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Essay On Financial Planning Behavior

980 Words4 Pages

An empirical study on financial planning behavior across income profiles.

Abstract:-
Financial Planning is a continuing process to make pragmatic decisions about money that can help accomplish goals in life. ‘Financial Planning Behavior', can be elaborated as application of psychological aspects to financial planning decision-making, it has become a much discussed subject in recent times. Financial Planning is done to manage income more efficiently, to identify investment opportunities relevant to financial situation, to provide family's financial security, etc. The study scrutinizes the financial planning behavior across various income sections based on a research conducted by interviewing professionals belonging to various income categories. …show more content…

The process involves gathering relevant financial information, setting financial goals, scrutinizing your current financial position and coming up with an approach or plot for how you can encounter your goals given your current condition and future plans. Financial Planning provides direction and connotation to your financial decisions. It allows you to comprehend how each financial decision you make affects other areas of your finances. By observing each financial decision as part of the whole, you can consider its short and long-term effects on your financial goals. You can also adapt more easily to financial changes and feel more secure that your goals are on track. A Financial Planner is someone who uses the Financial Planning process to help you figure out how to attain your financial goals. The Planner can take a big picture sight of your financial position and make Financial Planning recommendations that are appropriate for you. The Planner can look at all your needs including budgeting and saving, taxes, investments, insurance and retirement planning. Some personal finance websites, magazines or self-help books can help you do your own Financial Planning. India's per capita income nominal was Rs. 97,200 in 2013, ranked at 120th out of 164 countries by the World Bank, while its per capita income on purchasing power parity (PPP) basis was Rs. 3,31,140 and ranked 106th. India's Per capita income was 10.4% that is Rs.74,920 in

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