Volume 4, Number 3, July – September’ 2015
ISSN (Print):2279-0977, (Online):2279-0985
PEZZOTTAITE JOURNALS SJIF (2012): 3.23, SJIF (2013): 5.057, SJIF (2014): 5.871
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INFLUENCE OF DEMOGRAPHIC FACTORS ON INVESTMENTS OF BANK EMPLOYEES
K. V. Ramanathan31 Dr. K. S. Meenakshi Sundaram32
ABSTRACT
Investment behaviour of individuals differs based on their decision for investment. Safety, security and Liquidity are the most
important aspects considered while investing. Investment behaviour reveals how the individual investor allocates the surplus
funds to various instruments that are available. The Investment behaviour is searching, evaluating, acquiring, reviewing of
investment products and if need be, disposing of such investment products for attaining maximum satisfaction out of the
investments made. While making investment, the selection of investment is important. Proper selection would result in
complete satisfaction and helps in creating and maintaining a good portfolio of the investors.
This paper attempts to study the impact of the demographic factors towards selection of Investment and to know the level of
satisfaction of the investors. The study is based on primary source of data collected by distribution of a structured
questionnaire from 160 bank employees. The data has been analyzed using percentage analysis, chi-square test with the help
of statistical tools.
KEYWORDS
Investors Behaviour, Investment, Return On Investment, Value For Investment, Social Factors, Economic Factors etc.
INTRODUCTION
Investment refers to the deployment of funds in various investments with an aim to get income and growth in value of the
investment over a period. Investment in its broad sense means the sacrifice of certain present value for uncertain future value. A
distinction is often made between investment and savings. Savings is defined as foregone consumption; investment increases
national output in the future. In other words, saving refers to preserving of money for future use while investment refers to
utilizing the same for productive purpose where there is an element of risk. Today Investors have various attractive avenues, both
in national and international markets. Every investor will aim for maximizing the return and minimizing the risk for the
Investment made by him. Investors differ in their pattern of investment, objectives perceived, preferences and the satisfaction
derived out of the investments. In addition, the tenure of investment plays a vital role in ascertaining the above factors. Selection
of an investment would be made duly considering various factors such as return on investment, value for investment, social
factors and economic factors. Hence, a study on investment selection process and level of satisfaction thus assumes a greater
importance in the formulation of policies for the development of the investments. It is extremely important for the policy makers
and regulatory authorities to understand the investors‟ perceptions, preferences and their concern on the market.
LITERATURE REVIEW
Bhawna Bharadwaj, Nisha Sharma & Dipanker Sharma (2013) had carried out the study titled “Income, saving and
investment pattern of employees of Bahra University, Solan”, with an objective to analyze the pattern of investment, to study the
income, consumption and savings pattern of employees and to evaluate the awareness level in industrial securities. The study was
carried out with a sample of 100 respondents comprising of both teaching and non-teaching staffs. The study concluded with a
cross tabulation that knowledge about securities and income level reveals that as the income of the employee‟s increases,
awareness about securities also increases. The study also revealed that majority of the employees have knowledge about the
industrial securities, majority of the employees are aware of industrial securities but only few of them are investing invite Further,
analysis shows that some employees have invested in equity shares and very few in debentures while most of the employees do
not invest in industrial securities. Further, none of the employees is satisfied with such investments.
Lubna Ansari & Sana Moid (2013) has studied “Factors affecting investment behaviour among young professionals” who are in
the age bracket of 25 to 35 years with a sample of 200 respondents with an objective to ascertain the factors that affect investment
behaviour of young investors, degree of correlation between age and investing activities, saving objective of the investors. The
study was conducted with a structured questionnaire across Lucknow region. The study revealed that the young professionals‟
investment is independent of age, income and gender. It was concluded majority of the investors consider risk factors and
volatility of stock market before investing in the market.
31Research Scholar, SCSVMV University, Tamil Nadu, India, [email protected] 32Professor & Director, CAA, Great Lakes Institute of Management, Tamil Nadu, India, [email protected]
Volume 4, Number 3, July – September’ 2015
ISSN (Print):2279-0977, (Online):2279-0985
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Alagu Pandian V., & Thangadurai G (2013) studied the investors preferences towards various investment avenues in Dehradun
district with a sample of 120 respondents and objective to understand the awareness of people towards various investment avenues
and to analyze the investor‟s preference towards various investment avenues in Dehradun district and to offer suitable suggestions
to promote investments. The study revealed that age is an important factor, which influences the behaviour of the individual
investors, and the investing ability also differs according to the age of investors and young investors prefer to invest and take more
Risk. Occupation is one of the important deciding factors in the investor‟s behavior in making investment. People are investing
irrespective of their occupation and the study reveals that most of the investor is businessmen. Money is the important factor while
making investment decisions and the investable amount depends upon the monthly income of the family. Regarding the
investment options majority of the investors have made their investment only in banks. It was also confirmed with chi-square test
that there is no relationship between level of incomes and level of awareness.
Baburaju K Bhatt & Apurva A Chauhan (2014) has taken up a study on investor‟s perception towards derivatives as an
investment avenue with the objective to study the investor‟s perception towards derivatives and to identify the factors, which
affect the investment decision in derivatives. The data was collected using convenient sampling method from retail investors‟
from Navsari city, who invest in stock market with a structured questionnaire. The study revealed that the investors invest in
derivative market based on their own awareness, guidance from broker and financial advisor. Most of the investors also preferred
to invest in stock index fund rather than individual stock. Retail investors have disagreed that derivatives are appropriate only for
institutional investors. It was also confirmed that there was a significant positive correlation between age of the respondents and
their decision to invest in derivatives and negative correlation between annual incomes of the respondents with their decision to
invest in derivatives. The researcher conducted Friedman test and the result shows that investors give more preference to some
factors such as risk control, hedging fund, their own knowledge regarding financial product and high volatility in the stock market
etc. while taking decision to invest in derivatives.
Abdul Majeeb Pasha Shaik, Murty T N, Vamsee Krishna R & Hemantha Gopi Kiran V (2012) had undertaken a study titled
“Investment objectives of the retail equity investors in India”, with a sample of 500 respondents in various areas of krishna district
in Andhra Pradesh through a survey of structured questionnaire and an objective to know the investment pattern of the Indian
retail equity investors in general and investment preferences, risk-return perceptions and to analyses the level of importance
assumed by the retail equity investors on various investment objectives based on socio economic variables and selective
investment profile factors of various classes of investors based on demographic factors. The study reveals that there is a
significant difference in the average scores of different classes of investors with regard to the level of importance assumed by
them on various investment objectives. Based on analysis researchers are in position to understand and assumed that most of our
Indian investors‟ psychological tendencies are same. Investors should make up their mind-set before taking investment decisions.
From the study, it is also concluded that retail equity investors should understand that, they should develop a clear investment
objective with long-term investment perspective/orientation, based on fundamental analysis of various equity stocks, while
making their investment.
Tomola Marshal Obamuyi (2013) has undertaken a study titled “Factors influencing investment decisions in Capital Market: A
study of individual investors in Nigeria” with an objective to identify and prioritize the factors influencing investment decisions of
investors in the Nigerian capital market and to investigate the effect of socio-economic characteristics of investors on any of the
most affecting factors. The structured questionnaire was distributed to a sample of 320 respondents, out of which 297 valid
responses were received from the respondents and taken as sample for the study. The study revealed that investment decisions of
investors in Nigeria are influenced by certain identified factors. The most important principal factors are past performance of the
company stock, expected stock split/capital increases/bonus, dividend policy, expected corporate earnings and get-rich-quick.
These factors were significantly influenced by gender, age, marital status and educational qualification of investors in the Nigerian
capital market. Specifically, the investment decisions of investors relating to past performance of the company‟s stock differ based
on their socio-economic characteristics (age, gender, marital status and educational qualification).
OBJECTIVE OF STUDY
The above literature review reveals that there were many research carried out on analyzing the factors influencing the investment
behaviour of an individual of various sectors. However, it could be noticed that no such reports are available on the behaviour of
bank employees and hence an attempt has been made in this study to analyses the selection process and the satisfaction level of
the Bank employees against their investments. Following are the objectives for this study.
To study the profile of the respondents.
To study the significance of demographic factors influencing the selection of investment by the respondents.
To study the significance of demographic factors influencing the level of satisfaction for the investments made by the
respondents.
Volume 4, Number 3, July – September’ 2015
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METHODOLOGY OF RESEARCH
The research methodology depicts the flow of the research process and serves as guidance for the research to carry out the
research study. It comprises of data source, sample size, sampling techniques and tools of analysis. In this research study, the
researcher has used the primary data obtained from 160 respondents working in banking sector.
Research Strategy
Research Design
Study Population
Population Source
Study Area
Sample Frame
Sampling Unit
Sampling Method
Sample Size
Nature of Data
Sources of Primary Data
Sources of Secondary Data
Tool used for Data collection
Type of Questions
Establishing Validity
Test of Reliability
Statistical Tools Used
Descriptive Research
Private sector Bank Employees
Reserve Bank of India – Statistics as of Mar 2013.
Various cities in India.
Private sector Bank Employees
Persons aged between 21 and 60 working at various levels of Management.
Persons working in Private sector Banks
Convenient sampling
160 Investors
Both Primary and Secondary
Survey method through Questionnaire
Journals, Magazines, Previous Research Reports & Websites
Pre tested and Structured Questionnaire
Close ended, Multiple choice
Carried out to check Validity of constructed Questionnaire
0.62 (62%) Alpha
1. Percentage analysis
2. Chi-square test
Hypothesis
H01: There is no significant relationship between demographic factors and selection of investments made by the investors.
H02: There is no significant relationship between demographic factors and satisfaction level on investments.
DATA ANALYSIS AND INTERPRETATION
Primary data was collected through questionnaire, comprising of various parameters, from the respondents. The information
generated through the survey is being reported through the tabulation of categorical variables and the results are discussed below:
Demographic Profile: The demographic variables taken into account in this study include age, gender, marital status, educational
level, grade, annual income and annual income. The following tables show the percentage analysis of these demographic
variables.
Table-1: Demographic Profile of the Respondents
Demographic
Profile Particulars Total % age
Demographic
Profile Particulars Total % age
Age
21-30 19 11.9%
Grade
Junior Management 27 16.9%
31-40 76 47.5% Middle Management 120 75.0%
41-50 50 31.3% Senior Management 13 8.1%
51-60 15 9.4% Grand Total 160 100.0%
Grand Total 160 100.0%
Income
Rs.0-5Lakhs 38 23.8%
Gender
Male 129 80.6% Rs.5-10Lakhs 59 36.9%
Female 31 19.4% Rs.10-15Lakhs 45 28.1%
Grand Total 160 100.0% > Rs.15Lakhs 18 11.3%
Marital
Single 20 12.5% Grand Total 160 100.0%
Married 140 87.5%
Investment
Rs.0-2.5Lakhs 87 54.4%
Grand Total 160 100.0% Rs.2.5-5Lakhs 43 26.9%
Qualification
Graduate 52 32.5% Rs.5-7.5Lakhs 19 11.9%
Post Graduate 64 40.0% > Rs.7.5Lakhs 11 6.9%
Professional 44 27.5% Grand Total 160 100.0%
Grand Total 160 100.0%
Sources: Authors Compilation
Volume 4, Number 3, July – September’ 2015
ISSN (Print):2279-0977, (Online):2279-0985
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According to the table-1 above, following inferences are made:
The proportion of male respondents was 80.6% and that of the female respondents was 19.4%. 47.5% of the respondents are in the
age group 31-40 and 31.3% of the respondents are in the age group of 41-50, which indicates majority of the respondents are in
the middle age group. 87.5% of the respondents are married and the remaining is single in status. Postgraduates constitutes 40.0%
of the investors and 32.5% comprises of graduates and the balance 27.5% are professionally qualified respondents. 75% of the
respondents are in the middle management and 16.9% of them are in the junior management and the balance in senior
management. More than 50% of the investors were investing between Rs.0-2.5 Lakhs and 26.9% of the investors were investing
between Rs.2.5-5 Lakhs.
Table-2: Observed Details between Demographic Variables and Investment
Particulars
Rs.0-2.5
Lakhs
Rs.2.5-5
Lakhs
Rs.5-7.5
Lakhs
> Rs.7.5
Lakhs Total
Age
21-30 13 5 1 0 19
68.4% 26.3% 5.3% 0.0% 100.0%
14.9% 11.6% 5.3% 0.0% 11.9%
31-40 44 22 5 5 76
57.9% 28.9% 6.6% 6.6% 100.0%
50.6% 51.2% 26.3% 45.5% 47.5%
41-50 24 11 10 5 50
48.0% 22.0% 20.0% 10.0% 100.0%
27.6% 25.6% 52.6% 45.5% 31.3%
51-60 6 5 3 1 15
40.0% 33.3% 20.0% 6.7% 100.0%
6.9% 11.6% 15.8% 9.1% 9.4%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Gender
Male 70 33 17 9 129
54.3% 25.6% 13.2% 7.0% 100.0%
80.5% 76.7% 89.5% 81.8% 80.6%
Female 17 10 2 2 31
54.8% 32.3% 6.5% 6.5% 100.0%
19.5% 23.3% 10.5% 18.2% 19.4%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Marital
Single 16 3 1 0 20
80.0% 15.0% 5.0% 0.0% 100.0%
18.4% 7.0% 5.3% 0.0% 12.5%
Married 71 40 18 11 140
50.7% 28.6% 12.9% 7.9% 100.0%
81.6% 93.0% 94.7% 100.0% 87.5%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Qualification
Graduate 33 10 7 2 52
63.5% 19.2% 13.5% 3.8% 100.0%
37.9% 23.3% 36.8% 18.2% 32.5%
Post Graduate 34 20 5 5 64
53.1% 31.3% 7.8% 7.8% 100.0%
39.1% 46.5% 26.3% 45.5% 40.0%
Professional 20 13 7 4 44
45.5% 29.5% 15.9% 9.1% 100.0%
23.0% 30.2% 36.8% 36.4% 27.5%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
Volume 4, Number 3, July – September’ 2015
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Particulars
Rs.0-2.5
Lakhs
Rs.2.5-5
Lakhs
Rs.5-7.5
Lakhs
> Rs.7.5
Lakhs Total
100.0% 100.0% 100.0% 100.0% 100.0%
Cadre
Junior Management 19 5 1 2 27
70.4% 18.5% 3.7% 7.4% 100.0%
21.8% 11.6% 5.3% 18.2% 16.9%
Middle Management 67 35 14 4 120
55.8% 29.2% 11.7% 3.3% 100.0%
77.0% 81.4% 73.7% 36.4% 75.0%
Senior Management 1 3 4 5 13
7.7% 23.1% 30.8% 38.5% 100.0%
1.1% 7.0% 21.1% 45.5% 8.1%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Income
Rs.0-5Lakhs 10 1 0 0 11
90.9% 9.1% 0.0% 0.0% 100.0%
11.5% 2.3% 0.0% 0.0% 6.9%
Rs.5-10 Lakhs 44 9 1 1 55
80.0% 16.4% 1.8% 1.8% 100.0%
50.6% 20.9% 5.3% 9.1% 34.4%
Rs.10-15Lakhs 27 20 4 3 54
50.0% 37.0% 7.4% 5.6% 100.0%
31.0% 46.5% 21.1% 27.3% 33.8%
> Rs.15Lakhs 6 13 14 7 40
15.0% 32.5% 35.0% 17.5% 100.0%
6.9% 30.2% 73.7% 63.6% 25.0%
Grand Total 87 43 19 11 160
54.4% 26.9% 11.9% 6.9% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Sources: Authors Compilation
Following inferences could be drawn from the above table-2
More than 50% of the investors were investing between Rs.0-2.5 Lakhs per annum followed by 26.9% of the investors
investing between Rs.2.5-5 Lakhs per annum.
47.5% of the respondents are in the age group of 31-40 years following by 31.3% of the respondents in the age group of
41-50 years.
50.7% of the married investors invest between Rs.0-2.5 Lakhs and 28.6% of the investors have their investment between
Rs.2.5 – 5 Lakhs and the balance investors invest more than Rs.5 Lakhs
63.5% of the graduates, 53.1% of the postgraduates and 45.5% of the professionals invest between Rs.0-2.5 Lakhs.
Majority of the investors are postgraduates (40.0%) and graduates (32.5%) takes the second position and the balance are
professionally qualified investors.
70.4% and 55.8% of the investors are in junior management and middle management respectively invests between Rs.0-
2.5 Lakhs while 38.5% of the investors in the senior management invest more than Rs.7.5 Lakhs.
Table-3: Relationships between the Demographic Factors and Investment
Demographic Factors Chi-square
Value
Degree of
Freedom
Table
Value
Significant /
not significant
Age 10.7401 9 16.9190 Not significant
Marital Status 6.4408 3 7.8150 Not significant
Gender 1.3785 3 7.8150 Not significant
Educational Qualification 5.8477 6 12.5920 Not significant
Grade 34.0304 6 12.5920 Significant
Income 61.4571 9 16.9190 Significant
Sources: Authors Compilation
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Table-3 shows that, chi-square test at 5% level of significance has been conducted using the data collected to verify the significant
relationship between demographic factors and investment of the respondents. The results of the analysis elucidates that the
variable like grade and income are significantly associated with amount of investment whereas variables like age, marital status,
gender, educational qualification are not significantly associated with the investment.
Table-4: Observed Details between Demographic Variables and Factors for Investment Decision
Particulars
Return on
Investment
Value for
Investment
Social
Factors
Economic
Factors Total
Age 21-30 13 5 1 0 19
68.4% 26.3% 5.3% 0.0% 100.0%
10.6% 16.1% 25.0% 0.0% 11.9%
31-40 58 14 3 1 76
76.3% 18.4% 3.9% 1.3% 100.0%
47.2% 45.2% 75.0% 50.0% 47.5%
41-50 42 7 0 1 50
84.0% 14.0% 0.0% 2.0% 100.0%
34.1% 22.6% 0.0% 50.0% 31.3%
51-60 10 5 0 0 15
66.7% 33.3% 0.0% 0.0% 100.0%
8.1% 16.1% 0.0% 0.0% 9.4%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Gender Male 103 22 2 2 129
79.8% 17.1% 1.6% 1.6% 100.0%
83.7% 71.0% 50.0% 100.0% 80.6%
Female 20 9 2 0 31
64.5% 29.0% 6.5% 0.0% 100.0%
16.3% 29.0% 50.0% 0.0% 19.4%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Marital Single 14 5 1 0 20
70.0% 25.0% 5.0% 0.0% 100.0%
11.4% 16.1% 25.0% 0.0% 12.5%
Married 109 26 3 2 140
77.9% 18.6% 2.1% 1.4% 100.0%
88.6% 83.9% 75.0% 100.0% 87.5%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Qualification Graduate 39 12 1 0 52
75.0% 23.1% 1.9% 0.0% 100.0%
31.7% 38.7% 25.0% 0.0% 32.5%
Post Graduate 53 8 1 2 64
82.8% 12.5% 1.6% 3.1% 100.0%
43.1% 25.8% 25.0% 100.0% 40.0%
Professional 31 11 2 0 44
70.5% 25.0% 4.5% 0.0% 100.0%
25.2% 35.5% 50.0% 0.0% 27.5%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Cadre Junior Management 21 4 2 0 27
77.8% 14.8% 7.4% 0.0% 100.0%
17.1% 12.9% 50.0% 0.0% 16.9%
Middle Management 93 24 2 1 120
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77.5% 20.0% 1.7% 0.8% 100.0%
75.6% 77.4% 50.0% 50.0% 75.0%
Senior Management 9 3 0 1 13
69.2% 23.1% 0.0% 7.7% 100.0%
7.3% 9.7% 0.0% 50.0% 8.1%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Income Rs.0-5Lakhs 27 10 1 0 38
71.1% 26.3% 2.6% 0.0% 100.0%
22.0% 32.3% 25.0% 0.0% 23.8%
Rs.5-10 Lakhs 47 7 3 2 59
79.7% 11.9% 5.1% 3.4% 100.0%
38.2% 22.6% 75.0% 100.0% 36.9%
Rs.10- 15Lakhs 34 11 0 0 45
75.6% 24.4% 0.0% 0.0% 100.0%
27.6% 35.5% 0.0% 0.0% 28.1%
> Rs.15Lakhs 15 3 0 0 18
83.3% 16.7% 0.0% 0.0% 100.0%
12.2% 9.7% 0.0% 0.0% 11.3%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.0% 100.0% 100.0% 100.0% 100.0%
Investment Rs.0-2.5Lakhs 68 16 2 1 87
78.2% 18.4% 2.3% 1.1% 100.0%
55.3% 51.6% 50.0% 50.0% 54.4%
Rs.2.5-5Lakhs 33 10 0 0 43
76.7% 23.3% 0.0% 0.0% 100.0%
26.8% 32.3% 0.0% 0.0% 26.9%
Rs.5-7.5Lakhs 16 2 1 0 19
84.2% 10.5% 5.3% 0.0% 100.0%
13.0% 6.5% 25.0% 0.0% 11.9%
>Rs.7.5Lakhs 6 3 1 1 11
54.5% 27.3% 9.1% 9.1% 100.0%
4.9% 9.7% 25.0% 50.0% 6.9%
Grand Total 123 31 4 2 160
76.9% 19.4% 2.5% 1.3% 100.0%
100.00% 100.00% 100.00% 100.00% 100.00%
Sources: Authors Compilation
Following inferences would be drawn from the above table-4
76.9% of the investors prefer return on investment as an important factor for selection followed by 19.4% of the
investors selecting value for investment as the basis for selection.
Among the male and female respondents, 79.8% of the males and 64.5% of the female respondents prefer return on
investment as an important factor for investment.
77.9% of the married investors prefer return on investment and 18.6% of the married investors prefer value for
investment as important factor for investment.
75% of the graduates, 82.8% of the postgraduates and 70.5% of the professionals have selected return on investment as
an important factor.
Return on Investment has been selected as the first priority by all the investors irrespective of the income levels
followed by value for investment.
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Table-5: Relationships between the Demographic Variables and Factors for Investment Decision
Demographic
Factors
Chi-square
Value
Degree of
Freedom
Table
Value
Significant /
not significant
Age 6.9701 9 16.9190 Not significant
Marital Status 1.3709 3 7.8150 Not significant
Gender 5.4970 3 7.8150 Not significant
Educational Qualification 7.2315 6 12.5920 Not significant
Grade 8.5935 6 12.5920 Not significant
Income 10.2407 9 16.9190 Not significant
Investment 12.1379 9 16.9190 Not significant
Sources: Authors Compilation
Table-5 shows that, chi-square test at 5% level of significance has been conducted using the data collected to verify the significant
relationship between demographic variables and the factors affecting investment decision of the respondents. The results of the
analysis elucidates that variables like age, marital status, gender, educational qualification, grade, Income and Investment are not
significantly associated with the factors for investment decision of investors.
Table-6: Observed details between Demographic Variables and Satisfaction Levels of Respondents
Particulars Satisfied Not Satisfied Total
Age
21-30 19 0 19
100.0% 0.0% 100.0%
13.2% 0.0% 11.9%
31-40 65 11 76
85.5% 14.5% 100.0%
45.1% 68.8% 47.5%
41-50 45 5 50
90.0% 10.0% 100.0%
31.3% 31.3% 31.3%
51-60 15 0 15
100.0% 0.0% 100.0%
10.4% 0.0% 9.4%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Gender
Male 115 14 129
89.1% 10.9% 100.0%
79.9% 87.5% 80.6%
Female 29 2 31
93.5% 6.5% 100.0%
20.1% 12.5% 19.4%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Marital
Single 19 1 20
95.0% 5.0% 100.0%
13.2% 6.3% 12.5%
Married 125 15 140
89.3% 10.7% 100.0%
86.8% 93.8% 87.5%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Qualification
Graduate 51 1 52
98.1% 1.9% 100.0%
35.4% 6.3% 32.5%
Post Graduate 57 7 64
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Particulars Satisfied Not Satisfied Total
89.1% 10.9% 100.0%
39.6% 43.8% 40.0%
Professional 36 8 44
81.8% 18.2% 100.0%
25.0% 50.0% 27.5%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Cadre
Junior Management 24 3 27
88.9% 11.1% 100.0%
16.7% 18.8% 16.9%
Middle Management 109 11 120
90.8% 9.2% 100.0%
75.7% 68.8% 75.0%
Senior Management 11 2 13
84.6% 15.4% 100.0%
7.6% 12.5% 8.1%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Income
Rs.0-5Lakhs 33 5 38
86.8% 13.2% 100.0%
22.9% 31.3% 23.8%
Rs.5-10 Lakhs 52 7 59
88.1% 11.9% 100.0%
36.1% 43.8% 36.9%
Rs.10-15Lakhs 43 2 45
95.6% 4.4% 100.0%
29.9% 12.5% 28.1%
> Rs.15Lakhs 16 2 18
88.9% 11.1% 100.0%
11.1% 12.5% 11.3%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.0% 100.0% 100.0%
Investment
Rs.0-2.5Lakhs 77 10 87
88.5% 11.5% 100.0%
53.5% 62.5% 54.4%
Rs.2.5-5Lakhs 39 4 43
90.7% 9.3% 100.0%
27.1% 25.0% 26.9%
Rs.5-7.5Lakhs 18 1 19
94.7% 5.3% 100.0%
12.5% 6.3% 11.9%
>Rs.7.5Lakhs 10 1 11
90.9% 9.1% 100.0%
6.9% 6.3% 6.9%
Grand Total 144 16 160
90.0% 10.0% 100.0%
100.00% 100.00% 100.00%
Sources: Authors Compilation
Following inferences would be drawn from the above table-6:
90% of the investors are satisfied with their investment and the balance 10% of the not satisfied with the investment
made by them.
The level of unsatisfied investors is high at 14.5% in the age group of 31-40 years.
Volume 4, Number 3, July – September’ 2015
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More than 80% of the investors are satisfied with their investment based on the various demographic variables.
Table-7: Relationships between the Demographic Factors and Satisfaction Level of Respondents
Demographic
Factors
Chi-square
Value
Degree of
Freedom
Table Value Significant /
not significant
Age 5.4678 3 7.8150 Not significant
Marital Status 0.6349 1 3.841 Not significant
Gender 0.5379 1 3.841 Not significant
Educational Qualification 7.1045 2 5.9910 Significant
Grade 0.5484 2 5.9910 Not significant
Income 2.2168 3 7.8150 Not significant
Investment 0.7229 3 7.8150 Not significant
Sources: Authors Compilation
Chi-square test was conducted to verify the significant relationship between demographic factors and the satisfaction level of the
respondents (5% level of significance). The results of the analysis elucidates that the variable educational qualification is
significantly associated with satisfaction level of the respondents and other variables like age, marital status, gender, grade,
Income and Investment are not significantly associated with the period of investment.
SALIENT FINDINGS
Majority of the investors are male 80.6% and most of them are married 87.5%
47.5% of the respondents are in the age group of 31-40 followed by 31.3% of respondents in 41-50 years of age group.
Most of the investors are post graduates 40.0% followed by 32.5% of the respondents are graduates and the balance are
professionally qualified.
75% of the respondents are working in the middle management and 54.4% of the investors invest between Rs.0-2.5
Lakhs.
70.4% of the investors in junior management and 55.8% in the middle management invest between Rs.0-2.5 Lakhs
while 38.5% of the investors in the senior management invest more than Rs.7.5 Lakhs.
76.9% of the investors prefer return on investment as an important factor for selection followed by 19.4% of the
investors selecting value for investment as the basis for selection.
77.9% of the married investors prefer return on investment and 18.6% of the married investors prefer value for
investment as important factor for investment.
More than 80% of the investors are satisfied with their investment based on the various demographic variables.
The level of unsatisfied investors is high at 14.5% in the age group of 31-40 years.
CONCLUSION
From the results of the survey, it may be seen that there was significant relationship between demographic variables such as grade
and income and investment whereas other variables like age, marital status, gender, educational qualification are not significantly
associated with the investment. Chi-square test revealed that variables like age, marital status, gender, educational qualification,
grade, Income and Investment are not significantly associated with the factors for investment decision of investors. It also conveys
that the variable educational qualification is significantly associated with satisfaction level of the respondents and other variables
like age, marital status, gender, grade, Income and Investment are not significantly associated with the period of investment.
The implications of the findings of the study are that the investors are enlightened on the factors that help in selection of an
investment which leads to their satisfaction. Investors are aware of the avenues of investments. Thus this study helped in
identifying the most important and the least important factors for selecting an investment by an investor. It has also thrown light
on factors that creates an impact on investing activity by an investor.
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PEZZOTTAITE JOURNALS SJIF (2012): 3.23, SJIF (2013): 5.057, SJIF (2014): 5.871
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