrose Jagongo (2014) Individual investments behavior is
concerned with choices about purchases of small amounts of
securities for his or her own account. Investment decisions are
often supported by decision tools. It is assumed that
information structure and the factors in the market
systematically influence individuals’ investment decisions as
well as market outcomes. The researcher confirmed that there
seems to be a certain degree of correlation between the factors
that behavioral finance theory a nd previous empirical evidence
identify as the for the average equity investor. The researcher
found out that the most important factors that influence
individual investment decisions were: reputation of the firm,
firm’s status in industry, expected corpor ate earnings, profit
and condition of statement, past performance firm’s stock,
price per share, feeling on the economy and expected divided
by investors.

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Epstein (1994) examined the demand for social information by
individual investors. The results indicate the usefulness of
annual reports to corporate shareholders. The results also
indicate a strong demand for information about product safety
and quality, and about the company's environmental activities.
Furthermore, a majority of the shareholders surveyed also
want the company to report on corporate ethics, employee
relations and community involvement.
Maditinos (2007) examined the techniques and methods used
by six different groups of Greek investors: official members of
the Athens Stock Exchange, mutual fund management
companies, portfolio investment companies, listed companies,
brokers, and individual investors. The results revealed that on
average the participants ranked their instinct/experience as the
most important factor followed by fundamental analysis and
the movement of foreign financial markets. Noise in the
market and portfolio analysis was considered the least
important.
Hussein A. Hassan Al-Tamimi (2009) indicate that the
financial literacy of UAE investors is far from the needed
level. The financial literacy level is found to be affected by
income level, education level, and workplace activity. High -
income respondents hold high educational degrees, and thos e
who work in the field of finance/banking or investment had as
expected a higher financial literacy level than others.
Whereas, financial illiteracy exists regardless of the age of the
respondents, a significant difference in the level of financial
literacy was found as well between the respondents according
to their gender. Specifically, women have a lower level of
financial literacy than men. Finally, the results indicate that

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there is a significant relationship between financial literacy
and investment decisions. The most influencing factor that
affects the investment decision is religious reasons and the
least affecting factor is rumors.
Al-Tamimi (2006) investigated the most and least influencing
factors on the UAE Investor’s behavior by surveying 343
individual investor. The most influencing factors were, in
order of importance: corporate earnings get rich quickly, stock
marketability, past performance of the firm‘s stock,
government holdings, and the creation of the organized
financial markets. In add ition, two factors had unexpectedly
the least influence, namely religious reasons and family
member opinions. However, the author did not consider the
relationship between financial literacy and investment
decision, which will be dealt with in the current study.
Brigitte Funfgeld (2009) expose five underlying dimensions:
anxiety, interests in financial issues, decision styles, need for
precautionary savings, and spending tendency. They
demonstrate that our respondents can, based on these
dimensions, be classified into five distinct groups by cluster
analysis where from cluster I to V, the need for action for a
better handling of financial matters increases: for example, the
“Gut-feeling followers”, show a intuitive way of decision
taking, disinterest in financial subjects and a lack of
awareness for the need of provision which make it difficult to
argue for or to initiate remedial action. Each cluster raises key
issues in meeting their needs and allows for guidance to design
and adapt instruments to assist in specific financial
requirements. Linear regression further reveals that the
clusters highlight socio -demographic characteristics and help

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generate a better understanding, although one socio -
demographic factor alone does not offer enough information to
detect cluster membership we segment the investors based on
the revealed dimensions in attitudes (e.g., level of anxiety),
together with the self -stated finance-related behavioral pattern
(e.g., spending tendency). They further demonstrate that by
segmenting private investors on the basis of their self -stated
financial attitudes and behavior, a yield of clearly
interpretable profiles can be realized. Cluster analyses, based
on the results of factor analysis, indicate that private investors
can be divided into five clusters with specific characteristics
in their financial day-to-day behavior and certain related
socio-demographic variables (e.g., gender, age, and
education). Each cluster raises key issues in meeting its needs
and the use of adequate financial ins truments. From cluster I
to V, the need for action to improve the handling of financial
matters increases. Socio -demographic variables show patterns
of distribution in the clusters, e.g. men are found more in the
rational cluster, less in the more irration al ones. In contrast,
women are found to fall more into both extremes.
Jan Wilson (2010) Women in nontraditional families (single
mothers, cohabiters, and stepfamilies) had significantly
greater worries about their financial futures than women in
first marriages. Single mothers were less likely to say that
they had their financial house in or der and were more likely to
express concern that their money would not last through
retirement. Cohabiting women were significantly more likely
to express fears about becoming a burden. All three groups
were more likely than women in first marriages to agr ee that
long-term care insurance is a necessity. Women, who were
older, were more educated had higher income, and who

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contributed more money to the household income had more
positive perceptions of their financial situation.

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CHAPTER 4:-
4.1 SIGNIFICANCE OF THIS STUDY:
The topic selected for this specific study, takes its inspiration
from the real world. These days, the general public have been
tending to give a lot of importance to Financial Planning, in
general. Because of the cut throat competition , these days, a
lot of people have been looking at planning, saving, and
investing their Money, in those Sources of Inv estment, through
which they can earn a higher rate of interest, by bearing a very
low to moderate risk.
The topic chosen for this specific study has also taken a lot of
its inspiration from its relevance in the real world, during
today’s date and time. This is because, nowadays, a lot of
people have been turning towards Personal Financial Planning,
and some of them have been even hiring Certified Financial
Planners, to assist them and advise them, regarding, planning,
saving, and investing their money, in an effective and efficient
manner, as per their specified requirements.
A lot of Brainstorming and Discussion, has gone into,
regarding the topic chosen for this specific study. A lot of
thought process and thinking has also taken place before
zeroing in into the topic chosen for this specific study.

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4.2 SCOPE OF THIS STUDY:
The Scope of this Study particularly, refers to, all those things
which will be covered in the research project. It clearly
defines, the extent of the content, that will be covered by the
means of the research, in order to come to more logical
conclusions and give conclusive and satisfactory answers , with
respect to the research activities, being conducted.
The information, which was required, for this specific study,
has been mainly collected, from the General Public, all over
India. These People specifically refer only to those, either who
are employed with any organization or are self employed.
Also, this information, which was required for this specific
study, has been congregated, with the help of the
Questionnaire Technique.
This information was collected, for determining, what is the
Need of Personal Financial Planning for Individuals . Here, we
are also studying, how the Impact of Personal Financial
Planning, plays a very important role in the day to day life of
Individuals, as a whole.

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4.3 LIMITATIONS OF THIS STUDY:
Below have been mentioned, some of the most important
Limiting Factors, which acted as Challenges, during the
Conduction of this specific study. These Limiting Factors have
been mentioned as under:
❖ There were time constraints, which we faced, which in
turn, acted as one of the most important limiting factors,
while, conducting, this specific study.
❖ The Costs Involved, also acted as a limiting factor,
because, some techniques, which involve a lot of Cost,
could not be taken into consideration, while, conducting,
this specific study.
❖ The Information required for the smooth conducting of
this specific study, could not be collected from a lot of
people, because of the time limitations.

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CHAPTER 5:-
RESEARCH METHODOLOGY
5.1 SELECTION OF THE PROBLEM:
The Selection of the Problem, refers to that topic, being
selected, which the researcher has at least, a basic knowledge
about.
This topic was selected on the basis of its relevance and its
applicability in the real world. This was also selected, on the
basis of its intricacies and complexities too.
5.2 SAMPLE SIZE FOR THIS STUDY:
The sample size is an important feature of any empirical study
in which the goal is to make inferences about a population
from a sample. In practice, the sample size used in a study is
determined based on the expense of data collection, and the
need to have sufficient statistical power .
The Information was collected for this specific study was
collected from the Sample Size of 30 people, all over India.
The Simple Random Sampling Technique was used while
selecting the Sample Size. Here, we faced some difficulties,
such as Lack of Time for selecting the Sample Size,
Unwillingness of some of the people approached, for
diligently, participating in this specific study, and so on and
so forth.
The Sample Sizes may be decided upon in several different
ways. Some of these ways are as mentioned below:

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• Experience: A choice of small sample sizes, though
sometimes necessary, can result in wide confidence
intervals or risks of errors in statistical hypothesis
testing.
• Using a Target Variance for an Estimate to be Derived
from the Sample, eventually, Obtained: i.e. if a high
precision is required (narrow confidence interval) this
translates to a low target variance of the estimat or.
• Using a Target for the power of a statistical test to be
applied once the sample is collected.
• Using a Confidence Level: i.e. the larger the required
confidence level, the larger the sample size (given a
constant precision requirement).
5.3 SOURCES OF DATA COLLECTION:
The Sources of Data Collection, refers to those sources from
which data can be collected, for conducting the research study.
There are two types of Sources available for Data Collection,
that is the Primary Sources, which refers to collecting first
hand information, using the Survey Method, the Interview
Method, Direct Observation, and so on and so forth.
Whereas, the Secondary Sources, refers to collecting that type
of data which has already been worked upon. This includes,
collecting data from Newspapers, Journals, Magazines,
Internet, Census and so on and so forth.
The source used for collecting the required data for this study
was Primary Data. The Questionnaire method was used, under
which Questionnaires were made, which were sen t to these
Delivery Kitchens or Cloud Kitchens, from whom, first hand
data was collected, for this specific study.

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5.4 TECHNIQUES OF DATA COLLECTION:
There are a number of techniques, and methods, which can be
used for collecting the data, on the basis of which, the
Research Study can be conducted. In the collection of both
Primary Data, as well as Secondary Data, a number of
different techniques are used for collecting the data.
For this specific study, data was collected on the basis of
Primary Sources and the Questionnaire technique was used for
collecting the required data for this specific study.

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CHAPTER 6:-
HYPOTHESIS OF THIS STUDY
On the basis of the information, collected from the
individuals, using the Questionnaire Technique, there can be
TWO possible situations at any given point of time.
These situations can be described as under:
A. There is a very important need of Personal Financial
Planning, for individuals, in today’s date and time.
B. Personal Financial Planning, can affect the financial well
being of the individuals, both positively as well as
negatively.
These statements can be true or untrue in the course of the
given situation or happening of any kind.

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CHAPTER 7:-
DATA ANALYSIS AND INTERPRETATION
MEANING OF DATA ANALYSIS AND
INTERPRETATION:
Data analysis is a process of inspecting, cleansing,
transforming, and modelling data with the goal of discovering
useful information, informing conclusions, and supporting
decision-making. Data analysis has multiple facets and
approaches, encompassing diverse techniques under a variety
of names, while being used in different business, science, and
social science domains. In today's business, data analysis is
playing a role in making decisions more scientific and helping
the business achieve effective operation s.
TECHNIQUES FOR DATA ANALYSIS AND
INTERPRETATION:
The first and the most important, step in choosing the right
data analysis technique , for the data set, begins with
understanding what type of data it i s, quantitative or
qualitative. As the name implies, Quantitative Data deals
with quantities and hard numbers. This data includes sales
numbers, marketing data such as click -through rates, payroll
data, revenues, and other data that can be counted and
measured objectively.
Qualitative Data is slightly harder to pin down as it pertains
to aspects of an organization that are more interpretive and
subjective. This includes information taken from customer
surveys, interviews with employees, and generally refers to

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qualities over quantities. As such, the analysis methods used
are less structured than quantitative techniques.
❖ MEASURING QUANTITATIVE DATA:
Quantitative analysis methods rely on the ability to accurately
count and interpret data based on hard facts. Our first three
methods for upping your analysis game will focus on
quantitative data:
1. REGRESSION ANALYSIS :
Regression studies are excellent tools when you need to make
predictions and forecast future trends. Regressions measure
the relationship between a dependent variable (what you want
to measure) and an independent variable (the data you use to
predict the dependent variable). While you can only have one
dependent variable, you can have a nearl y limitless number of
independent ones. Regressions also help you uncover areas in
your operations that can be optimized by highlighting trends
and relationships between factors.
2. HYPOTHESIS TESTING:
Also known as “T Testing”, this analysis method lets y ou
compare the data you have against hypotheses and assumptions
you’ve made about your operations. It also helps you forecast
how decisions you could make will affect your organization. T
Testing lets you compare two variables to find a correlation
and base decisions on the findings. For instance, you may
assume that more hours of work are equivalent to higher
productivity. Before implementing longer work hours, it’s
important to ensure there’s a real connection to avoid an
unpopular policy.

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3. MONTE CARLO SIMULATION:
As one of the most popular ways to calculate the effect of
unpredictable variables on a specific factor, Monte Carlo
simulations use probability modeling to help predict risk and
uncertainty. To test a hypothesis or scenario, a Monte Carlo
simulation will use random numbers and data to stage a variety
of possible outcomes to any situation based on any results.
This is an incredibly useful tool across a variety of fields
including project management, finance, engineering, logistics,
and more. By testing a variety of possibilities, you can
understand how random variables could affect your plans and
projects.
❖ MEASURING QUALITATIVE DATA:
Unlike quantitative data, qualitative information requires
moving away from pure statistics and toward more
subjective approaches. Yet, you can still extract useful data
by employing different data analysis techniques depending
on your demands.
The below mentioned, final two techniques focus on
qualitative data:
1. CONTENT ANALYSIS:
This method helps to understand the overall themes that
emerge in qualitative data. Using techniques like color
coding specific themes and ideas helps parse textual data to
find the most common threads. Content analyses can work
well when dealing with data such as user feedback,
interview data, open -ended surveys, and more. This can

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help identify the most important areas to focus on for
improvement.
2. NARRATIVE ANALYSIS :
This kind of analysis focuses on the way stories and ideas
are communicated throughout a company and can help you
better understand the organizational culture. This might
include interpreting how employees feel about their jobs,
how customers perceive an organization, and how
operational processes are viewed. It can be useful when
contemplating changes to corporate culture or planning new
marketing strategies.
There is no gold standard for statistical analysis or right
way to do it. The method you choose should always reflect
the data you’ve collected, and the type of insights you want
to extract. Matching the right data and analysis helps
uncover better insights to optimize your organization.

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7.1 AGE OF THE SAMPLE SIZE:
On the basis of the information collected from the individuals,
the following Table and Pie Chart, has been developed:
AGE
PARTICULARS FREQUENCY PERCENTAGE
21 3 10%
22 4 13%
23 2 7%
24 3 10%
25 3 10%
26 2 7%
27 3 10%
28 1 3%
30 3 10%
33 3 10%
40 1 3%
44 1 3%
54 1 3%
Grand Total 30 100%

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10%
14%
7%
10%
10%7%
10%
3%
10%
10%
3%
3% 3%
AGE.
21 22 23 24 25 26 27
28 30 33 40 44 54

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FINDINGS AND INTERPRETATION:
From the above Table and Pie Chart , it can be observed that
from the sample size of the selected respondents ,
approximately, 10 per cent, of the respondents, from whom,
information has been collected, have mentioned that, they are
of 21 years of age, 13 per cent, of the respondents , from
whom, information has been collected, have mentioned that,
they are of 22 years of age, 7 per cent, of the respondents ,
from whom, information has been collected, have mentioned
that, they are of 23 years of age, 10 per cent, of the
respondents, from whom, information has been collected, have
mentioned that, they are of 24 years of age, 10 per cent, of the
respondents, from whom, information has been collected , have
mentioned that, they are of 26 years of age, and, 10 per cent,
of the respondents , from whom, information has been
collected, have mentioned that, they are of 27 years of age,
respectively.
Similarly, on the other hand, 3 per cent, of the respondents ,
that, they are of 28 years of age, 10 per cent, of the
mentioned that, they are of 44 years of age, and 3 per cent, of

Page | 54
the respondents, from whom, information has been collected,
have mentioned that, they are of 54 years of age, respectively.

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7.2 GENDER OF THE SAMPLE SIZE:
GENDER.
Female 22 73%
Male 8 27%
Grand Total 30 100%

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73%
27%
GENDER.
Female
Male

Page | 57
information has been collected, have mentioned that, they
belong to the Female Gender.
Similarly, on the other hand, 27 per cent, of the respondents,
that, they belong to the Male Gender, respectively.

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7.3 LOCATION OF THE SAMPLE SIZE:
LOCATION.
Ajmer 1 3%
Andheri 2 7%
Bhiwandi 1 3%
Borivali 1 3%
Fort, CST 1 3%
Ghatkopar 1 3%
Kandivali 1 3%
Karad 1 3%
Mumbai 12 40%
Navi Mumbai 1 3%
Pune 1 3%
Raipur 3 10%
Sangli 1 3%
Thane 3 10%
Grand Total 30 100%

Page | 59
4% 7%
4%
4%
3%
3%
3%
3%
40%
3%
3%
10%
3% 10%
LOCATION.
Ajmer
Andheri
Bhiwandi
Borivali
Fort, CST
Ghatkopar
Kandivali
Karad
Mumbai
Navi Mumbai
Pune
Raipur
Sangli
Thane

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approximately 3 per cent, of the respondents, from whom,
belong to the Ajmer Area, 7 per cent, of the respondents, from
they belong to the Andheri Area, 3 per cent, of the
mentioned that, they belong to the Bhiwandi Area, 3 per cent,
of the respondents, from whom, information has been
collected, have mentioned that, they belong to the Borivali
Area, 3 per cent, of the respondents, from whom, information
has been collected, have mentioned that, they belong to the
Fort, CST, Area, 3 per cent, of the respondents, from whom,
belong to the Ghatkopar Area, and 3 per cent, of the
mentioned that, they belong to the Kandivali Area,
respectively.
that, they belong to the Karad Area, 40 per cent, of the
mentioned that, they belong to the Mumbai Area, 3 per cent,
collected, have mentioned that, they belong to the Navi
Mumbai Area, 3 per cent, of the respondents, from whom,
belong to the Pune Area, 10 per cent, of the respondents, from

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they belong to the Raipur Area, 3 per cent, of the respondents,
that, they belong to the Sangli Area, and 10 per cent, of the
mentioned that, they belong to the Thane Area, respectively.

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7.4 PROFESSION OF THE SAMPLE SIZE:
PROFESSION.
Accountant 1 3%
Administration
Executive
1 3%
Art Director 1 3%
Artist 1 3%
Assistant
Accountant
1 3%
Assistant
Professor
4 13%
Business 2 7%
Coder 1 3%
Content Writer 1 3%
Digital
Marketer
1 3%
Engineer 1 3%
Fashion
Designer
1 3%

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Home Baker 1 3%
Home Chef 1 3%
Information
Technology
1 3%
Marine
Engineer
1 3%
Project Manager 1 3%
Quality Analyst 1 3%
Research and
Development
Head
1 3%
Restaurateur 1 3%
Service 1 3%
Software
Developer
1 3%
Student 2 7%
Travel Advisor 1 3%
Travel
Consultant
1 3%
Grand Total 30 100%

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3% 3%
3%
3%
3%
13%
7%
3%
3%3%3%3%3%3%
3%
3%
3%
3%
3%
3%
3%
3% 7% 3% 3%
PROFESSION. Accountant
Administration Executive
Art Director
Artist
Assistant Accountant
Assistant Professor
Business
Coder
Content Writer
Digital Marketer
Engineer
Fashion Designer
Home Baker
Home Chef
Information Technology
Marine Engineer
Project Manager
Quality Analyst
Research and Development Head
Restaurateur
Service
Software Developer
Student
Travel Advisor
Travel Consultant

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From the above Table and Pie Chart, it can be observed that
information has been collected, have mentioned that, they are,
at present, working as, Accountant, 3 per cent, of the
mentioned that, they are, at present, working as, a
Administration Executive , 3 per cent of the respondents, from
they are, at present, working as, an Art Director, 3 per cent,
collected, have mentioned that, they are, at present, working
as, a Artist, and 3 per cent, of the respondents, from whom,
at present, working as, Assistant Accountant, respectively.
from whom, information has been colle cted, have mentioned
that, they are, at present, working as, Assistant Professor , 7
per cent, of the respondents, from whom, information has been
collected, have mentioned that, they are, at present, having
their own, Business, 3 per cent, of the respondents, from
they are, at present, working as, a Coder, 3 per cent, of the
mentioned that, they are, at present, working as, a Content
Writer, and 3 per cent, of the respondents, from whom,
at present, working as, a Digital Marketer, respectively.

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that, they are, at present, working as, Engineer, 3 per cent, of
have mentioned that, they are, at present, working as, Fashion
Designer, 3 per cent, of the respondents, from whom,
at present, working as, Home Baker, 3 per cent, of the
mentioned that, they are, at present, working as, Home Chef,
and 3 per cent, of the respondents, from whom, information
has been collected, have mentioned that, they are, at present,
working in the Information Technology Department,
respectively.
that, they are, at present, working as, a Marine Engineer, 3
as, a Project Manager, 3 per cent, of the respondents, from
they are, at present, working as, a Quality Analyst, 3 per cent,
as, a Research and Development Head , and, 3 per cent, of the
mentioned that, they are, at present, worki ng as a
Restaurateur, respectively.

Page | 67
that, they are, at present, working in the, Service Department,
3 per cent, of the respondents, from whom, information has
been collected, have mentioned that, they are, at pre sent,
working as, a Software Developer, 3 per cent, of the
mentioned that, they are, at present, working as, Students, 3
as, a Travel Advisor, 3 per cent, of the respondents, from
they are, at present, working as, a Travel Consultant,
respectively.

Page | 68
7.5 BASIC KNOWLEDGE ABOUT PERSONAL
FINANCIAL PLANNING:
DO YOU KNOW, WHAT IS PERSONAL FINANCIAL
PLANNING?
No. 3 10%
Yes. 27 90%
Grand Total 30 100%

Page | 69
10%
90%
DO YOU KNOW, WHAT IS
PERSONAL FINANCIAL
PLANNING?
No. Yes.

Page | 70
From the above Table and Pie chart, it can be observed that
have, the basic knowledge about what, Personal Financial
Planning, actually is.
that, they do not have, the basic knowledge about what,
Personal Financial Planning, actually is.

Page | 71
7.6 THOUGHT ABOUT INVESTING THEIR
INCOME:
HAVE YOU EVER, THOUGHT ABOUT
INVESTING YOUR INCOME,
ANYWHERE?
No. 3 10%
Yes. 27 90%
Grand Total 30 100%

Page | 72
10%
90%
HAVE YOU EVER, THOUGHT ABOUT
ANYWHERE?
No. Yes.

Page | 73
approximately 90 per cent, of the respondents, from whom,
have, thought about, investing their income, anywhere.
that, they have not thought about, investing their income,
anywhere.

Page | 74
7.7 SOURCES OF INVESTMENT:
IF YES, WHAT ARE THE SOURCES, IN
WHICH YOU THOUGHT ABOUT
INVESTING YOUR INCOME IN?
Equity Funds. 1 3%
Fixed Deposits. 9 31%
Gold. 1 3%
Mutual Funds. 9 31%
Systematic
Investment Plans.
9 31%
Grand Total 29 100%

Page | 75
4%
31%
3%
31%
31%
IF YES, WHAT ARE THE SOURCES, IN
WHICH YOU THOUGHT ABOUT
INVESTING YOUR INCOME IN?
Equity Funds.
Fixed Deposits.
Gold.
Mutual Funds.
Systematic Investment Plans.

Page | 76
from the sample size of the selected respondents , out of those,
90 per cent, of the respondents, who have mentioned that, they
have thought about, investing their income, anywhere, 3 per
cent, of these respondents, have mentioned that, they have
thought about, investing their income in Equity Funds, 31 per
thought about, investing their income in Fixed Deposits,
respectively.
Similarly, on the other hand, 3 per cent, of these respondents,
have mentioned that, they have thought about, investing their
income in Gold, 31 per cent, of these respondents, have
mentioned that, they have thought about, investing their
income in Mutual Funds, and 31 per cent, of these
respondents, have mentioned that, they have thought about,
investing their income in Systematic Investment Plans ,
respectively.

Page | 77
7.8 MAKING OF THE FINANCIAL PLAN:
HAVE YOU EVER DECIDED, TO MAKE A PROPER
FINANCIAL PLAN FOR INVESTING YOUR INCOME,
ANYWHERE?
No. 10 33%
Yes. 20 67%
Grand Total 30 100%

Page | 78
33%
67%
HAVE YOU EVER DECIDED, TO
MAKE A PROPER FINANCIAL PLAN
FOR INVESTING YOUR INCOME,
ANYWHERE?
No. Yes.

Page | 79
information has been collected, have mentioned that, they have
decided to make a financial plan, for investing their income,
anywhere.
that, they have not decided to make a financial plan, for
investing their income, anywhere.

Page | 80
7.9 METHODS OF MAKING OF THE FINANCIAL
PLAN:
IF YES, BY WHAT METHODS, HAVE
YOU MADE A FINANCIAL PLAN?
Hired a
Certified
Financial
Planner to do
the same.
9 33%
Made it by
Ourselves.
18 67%
Grand Total 27 100%

Page | 81
33%
67%
IF YES, BY WHAT METHODS,
HAVE YOU MADE A FINANCIAL
PLAN?
Hired a Certified Financial Planner to do the same.
Made it by Ourselves.

Page | 82
have decided to make a financial plan, for investing their
income, anywhere, 33 per cent, of these respondents, have
mentioned that, they have decided to hire a Certified Financial
Plan, for make a financial plan, for investing their income,
anywhere.
Similarly, on the other hand, 67 per cent, of these
respondents, have mentioned that, they have , decided to make
a financial plan, by themselves, for investing their income,
anywhere.

Page | 83
7.10 MOTIVE OF THEIR INVESTMENTS:
WHAT IS THE MAIN MOTIVE OF
YOUR INVESTMENT?
Earning Profit. 10 33%
Saving Money
for the Future.
20 67%
Grand Total 30 100%

Page | 84
33%
67%
WHAT IS THE MAIN MOTIVE OF
YOUR
INVESTMENT?
Earning Profit. Saving Money for the Future.

Page | 85
information has been collected, have mentioned that, th e main
motive of their investment is, Earning Profit.
that, the main motive of their investment is, Saving Money for
their Future.

Page | 86
7.11 TAKING ADVISE BEFORE INVESTING THEIR
INCOME:
DO YOU TAKE ADVICE FROM ANY
PERSON, BEFORE INVESTING YOUR
INCOME, ANYWHERE?
No. 8 27%
Yes. 22 73%
Grand Total 30 100%

Page | 87
27%
73%
DO YOU TAKE ADVICE FROM
ANY PERSON, BEFORE
ANYWHERE?
No. Yes.

Page | 88
information has been collected, have mentioned that, they do
take advice, from any person, before investing, their income,
anywhere.
that, they do not take advice, from any person, before
investing, their income, anywhere.

Page | 89
7.12 PROFESSIONALS WHOM THEY TAKE
ADVISE FROM BEFORE INVESTING THEIR
INCOME:
IF YES, WHOM DO YOU APPROACH, AND TAKE ADVICE
FROM, BEFORE INVESTING YOUR INCOME, ANYWHERE?
Actuarial. 3 14%
Certified
Financial
Planner.
2 9%
Chartered
Accountant.
9 41%
Financial
Adviser.
6 27%
Wealth Manager. 2 9%
Grand Total 22 100%

Page | 90
14%
9%
41%
27%
9%
IF YES, WHOM DO YOU APPROACH,
AND TAKE ADVICE FROM, BEFORE
ANYWHERE?
Actuarial.
Certified Financial Planner.
Chartered Accountant.
Financial Adviser.
Wealth Manager.

Page | 91
do take advice, from any person, before investing, their
income, anywhere, 14 per cent, of these respondents, have
mentioned that, they have decided to , take advice from an
Actuarial, before investing their income, anywhere , and 9 per
decided to, take advice from the Certified Financial Planners
(CFPs), before investing their income, anywhere, respectively.
Similarly, 41 per cent, of these respondents, have mentioned
that, they have decided to, take advice from the Chartered
Accountants, before investing their income, anywhere; 27 per
decided to, take advice from the Financial Advisers, before
investing their income, anywhere, and , 27 per cent, of these
respondents, have mentioned that, they have decided to, take
advice from the Wealth Managers, before investing their
income, anywhere, respectively.

Page | 92
7.13 WILLING TO BEAR RISK:
ARE YOU WILLING TO TAKE A RISK, WHILE INVESTING
YOUR INCOME, ANYWHERE?
No. 7 23%
Yes. 23 77%
Grand Total 30 100%

Page | 93
23%
77%
ARE YOU WILLING TO TAKE A
RISK, WHILE INVESTING YOUR
INCOME, ANYWHERE?
No. Yes.

Page | 94
information has been collected, have mentioned that, they are
willing to take a risk, while investing their income, anywhere .
that, they are not willing to take a risk, while investing their
income, anywhere.

Page | 95
7.14 QUANTUM OF RISK:
IF YES, HOW MUCH RISK, ARE YOU
WILLING TO BEAR?
High Risk. 1 4%
Low Risk. 14 50%
Moderate Risk. 13 46%
Grand Total 28 100%

Page | 96
4%
50%
46%
IF YES, HOW MUCH RISK, ARE
YOU WILLING TO BEAR?
High Risk. Low Risk. Moderate Risk.

Page | 97
from the sample size of the selected respondents, out of those,
are willing to take a risk, while investing their income,
anywhere, 4 per cent, of these respondents, have mentioned
that, they are willing to bear, High Risk, while investing their
income, anywhere.
Similarly, on the other hand, 50 per cent, of these
respondents, have mentioned that, they are willing to bear,
Low Risk, while investing their income, anywhere, 46 per
cent, of these respondents, have mention ed that, they are
willing to bear, Moderate Risk, while investing their income,
anywhere.

Page | 98
7.15 BASIC KNOWLEDGE ABOUT
INFRASTRUCTURE BONDS:
DO YOU KNOW, WHAT ARE
INFRASTRUCTURE BONDS?
No. 18 60%
Yes. 12 40%
Grand Total 30 100%

Page | 99
60%
40%
DO YOU KNOW, WHAT ARE
No. Yes.

Page | 100
have, the basic knowledge about what, Infrastructure Bonds,
actually are.
that, they do not have, the basic knowledge about what,
Infrastructure Bonds, actually are.

Page | 101
7.16 INVESMENT IN INFRASTRUCTURE BONDS:
IF YES, DO YOU INVEST IN THESE,
No. 21 91%
Yes. 2 9%
Grand Total 23 100%

Page | 102
91%
9%
IF YES, DO YOU INVEST IN THESE,
No. Yes.

Page | 103
have, the basic knowledge about what, In frastructure Bonds,
actually are, 91 per cent, of these respondents, have mentioned
that, they invest their income in these, Infrastructure Bonds.
Similarly, on the other hand, 9 per cent, of these respondents,
have mentioned that, they do not invest their income in these,
Infrastructure Bonds.

Page | 104
7.17 PERIOD OF TIME FOR INVESTMENTS:
FOR WHAT PERIOD OF TIME, DO YOU INTEND TO INVEST YOUR
INCOME, ANYWHERE?
Long Term. 6 20%
Medium Term. 18 60%
Short Term. 6 20%
Grand Total 30 100%

Page | 105
20%
60%
20%
FOR WHAT PERIOD OF TIME, DO
YOU INTEND TO INVEST YOUR
INCOME, ANYWHERE?
Long Term. Medium Term. Short Term.

Page | 106
intend to invest their income, anywhere, for a Long Term.
that, they intend to invest their income, anywhere, for a
Medium Term; and 20 per cent, of the respondents, from
they intend to invest their income, anywhere, for a Short
Term, respectively.

Page | 107
7.18 PERCENTAGE OF INCOME FOR SAVINGS:
HOW MUCH PERCENTAGE OF YOUR INCOME, DO YOU
INTEND TO SAVE, FOR YOUR FUTURE REQUIREMENTS?
11% to 15% 11 37%
16% to 20% 7 23%
5% to 10% 5 17%
Above 20% 7 23%
Grand Total 30 100%

Page | 108
37%
23%
17%
23%
HOW MUCH PERCENTAGE OF
YOUR INCOME, DO YOU INTEND
TO SAVE, FOR YOUR FUTURE
REQUIREMENTS?
11% to 15%. 16% to 20%. 5% to 10%. Above 20%.

Page | 109
intend to save, their income between the range of 5 per cent
and 10 per cent, anywhere, and 37 per cent, of the
mentioned that, they intend to save, their income between the
range of 11 per cent and 15 per cent, anywhere, respectively.
Similarly, 23 per cent, of the respondents, from whom,
intend to save, their income between the range of 16 per cent
mentioned that, they intend to save, more than 20 per cent , of
their income, anywhere.

Page | 110
7.19 PERCENTAGE OF INCOME FOR
INVESTMENTS:
HOW MUCH PERCENTAGE OF YOUR
INCOME, DO YOU INTEND TO
INVEST, ANYWHERE?
11% to 15% 8 27%
16% to 20% 5 17%
5% to 10% 11 37%
Above 20% 6 20%
Grand Total 30 100%

Page | 111
27%
17%
36%
20%
HOW MUCH PERCENTAGE OF
YOUR INCOME, DO YOU INTEND
TO INVEST, ANYWHERE?
11% to 15%. 16% to 20%. 5% to 10%. Above 20%.

Page | 112
intend to invest, their income between the range of 5 per cent
mentioned that, they intend to invest, their income between the
range of 11 per cent and 15 per cent, anywhere, respectively.
intend to invest, their income between the range of 16 per cent
mentioned that, they intend to invest, more than 20 per cent ,
of their income, anywhere, respectively.

Page | 113
7.20 AMOUNT OF INCOME FOR INVESTMENTS
DURING ANY CERTAIN YEAR:
HOW MUCH AMOUNT OF YOUR INCOME, DO YOU INTEND
TO INVEST, ANYWHERE, DURING A YEAR?
Above Rs.
1,50,000.
6 20%
Rs. 1,00,000 to
Rs. 1,50,000.
3 10%
Rs. 50,000 to
Rs. 1,00,000.
7 23%
Up to Rs.
50,000.
14 47%
Grand Total 30 100%

Page | 114
20%
10%
23%
47%
HOW MUCH AMOUNT OF YOUR
INCOME, DO YOU INTEND TO INVEST,
ANYWHERE, DURING A YEAR?
Above Rs. 1,50,000.
Rs. 1,00,000 to Rs. 1,50,000.
Rs. 50,000 to Rs. 1,00,000.
Up to Rs. 50,000.

Page | 115
intend to invest, their income between the range , of Up to Rs
50,000, anywhere, during any given year, and 23 per cent, of
have mentioned that, they intend to invest, their income
between the range of Rs. 50,000 and Rs. 1,00,000, anywhere,
during any given year, respectively.
intend to invest, their income between the range of Rs. 50,000
and Rs. 1,00,000, anywhere, during any given year, and 20 per
cent, of the respondents, from whom, inf ormation has been
collected, have mentioned that, they intend to invest, more
than Rs. 1,50,000, from their income, anywhere, during any
given year, respectively.

Page | 116
CHAPTER 8:-
CONCLUSIONS AND SUGGESTIONS
8.1 CONCLUSIONS:
a) With the help of this specific study, it can be observed
that, most of the individuals, from whom information has
been collected, are located, in the Mumbai Area.
b) With the help of this study, it can be observed that,
approximately, 90 per cent, of the respondents, from
whom, information has been collected, have mentioned
that, they have, the basic knowledge about what,
Personal Financial Planning, actually is.
c) With the help of this study, it can be observed that,
that, they have, thought about, investing their income,
anywhere.
d) With the help of this study, it can be observed that, out
of those, 90 per cent, of the respondents, who have
mentioned that, they have thought about, investing their
income, anywhere, approximately, 31 per cent, of these
respondents, have mentioned that, they have, thought
about, investing their income in Mutual Funds, and 31
per cent, of these respondents, have mentioned that, they
have thought about, investing their income in Systematic
Investment Plans, respectively.

Page | 117
e) With the help of this study, it can be observed that,
that, they have, decided to make a financial plan, for
investing their income, anywhere.
f) With the help of this study, it can be observed that, out
mentioned that, they have decided to make a financial
plan, for investing their income, anywhere,
approximately, 33 per cent, of these respondents, have
mentioned that, they have decided to hire a Certified
Financial Plan, for making a financial plan, for investing
their income, anywhere.
g) With the help of this study, it can be observed that,
that, the main motive of their investme nt is, Saving
Money for their Future.
h) With the help of this study, it can be observed that,
that, they do take advice, from any person, before
investing, their income, anywhere.
i) With the help of this study, it can be observed that, out
mentioned that, they do take advice, from any person,
before investing, their income, anywhere, 41 per cent, of
these respondents, have mentioned that, they have
decided to, take advice from the Chartered Accountants,
before investing their income, anywhere.

Page | 118
j) With the help of this study, it can be observed that,
that, they intend to save, their income , between the range
of 11 per cent and 15 per cent, anywhere.
k) With the help of this study, it can be observed that,
that, they intend to invest, their income between the
range of 5 per cent and 10 per cent , anywhere.
l) With the help of this study, it can be observed that,
that, they intend to invest their income, anywhere, for a
Medium Term.
m) With the help of this study, it can be observed that,
that, they intend to invest, their income between the
range of Up to Rs 50,000, anywhere, during any year.

Page | 119
8.2 SUGGESTIONS:
I. The Certified Financial Planners, need to be
approached, to take adequate financial advice from
them.
II. The Individuals need to have a proper
understanding about the Sources of Investment, in
which they are planning to invest their income in.
III. There is a need for, proper financial planning laws,
to be in place.

Page | 120
BIBLIOGRAPHY:-
Al-Tamimi, H. (2006). “Factors influencing individual
investor behavior: an empirical study of the UAE financial
markets.” The Business Review, 225-232.
Ambrose Jagongo, V. S. (2014). A Survey of the Factors
Influencing Investment Decisions: The Case of Individual.
International Journal of Humanities and Social Science, 92-
98.
Brigitte Funfgeld, M. W. (2009) . Attitudes and behavior in
everyday finance: evidence from Switzerland. International
Journal of Bank Marketing, 108-128.
Epstein, M. A. (1994). Social disclosure and the individual
investor. Accounting, Auditing & Accountability Journal , 94-
109
Hussein A. Hassan Al-Tamimi, A. A. (2009). Financial
literacy and investment decisions of UAE investors. The
Journal of Risk Finance, 500-516.
Jan Wilson, s. D. (2010). Perceptions of Financial Well -being
among American Women in Diverse Families. Journal of
Family Economics, 63-81.
Jariwala Harsha, P. K. (2012). Investors’ Behavior of Equity
Investment: An Empirical study of Individual Investors.
GFJMR, 1-10.
Maditinos, D. S. (2007). “Investors’ behavior in the Athens
stock exchange.” Studies in Economics and Finance, 32-50.

Page | 121
Mittal, M. &. (2008). Personality typ e and investment choice.
An empirical study. The ICFAI University Journal of
Behavioral Finance, 6-22.
Murphy, D. Y. (2010). Personal financial planning attitudes: a
preliminary study of graduate students. Management Research
Review, 33 (8), 811-817.

Page | 122
WEBLIOGRAPHY:-
WIKIPEDIA (PERSONAL FINANCE):
“https://en.wikipedia.org/wiki/Personal_finance ”
“https://en.wikipedia.org/wiki/Personal_finance#History ”
“https://en.wikipedia.org/wiki/Personal_finance#Personal_fina
ncial_planning_process ”
“https://en.wikipedia.org/wiki/Personal_finance#Personal_fina
nce_principles”
“https://en.wikipedia.org/wiki/Personal_finance#Areas_of_foc
us”
MANAGEMENT STUDY GUIDE:
“https://www.managementstudyguide.com/financial -
planning.htm”
INVESTOPEDIA:
“https://www.investopedia.com/terms/p/personalfinance.asp ”
THRIVE GLOBAL:
“https://thriveglobal.com/stories/ten -reasons-why-personal-
financial-planning-is-important/”
PHD THESIS:
“http://www.phdthesis.in/scope -of-the-study/”
WIKIPEDIA (SAMPLE SIZE DETERMINATION):
“https://en.wikipedia.org/wiki/Sample_size_determination ”

Page | 123
KOTAK SECURITIES:
“https://www.kotaksecurities.com/ksweb/Research/Investment -
Knowledge-Bank/Why-should-you-make-a-financial-plan”
WIKIFINANCEPEDIA:
“https://wikifinancepedia.com/finance/financial -
management/limitations -of-financial-planning”
ACCOUNTING NOTES:
“http://www.accountingnotes.net/financial -
management/financial -planning/financial -planning-need-steps-
and-limitations/7740”
TOPPR:
“https://www.toppr.com/guides/business -studies/financial-
management/financial -planning/”
SISENSE:
“https://www.sisense.com/blog/5 -techniques-take-data-
analysis-another-level/”

Page | 124
ANNEXURE:-
A STUDY ON THE NEED OF PERSONAL
FINANCIAL PLANNING FOR INDIVIDUALS IN
INDIA.
Dear Participant,
My name is Rifa Rafiq Juvale and I am a M.Com (Semester 4)
Student at Clara’s College of Commerce. For my Research
Project, I am examining the Need of Personal Financial
Planning for Individuals in India, to find out , the Need of
Personal Financial Planning for Individuals, the Advantages of
Personal Financial Planning for Individuals, the
Disadvantages, if any, of Personal Financial Planning for
Individuals, and the Overall Impact of Personal Financial
Planning, in the day to day life of Individuals. I am inviting
you to participate in this Research Study by completing the
attached survey.
The following questionnaire will require approximately 5 -10
minutes to be completed. If you choose to participate in this
project, please answer all questions as honestly as possible
and return the completed questionnaire promptly. Thank you
for taking the time to assist me in my Educational Endeavour.
Sincerely,
Rifa Rafiq Juvale

Page | 125
RESEARCH SCHOLAR:
Rifa Rafiq Juvale
M.Com Part 2
Clara’s College of Commer ce, Mumbai
Contact No: +919920105790
Email ID: rifa16juvale@gmail.com
BASIC QUESTIONS:
E-Mail ID:
Name of the Person:
Age:
Gender:
Location:
Profession:

Page | 126
QUESTIONNAIRE FOR THE STUDY:
1) Do you know, What is Personal Financial Planning?
a. Yes.
b. No
2) Have you Ever, thought about Investing your Income
anywhere?
a. Yes.
b. No.
3) If Yes, What are the Sources, in which you thought about
investing your Income in?
a. Systematic Investment Plans.
b. Mutual Funds.
c. Fixed Deposits.
d. Equity Funds.
e. Debentures.
f. Gold.
4) Have you Ever Decided, to Make a Proper Financial Plan
for Investing your Income, anywhere?
a. Yes.
b. No.

Page | 127
5) If Yes, by What Methods, have you made a Financial Plan?
a. Hired a Certified Financial Planner to do the same.
b. Made it by Ourselves.
6) What is the Main Motive of your Investment?
a. Saving Money for the Future.
b. Earning Profit.
7) Do you take Advice from any Person, before Investing your
Income, anywhere?
a. Yes.
b. No.
8) If Yes, Whom do you Approach, and take Advice from,
before Investing your Income, anywhere?
a. Actuarial.
b. Wealth Manager.
c. Financial Adviser.
d. Chartered Accountant.
e. Certified Financial Planner.
9) Are you Willing to take a Risk, while Investing your
Income, anywhere?
a. Yes.
b. No.

Page | 128
10) If Yes, how much Risk, are you Willing to Bear?
a. Low Risk.
b. Moderate Risk.
c. High Risk.
11) Do you know, What are Infrastructure Bonds?
a. Yes.
b. No
12) If Yes, Do you Invest in these, Infrastructure Bonds?
a. Yes.
b. No.
13) For What Period of Time, Do you Intend to Invest your
Income, anywhere?
a. Short Term.
b. Medium Term.
c. Long Term.
14) How much Percentage of Your Income, do you Intend to
Save, for your Future Requirements?
a. 5% to 10%.
b. 11% to 15%.
c. 16% to 20%.
d. Above 20%.

Page | 129
15) How much Percentage of Your Income, do you Intend to
Invest, anywhere?
a. 5% to 10%.
b. 11% to 15%.
c. 16% to 20%.
d. Above 20%.
16) How much Amount of your Income, do you Intend to
Invest, anywhere, during a Year?
a. Up to Rs. 50,000.
b. Rs. 50,000 to Rs. 1,00,000.
c. Rs. 1,00,000 to Rs. 1,50,000.
d. Above Rs. 1,50,000.

A Study on the Need of Personal Financial Planning for Individuals in India.

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