Financial Planning Literature Review

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Personal financial planning is a process of managing of money and financial decisions of persons. In spite of many attempts made by the researchers in the field of financial planning literature pertaining to the Indian scenario needs further examination of financial planning. The investor perception about financial planning, financial planning practices of selected investors makes the study useful. Planners and practitioner can better understand expectations of investors.The financial source of information is crucial to policy makers and practitioners. As the Government through agencies such as RBI, SEBI, IRDA is planning to impart financial literacy and financial awareness through a plethora of programs an attempt was made to understand common…show more content…
The attempt is made to take the review of available literature published in the form of books, journals, thesis, and newspapers. The studies have covered the financial planning practices, financial planning attitudes, financial literacy, risk perception, the importance of financial planning, planning practices etc. While browsing through literature, it is observed that many researchers/scholars have extensively and excellently reviewed the western financial planning literature. This review of literature is intended to present the existing status of financial planning. The entire review has been done as below in two different groups. The literature review is made through various books, articles, national and international journals, reputed daily newspapers. The literature review mainly focuses on a variety of case studies as well as thoughts of esteemed researches on the issues of financial management. It also gives the idea about the periodic changes that occur during the process of financial management. The literature review also focuses the limitations, problem associated with financial management and future scope in the…show more content…
“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 resource. The study of Joyce etal (2010) revealed that the level of education influence general and financial product awareness among youths. Also, males were found to have higher levels of financial awareness compared to females. Praba (2011) classifies the respondents in various risk categories and objectives and pattern of investment in different age groups, education and occupation groups. She reports that respondents whose age group is below 35 years save for wealth creation and are moderate in risk-taking attitude and have invested in insurance. Chen and Volpe (1998) showed that men tend to know more about insurance and personal loans compared to women who usually are more knowledgeable in financial areas such as spending and saving, taxes and personal financial

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