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A Study of Saving and Investment Behaviour of


Individual Households An Empirical Evidence
from Orissa

Article in SSRN Electronic Journal January 2011


DOI: 10.2139/ssrn.2168305

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A Study of Saving and Investment Behaviour of Individual Households An
Empirical Evidence from Orissa
Abstract:

Investment is one of the foremost concerns of every individual investor as their small savings of today
are to meet the expenses of tomorrow. Taking 200 respondents in the survey from the state of Orissa
(India), the paper attempts to analyse the investment pattern, saving objective and preferences of
individual investors for various investment options available in India. For the purpose of the study,
parametric and non-parametric statistical methods have been employed. The study used a structured
questionnaire in which potential investors were asked for their reactions to some specific situations.
The result shows that, objective to saving is significantly influenced by demographic factors such as
age, occupation and the income level of investors. The study exhibits the saving habit of retail investors
across the different income levels. Savings is a habit specially embodied into women. It was found that
female investors tend to save more in a disciplined way than the male investors. Paper attempts to
explore whether dichotomy of the popular believes that men are more pro-risk than women. It was
observed that women are risk averse indeed but save more than the male counterparts as the income
level rises. From the research point of view, such a study will help in developing and expanding
knowledge in this field of personal finance and investment.

Key words: financial market, savings, investments, financial planning, mutual funds, financial goal.

1. INTRODUCTION
Every individual investor possesses different mindset when they decide about investing in a particular
investment avenue such as stocks, bonds, mutual funds, fixed deposit, real estate, bullion etc. In each
life cycle stage, every individual desires his hard earned money to be invested in most secure and liquid
avenue. However, the decision varies for every individual depending on their risk taking ability and the
purpose for which such investment is to be done. Purpose of investment can be related with saving
objective. Each individual investor selects the investment option for certain time period looking at their
personal financial goals. Investment behaviour of an individual investor reveals how he/she wants to
allocate the surplus financial resources to various instruments for investment available. The investment
behaviour consists of why they want to invest, how much of their disposable income they want to
invest, for how many years/months they want to invest and most importantly the timing of such
investment. In various empirical studies, it has been found that information being an important factor
on taking decision to invest, which influences them on choice of investment and later on how they act
after investment (Kasilingam & Jayabal, 2008). The study was conducted mainly to know about the
individual investors perception towards the deciding on the objective for which they save money for
future. In every life cycle stage, saving objective by an individual always changes. Such a change
occurs not only due to the age of the investors, but also due to the occupation and income level
category, where they fall. Saving objective of household savers is always substantiated by the
investment option they choose to attain those objectives.

2. LITERATURE REVIEW
Based on the literature study, it can be concluded that for every individual investor, there can be three
principles of investing: first, invest for long term, second, to follow the right strategy to maximize the
return on investment and third, to allocate investible funds as per the risk profile and financial goal of
individual investors.
Kahneman and Tversky (1979) found in their work, Prospect Theory - An Analysis of Decision under
Risk, individuals make decisions based on the potential value of losses and gains rather than the final
outcome, and people evaluate these losses and gains using interesting heuristics.

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Phillip (1995) reported changes in financial decision-making and investor behaviour as a result of
participating in investor education programs sponsored by employees. In India, SEBI started such
awareness program for small investors, which has started giving benefits, in terms of value investing
and informed investing from retail investors.

Nasir and Khalid (2004) concluded that Savings in Pakistan showed a positive response to GDP growth
and governments current expenditure while it remained insensitive to interest rates.

Ippolito (1992) and Bogle (1992) reported that fund selection by investors is based on past
performance of the funds and money flows into winning funds more rapidly than they flow out of
losing funds.

Gupta (1970) using annual time series data from India analyzed the determinants of saving. He found
that permanent income hypothesis is a better fit in the urban areas in India whereas in the rural area
saving behaviour is more in accordance with the absolute income hypothesis. He found that marginal
propensity to save is an increasing function of income at lower level of development.

Shanmugasundaram and Balakrishnan (2011), they conducted research to analyse the factors
influencing the behaviour of investors in capital market. They concluded that demographic factors
influence the investors' investment decisions.

Horvarth and Zuckerman (1993), suggested that ones biological, demographic and socio-economic
characteristics, together with his/her psychological makeup affects ones risk tolerance level.

Murithi Suriya, Narayanan and Arivazhagan (2012), in their study reveal that female investors
dominate the investment market in India. According to their survey, majority of the investors are found
to be considering two or more sources of information to make investment decisions. Most of the
investors discuss with their family and friends before making an investment decision.

3. Objective of the study


The study has been conducted with the following objectives:

3.1 To identify the saving objectives of individual investors in Odisha,

3.2 To identify the saving habit of individual investors across the income level, and

3.3 To explore the preferred investment avenue of retail investors.

4. Method of Study
The study is empirical in nature. The scope of the study extends to the state of Odisha (India). Various
statistical tools like mean, standard deviation, rank correlation, chi-square, ANOVA, factor analysis
were applied.

Explanation of techniques and equations used:


4.1 Chi-Square Test: The Chi-square test is used in this paper with discrete data in the form of
frequencies. It is used to check the independence/dependence of demographic profile such as age,
occupation and income on saving objectives. Test of homogeneity has been applied using chi-square to
find out the preferences of male and female on various mutual funds schemes.
n
The formula for Chi-square (X2) is: (Observed values Expected values)2 --- (1)
i=1 Expected values

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4.2 The Spearman Rank Correlation Test: Spearman rank order correlation () is used to find out the
preference of various investment options by male and female respondents. With a sample of size of
200, male constitute 140 and 60 females are converted to ranks X1 and Y1 respectively, and is
computed as follows:
i (Xi Xi) (Yi Yi) --- (2)
=
i ((Xi Xi)2 (Yi Yi)2

Where X and Y is ranks of male and female respectively, i is the number of observation.

4.3 Two-way analysis of variance (ANOVA): ANOVA is a technique to study the cause-and-effect of
one or more factors on a single dependent variable. Two-way ANOVA has been used to find whether
there is any significant difference between responses of various respondents regarding proportion of
savings to total income across the income levels. ANOVA is computed with the following steps:

a . Correction = (x)2 --- (3)


N

b. Total sum of squares (Total SS) = X2 Correction

c. Sum of squares between means


= (X1)2 + (X2)2 + (X3)2 . Correction factor --- (4)
N1 N2 N3
d. Sum of squares (SS) within variables (column wise and row wise) = Total SS - SS between averages.
Each SS becomes a variance when divided by the degrees of freedom (df) allotted to it.

4.2 Hypothesis

a) Ho1: Investors saving objective is independent of their occupation, age and income level.

b) Ho2: There is no significant difference in the responses between male and female in proportion of
saving to total income across the income level.
Three more sub hypothesis has been created (each for demographic factors such as age, occupation and
income level).
Ho1(a): Investors saving objective is independent of their occupation
Ho1(b): Investors saving objective is independent of their age
Ho1(c): Investors saving objective is independent of their income

4.3 Type and sources of data:


The study mainly deals with the savings and investment behaviour of individual investors as well as
their preferences towards mutual funds in the state of Odisha. The required data were collected through
a pre-tested questionnaire administered on a combination of simple random and judgment sample of
200 financially literate individual investors. Out of the 200 respondents, 140 were male and rest 60 was
female respondents. An individual who has currently invested in any MF scheme and whose yearly
income is under Rupees 10, 00,000 has been considered for the study.

Respondents included salaried investors, self employed professionals and entrepreneurs, who were
screened and inclusion was purely on the basis of their knowledge about financial markets, mutual
funds and various savings options. Primary data has been collected through a personal interview and
structured questionnaire between December2011 and August2012. For the above purpose,
respondents are grouped according to their demographic profile as shown in Table no. 1.0

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Table No. 1.0: Age, Gender, occupation and Income wise Demographic Pattern of Individual
Investors.
Demographic Category of investor Parameters Number of Representatives
Total (200) (%)
Gender Male 140 70%
Female 60 30%
Age Up to 30 years 50 25%
31 to 45 years 50 25%
46 to 60 years 50 25%
61 years & above 50 25%
Occupations Self employed Professional 43 21%
Entrepreneurs 37 19%
Salaried employees 120 60%
Annual Income up to 3 Lakhs per annum 40 20%
3 5 Lakhs per annum 70 35%
5 7 lakhs per annum 60 30%
more than 7 Lakhs per annum 30 15%
Source: compiled

Table No. 1.1: Area profile of Respondents


Place of Orissa state (India) Number Percentage
Bhubaneswar 40 20%
Cuttack 36 18%
Rourkela 20 10%
Berhampur 26 13%
Jajpur 18 9%
Bhadrak 24 12%
Sambhalpur 16 8%
Balasore 14 7%
Jharsuguda 6 3%
200 100%
Source: Compiled

4.4 Type of Data


An exploratory research has been undertaken, by conducting a cross sectional data analysis. This is
done to describe various aspects of retail investors perception, investment habits and demographic
profiles which play a significant role during purchase of investment products according to the
investors risk profile. For this purpose, primary data has been collected through a personal interview
and structured questionnaire from Bhubaneswar (Orissa, India).

5. Limitations of the Study:


Sample size is limited to 200 educated individual investors. Simple Random and judgment sampling
techniques is used due to time and financial constraints. This study has not been conducted over an
extended period of time having both ups and downs of stock market conditions which influences
investors saving and investing pattern.

6. Analysis and interpretation

6.1: Savings Objective of Individual Investors:


As we grow older, we start to realize that we will no longer be able to work, so for those rainy days we

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must have enough money to spend. In India, parents spend voluminously for their childrens marriage
and education. So it would be wise enough to save money with a specific goal to achieve in future such
as, for purchasing a house, accumulate wealth for retirement life, to spend for sons or daughters
marriage or education. To achieve or to attain such financial goals, individual investors should always
resort to discipline and systematic savings and investments. An effort has been made to explore the
association between saving objectives and age, occupation, and income level (table no. 2.1, 2.2 and
2.3).

Ho1: Investors saving objective is independent of their occupation, age and income level.

Three more sub hypothesis has been created (each for demographic factors such as age, occupation and
income level).

Ho1(a): Investors saving objective is independent of their occupation


Ho1(b): Investors saving objective is independent of their age
Ho1(c): Investors saving objective is independent of their income

The above hypothesis has been formulated on the basis of literature review and also to understand
whether the saving objectives are dependent on the demographic factors such as age, occupation and
income level of the investors. For the purpose of the study, five objectives has been selected, these are:

a) To save &invest for retirement, b) To invest for tax reduction, c) To invest for meeting future
contingencies, d) To provide for children education, marriage or other social ceremony, e) Purchase of
assets.

Chi-square test has been applied to determine the dependency (or independency) between saving
objective and occupation. Table no. 2.0, shows the calculated Chi-square (X2) value which is 17.8 and
the table value of X2 is 15.50 at 5% significance, with a level of degree of freedom (df)= 8. Since
calculated value is more than the table value, hence Ho1(a) is rejected. It is concluded that occupation
is dependent on the saving objective.

Similarly, we have calculated X2 to find out the dependency of saving objective and age of the
investors. We found the calculated X2 value is 33.0251, whereas the table value of X2 is 21 at 5%
significance level with df of 12. Since calculated value is more than the table value therefore our null
hypothesis Ho1(b) is rejected and it can be concluded that age of investors is dependent with the saving
objective. In case of income level, the calculated chi-square value is 33.2572 and table value with df of
12 is 21.0 which is less that the calculated value. So, null hypothesis Ho1(c) is rejected. It can be
concluded that income level of the respondents are dependent to saving objectives.

Table no. 2.0: Chi-square results


Demographic Profile Degree of freedom Chi Square Value Table value Significant /
Not significant
Occupation wise 8 17.8 15.5 Significant
Age wise 12 33.0251 21 Significant
Income wise 12 33.02572 21 Significant
Source: Calculated

Table no. 2.1: Observed values of responses of individual investors (Occupation-wise)


Saving Objective Self-employed Entrepreneurs Salaried Total
professionals individuals
To save & invest for retirement 11 6 20 37
To invest for tax reduction 8 1 26 35

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To invest for meeting future contingencies 7 16 31 54
To provide for children education, marriage 2 3 11 16
or other social ceremony
Purchase of assets 15 11 32 58
43 37 120 200
Source: Compiled

Table no. 2.2: Observed values of responses of individual investors (age-wise)


Saving Objective Upto 30 30 45 45 60 60 years and Total
years years years above
To save & invest for retirement 4 11 12 10 37
To invest for tax reduction 8 8 11 8 35
To invest for meeting future contingencies 17 8 7 22 54
To provide for children education, marriage 4 5 4 3 16
or other social ceremony
Purchase of assets 17 18 16 7 58
50 50 50 50 200
Source: Compiled

Table no. 2.3: Observed values of responses of individual investors (Income-wise)


Objective Up Rs 3 Rs 5 Rs 7 Tota
to to 5 to 7 lakhs l
Rs 3 lakh lakh and
lakh s s abov
s e
To save & invest for retirement 9 9 9 6 33
To invest for tax reduction 5 12 12 3 32
To invest for meeting future contingencies 15 5 5 9 34
To provide for children education, marriage or other social 4 14 14 1 33
ceremony
Purchase of assets 7 30 20 11 68
40 70 60 30 200
Source: Compiled

6.2: Investment options preference among Individual Investors (gender wise):


Driving Old Car Now = Peace of Mind Later On. One of the key mantra for disciplined investing is not
to let those hard earned paychecks slip through our hot little hands. Asset preference pattern of an
individual investor provides an insight into the investment attitude of investors, which influences the
policy formation for garnering the individual savings. Every individual investor should decide where to
invest and how much to invest and when to invest, depending on their risk profile and saving objective
they set. To find out preference pattern of investors on selected investment options, Spearman Rank
Correlation Test has been used. For the study, ten investment options were selected on the basis of
various surveys and literature reviews (NCAER 2010). The selected investment options are, a) secured
deposits in commercial banks, b) endowment policies floated by insurance companies which are linked
to equities and debt, c) State or central government of India sponsored saving schemes such as public
provident fund, employees provident fund, various pension schemes etc. d) bonds debentures, public
deposits by corporate, e) equity stocks, preference stocks, f) mutual funds, unit liked saving schemes
(ULIP), equity linked saving schemes (ELSS), g) gold, silver, ornaments, precious stones or utensils
etc., h) real estate includes purchase of land and building for personal use or for investment purpose, i)
Indian postal saving schemes for small individual investors, which includes various time deposits and
recurring deposits, Kisan Vikas Patra (KVP), National Saving Certificate (NSC) etc., floated by Indian

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Postal department, j) Other, includes various forms of Art, handicraft etc. Respondents were requested
to rank each of the 10 selected investment options on ten point scale as 1 be the most preferred and 10
be the least preferred option. The raw scores are converted to ranks and the differences between the
ranks of each observation on the two variables have been calculated. Calculated value of rank
correlation coefficient between male and female on various saving options is 0.5545, which shows that
there is a moderate similarity between the ranks given by male and female. It can be concluded that the
investment decision on various investment avenues on which the rank was sought (Table no 3.0),
shows equal strength of direction and there is not much difference between rank preference given by
mail and female respondents.

Table no. 3.0: Showing the ranks given my male and female on various investment options
Rank given by male Rank given by female
Investment options
respondents respondents
1. Secured Deposits (Fixed Deposits etc) 1st rank (14.07%) 3rd rank (15.03%)
2. LIC Policies 5th rank (10.03%) 5th rank (9.78%)
3. Public Provident fund / EPF / Pension 6th rank (9.9%) 7th rank (8.21%)
schemes
4. Bonds / Debentures 9th rank (7.28%) 9th rank (4.75%)
5. Equity Shares 4th rank (10.54%) 8th rank (8.15%)
6. Mutual funds / ULIP / ELSS 3rd rank (11.92%) 4th rank (9.78%)
7. Bullion (gold, silver, ornaments) 8th rank (9.15%) 1st rank (16.33%)
8. Real Estate 2nd rank (13.96%) 2nd rank (16.24%)
9. Postal savings schemes 7th rank (9.58%) 6th rank (9.69%)
10. Others 10th rank (2.8%) 10th rank (2.12%)
Source: Calculated

Graph G-1: Showing preference for investment options by Investors (category: self-employed)

Source: compiled from survey

Self employed males investors are preferring to invest more in real estate, term deposit in banks and
also in endowment insurance plans, whereas female self-employed investors keeping more faith in
bank term deposits, investing in real estate and bullion (Graph G-1).

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Graph G-2: Showing preference for investment options by Investors (category: entrepreneurs)

Source: compiled from survey


Male investor under entrepreneur category has ranked investment in real estate as no.1 and also shown
almost equal interest in bullion and equity related instruments, whereas female investors under this
category investment in bullion as their top choice and simultaneously shown interest in real estate,
equity shares and mutual funds.

Graph G-3: Showing preference for investment options by Investors (category: salaried class)

Source: compiled from survey


Salaried employees both male and female have given real estate as their first choice and unlike male
counterparts female investors are relying more in bullion. But in this category, male and female are
trusting fixed deposits, LIC endowments plans including ELSS, ULIP and pension plans as options to
invest their hard earned incomes.
6.3: Saving pattern amongst male and female respondents across income level: As an investor, first
step is to espouse a discipline in saving. For the study, responses of various respondents across gender
have been collected to identify the relationship between percentage of saving to total income and
income level. Whether respondents higher income level affects the percentage saving on total income
or not across the gender.

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Table no. 4.0:
Distribution of Savings to Total Income across the income categories of male and female.
Percentage of upto Rs 3 Rs 3 to 5 Rs 5 to 7 Rs 7 lakhs &
savings to total lakhs lakhs lakhs above Total Total
income Male Female Male Female Male Female Male Female Male Female
Upto 10% 4 6 10 2 17 2 9 1 40 11
10% to 15% 5 1 13 3 12 2 5 3 35 9
15% to 20% 15 2 14 8 9 6 3 2 41 18
20% and above 6 1 10 10 7 5 1 6 24 22
30 10 47 23 45 15 18 12 140 60
Source: Compiled

Ho2: There is no significant difference in the responses of male and female respondents in proportion
of saving to total income across the income level

Two more sub hypothesis has been created (one for male and another for female respondents).
Ho2(a): There is no significant difference in the responses of male respondents in proportion of saving
to total income.
Ho2(b): There is no significant difference in the responses of female respondents within each income
level.
Two-way ANOVA test has been applied for both male and female. The calculated value of variance
between rows (i.e., proportion of savings to total income) is 1 and between the columns (i.e., between
income levels) is 3.08 (table 4.1), which is less than the table value with degree of freedom of 3 and 9
at 5% significance level is 3.86. In case of male respondents, null hypothesis Ho2(a) is accepted.
Therefore we can conclude that there is no significant difference in the number of male respondents
between proportions of saving to total income across the different income levels.
For female respondents, the calculated value of variance between rows (proportion of savings to total
income) is 14.58 and variation between columns (between income levels) is 13.75 (table 4.2), which is
more than the table value with degree of freedom of 3 and 9 at 5% significance level is 3.86. In case of
female respondents, null hypothesis Ho2(b) is rejected. Therefore we can conclude that there is
significant difference in the number of female respondents between proportions of saving to total
income and various income levels.

Table no. 4.1: ANOVA Table for male respondents


Sum of Means Variance
Source of variations df
squares squares ratio
Between columns (level of incomes per annum) 139.5 3 46.50 3.08
Between rows (level of percentage of savings to total income) 45.5 3 15.17 1.00
Residual errors 136 9 15.11
Total 321 15
Source: Calculated

Table 4.2: ANOVA Table for female respondents


Sum of Mean Variance
Source of variation df
squares squares ratio
Between columns (level of incomes per annum) 52.5 3 17.5 14.58
Between rows (level of percentage of savings to total income) 49.5 3 16.5 13.75
residual errors 11 9 1.22
Total 113 15
Source: Calculated

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Findings: The above study has drawn some relevant observations, which are as follows:
1. Majority of Individual Investors across the age, gender and occupation has given their preference for
purchase of assets as an objective of saving and investment.

2. Salaried and self employed professionals save more for their post retirement life as compared to
entrepreneur class of investors. Investors under the entrepreneur category keep more liquid funds for
future contingencies.

3. Women were found to be more disciplined, focused and usually more conservative than their male
counterparts as they prefer to invest more in debt related instruments and in bullion. Study also
revealed that as the income level of the respondents changes to higher / lower levels, percentage of
saving on the total income also significantly changes. In one of the study conducted by Barclays
Wealth and Ledbury Research in April2012, found that female investors are financially more
disciplined and are more open to investment strategies that involve self-control and planning.

4. Fixed deposits in banks and investment in real estate is the most popular savings and investment
avenues for male investors whereas, investment in real estate and bullion is the most preferred avenues
for the female investors.

5. The Government sponsored small saving schemes such as national saving certificates (NSC), public
provident fund (PPF), Indian post office saving schemes, etc., has got wider acceptance and are
preferred by both male and females.

Conclusion and suggestion:


It is evident from the study that there is a relationship between the saving objectives with the age,
occupation and income level of the small and medium household investors. The financial behaviour of
individual investors has a connection with the various available investment options, preference and
selection. Unlike the elder ones, the young investors are not very keen on saving for their post
retirement days and, as of now; do not think of investing long-term. Therefore, various issuers of
financial products in money and capital market should initiate effective awareness programs for the
younger generation to inculcate the saving habits in them. Looking at the trend and investment style of
female investors, financial instruments with the features of low risk, regular income, etc., be floated to
enhance their savings and investments.

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