DISSERTATION

ON
“A Study on Investment Pattern of Women Investors in
AHMEDABAD”
Submitted to

Faculty of Management
In partial fulfillment of the requirement of the award for the degree of
Integrated Masters of Business Administration

GLS University
Under the guidance of

Faculty Guide

Prof. Ashok Bantwa

Submitted by

Reema Savani- 201600510010119

Tapesh Sharma 201600510010126

IMBA Semester VI (Batch 2016-21)

I
 INSTITUTE CERTIFICATE

It is to certify that this Dissertation Report Titled “A Study on Investment Pattern of Women
Investors in AHMEDABAD” is the work of Ms. Reema Savani (201600510010119) and
Tapesh Sharma (201600510010126), who carried out the research under my supervision.

Faculty guide

HOD, Faculty of Management

Dr. Kavita Kshatriya

II
 DECLARATION

We are students of GLS Institute of Management hereby declare that we have successfully
completed this project on “A Study on Investment Pattern of Women Investors in
AHMEDABAD” in the academic year 2018-19. We declare that this submitted work is done
by us and to the best of our knowledge; no such work has been submitted by any other person
for the award of degree. We also declare that all the information collected from various
secondary and primary sources has been duly acknowledged in this project report.

Student’s Name – Reema Savani

Tapesh Sharma

Signature _________________

__________________

III
 PREFACE

As a part of Integrated IBA Curriculum and in order to gain practical knowledge in the field
of Management, we have prepared a report on “A Study on Investment Pattern of Women
Investors in Ahmedabad”.

The Integrated MBA Programme is a well-structured and integrated course of business

management at GLS University. The main objective of preparing the Research report at
IMBA level is to develop skills in students by providing them an opportunity to relate
practical experience with the theoretical concepts and principles of business management.

This Project has taught us how to apply research procedure in our real life. The project has
also thought us that how to interact with people of different sector and convince them to give
their valuable time.

IV
 ACKNOWLEDGMENT
The Subject has provided us with an opportunity to gain information of “A Study on
Investment Pattern of Women Investors in Ahmedabad” from different sectors. It was an
experience of applying the concepts as well as the knowledge learned during classrooms in
real life practical situations.

Every Project Report is a culmination of a student’s endeavor to gain optimum experience

during a short valuable tenure. This Project is dedicated to all the people to whom we met,
talked, took guidance and learnt many things from them.

We take immense pleasure in taking this as an opportunity to express our deepest gratitude to
all those people whose guidance and support has made it possible for us to complete this
project successfully.

First and foremost, we would like to convey our heartiest thanks to GLS University for
providing us with the huge platform for doing this Industrial Visit Project.

We are thankful to our Dean, Faculty of Management, Dr. Hitesh Ruparel and our HOD,
Faculty of Management, Dr. Kavita Kshatriya for providing us constant support from the
institute. Our deepest gratitude to our project guides Prof. Ashok Bantwa faculty Guide who
in spite of their busy schedules have provided us with their invaluable guidance, suggestions
and directions, which enabled us during all stages of this project.

Finally we would like to convey our deepest regard to everyone who have directly or
indirectly helped us in accomplishing this project

V
 EXECUTIVE SUMMARY

As a part of our study curriculum it is necessary to conduct a comprehensive project.

It provides us an opportunity to understand particular topic in depth and which leads to
through to that topic. Our topic for the comprehensive project is title “A Study on
Investment Pattern of Women Investors in Ahmedabad”.

The project including the depth knowledge of Investment pattern of women investor
and also help to understand the different mindset of working women and household women
for the purpose of investment. We have studied various factors which women consider while
investing in a specific investment instrument. We also had a survey regarding the same. We
have conducted this research extensively and have given detailed analysis about the factors
that influence the decisions of women investors. In a country like India where women invest
in different investment avenues while not understanding the actual benefits of the same. It
includes the research methodology, data analysis of the collected information through graphs,
and using hypothesis test of 120 respondents.

We want to A Study on Investment Pattern of Women Investors in Ahmedabad

that we prepare a questionnaire. We have taken 120 sample size for the survey. The
questionnaires filled by them. We are very thankful for their support that helps us in our
study

VI
Table of Contents
CHAPTER 1 ............................................................................................................................... 1
GENERAL INFORMATION ...................................................................................................... 1
1.1 ABOUT THE INDUSTRY ................................................................................................. 2
1.2 INDIAN MARKET (STATUS OF WOMEN IN INDIA) .................................................... 4
CHAPTER 2 ............................................................................................................................... 5
PRIMARY STUDY ...................................................................................................................... 5

2.1 LITERATURE REVIEW........................................................................................... 6

2.2 PROBLEM STATEMENT AND IMPORTANCE OF THE STUDY: .............................. 10
2.3 OBJECTIVES OF THE STUDY ..................................................................................... 10
2.4 SCOPE OF THE STUDY ............................................................................................... 10
2.5 HYPOTHESIS................................................................................................................. 11
CHAPTER 3:............................................................................................................................ 12
RESEARCH METHODOLOGY ............................................................................................... 12
3.1 RESEARCH DESIGN ..................................................................................................... 13
3.2 SOURCES OF DATA ..................................................................................................... 13
3.3 POPULATION ............................................................................................................... 13
3.4 SAMPLING METHOD ................................................................................................... 13
3.5 SAMPLING SIZE............................................................................................................ 13
3.6 DATA COLLECTION INSTRUMENT ........................................................................... 13
CHAPTER 4 ............................................................................................................................. 14
DATA ANALYSIS AND INTERPRETATION ........................................................................... 14
4.1 ONE VARIABLE ANALYSIS .......................................................................................... 15
4.2 TWO VARIABLE ANALYSES ......................................................................................... 25
CHAPTER-5 ............................................................................................................................. 28
FINDINGS ............................................................................................................................... 28
CHAPTER-6 ............................................................................................................................. 30
SWOT ANALYSIS OF EQUITY MARKET ............................................................................... 30
CHAPTER 7 LIMITATIONS .................................................................................................... 32
CHAPTER 8 ............................................................................................................................. 34
CONCLUSION......................................................................................................................... 34
CHAPTER 9 ............................................................................................................................. 36
BIBLIOGRAPHY...................................................................................................................... 36

VII
VIII
 CHAPTER 1

GENERAL INFORMATION

1
1.1 ABOUT THE INDUSTRY
Investment is nothing but goods or commodities purchased today to be used in future or at
the times of crisis. An individual must plan his future well to ensure happiness for himself as
well as his immediate family members. Consuming everything today and saving nothing for
the future is foolish. Not every day is a bed of roses; you never know what your future has in
store for you. As per modern portfolio theory risk taking of an investor depends on his risk
attitudes. His/her decision to invest or not will depend on his risk/return expectations and
his/her risk attitude. Perception is the first step in decision-making followed by considering
various avenues and making choice out of them and then taking the action, which is behavior
of the investor. There are different motives for investment. The most prominent among all is
to earn a return on investment. However, selecting investments on the basis of return is not
enough. The fact is that most investors invest their funds in more than one security suggest
that there are other factors, besides return, and they must be considered. The investors not
only like return but also dislike risk.

Women are highly confident in their ability to save and the majority of women say they have
good savings habits.. Women and men report similar attitude and behaviors when it comes to
saving but women are more likely to say they save before they spend. The key to successful
saving is to start early, no matter how small the savings. Through successful savings, people
are more like have an improved ability to hope with unexpected expenses or financial
emergencies. They can also experience less stress and uncertainly regarding their ability to
meet their financial needs, particularly as they progress towards meeting their financial goals.
Inequality between women and men tends to be severe and highly visible in power and
decision-making arenas. In most societies around the world, women hold only a minority of
decision-making positions in public and private institutions. Many women in spite of being
qualified enough, and having skills to earn money view their earning as secondary compared
to men. They “feel” that they are not at the same level, even though it’s not true; most of this
is psychological. , One reason that women might be better financial decision makers, despite
displaying, in general, lower literacy than men, is that women know what they do not know.
In studies of financial literacy in which participants were asked to rank their 3 level of
financial knowledge prior to being given a set of problems to measure their actual level of
financial literacy women’s low self-evaluations were fairly consistently correlated with fair to
poor performance on the literacy problems This demonstrated lack of overconfidence may
prove helpful in financial decision making and in avoiding financial mistakes and this
awareness may help women to take action.

2
Women investors are under-represented in private equity investment and folks are starting to notice.
Advisors have long viewed women investors, at best, as a secondary market or, at worst, as a minor
niche market to be served by a few specialists. However, significant social and economic trends are
gradually putting more women investors in the driver’s seat, and advisors who do not develop
successful approaches for serving them may be left in the dust in the coming years. With so much
recent media coverage about the nation's economic woes, it is easy to miss important news about
trends that signal the emergence of women as a primary economic force and a major growth
opportunity for advisors. Earning power, spending power, business ownership and high net worth are
typically key attributes that successful advisors look for when they pursue new clients. When it
comes to women, however, these attributes and the potential they signal are often overlooked. Many
advisors view women investors as a niche market, served by a handful of specialists, while others
recognize the business opportunity women represent but do not know how best to pursue it. One
reason why many advisors overlook the opportunities represented by women is that they work with
women investors, if at all, solely through their 4 husbands. Even though these wives are indeed
clients - and may have assets separate from those they share with their husbands - too many of them
are not invited to faceto-face meetings. Or, if they are, they are largely ignored. Single women
(including those who are divorced or widowed) may receive greater focus since they own their
investment portfolios outright, but this does not mean that they are satisfied with how their advisors
are serving their needs. Once, women could not even own any property. All assets were held by a
husband or male relative. All that’s changed in the modern society, but women still face higher rates
of poverty and Social Security. Women are missing out on opportunities to create income through
investing, too – but that is changing as financial experts and lenders begin to recognize the
challenges facing women as new investors. Investing has long been a man’s world.

3
1.2 INDIAN MARKET (STATUS OF WOMEN IN INDIA)
The status of women in India has been subject to many great changes over the past few millennia.
From equal status with men in ancient times through the low points of the medieval period, to the
promotion of equal rights by many reformers, the history of women in India has been eventful. In
modern India, women have adorned high offices including that of the President, Prime minister,
Speaker of Loksabha, etc. In India, traditionally men have been the bread winners where as women
typically ran the household and saved for the rainy days. This was the scenario, till women started
working and took the command of financial matters. Today holds the key to happiness; hence women
should plan their finances and investment well. Women have to save on a regular basis and smallest
of the surplus income they like to invest prudently. The role of women has changed from “Savers to
Investors”. Most of the working rural women have regular income because they work on the basis of
wages. Savings are seen as insurance against foreseeable future difficulties which are completely
unpredictable. Therefore women investors insure themselves against 19 future risks by saving in the
form of various investments such as deposits, gold, lands, and herds or by hoarding money. A
woman, if employed, she is the best asset of not only to her husband but also to their entire family.
Though money is a sole vital factor for a competent living, the source of it is also equally much
significant. Generally the source happens to be a job. Hence, for a family man, his earnings alone are
not copious for a happy life. Wife’s employment, investment, in that sense, is a significant and
inevitable source for a better maintaining of a family. The status and role of women is vacillating all
over the world. Women’s stepping out of the confines of the households multiplied their roles and
responsibilities. They have to shoulders their domestic responsibilities as well as say themselves in
the professional arena. But the balance between the two fronts is guileful exercise. The tilt on any
side to a state of conflict generated from the related role.

4
 CHAPTER 2

PRIMARY STUDY

5
2.1 LITERATURE REVIEW
(Derhei, 1996) In the study he found that the different genders have psychological difference in
making investment decisions, female are often more conservative than male and female are not
keen on making risky investment decisions. Women often make safe decisions rather than run
risks even when they are given reasonable advice or they think that they can get higher return if
they take risks. Besides, male often trade much more than female.

In his study the main variables they determined were the gender and the investment capacity.
They discovered that women always make a more cautious decision than men do because of the
risk-avoiding psychology.

(Barber and Odean, 2001), they analyses that men are inclined to feel more competent than
women do in financial matters. Indeed, casual observation reveals that men are
disproportionately represented in the financial industry..

The variable they studied in their research was decision making ability and the gender. And
they conclude that men will generally be more overconfident about their ability to make
financial decisions than women

(Khare, 2012) Analyses and suggests that there is an explosion in the growth of middle class
families due to double income and increase in number of working women. Hence effort should
be made to attract women investors by providing right information and knowledge about the
market through advertisement· There is a dire need to initiate steps to inculcate saving habit
among the growing middle class families. The savings are to be pooled and channelized into
productive investments. Hence effort should be made to attract women investors by providing
right information and knowledge about the market through advertisement.

(Wang, 1997) he concluded that relative risk aversion decreased as people aged (i.e., the
proportion of net wealth invested in risky assets increases as people age) when other variables
are held constant. They concluded that risk tolerance increased with age and therefore rejected
the constant life-cycle risk aversion hypothesis.

6
(Clark and Strauss 2008) In the research they observed that women are more risk averse than
men, the young are more risk seeking than the old, wealthier individuals manifest a greater
willingness to invest in equities and the poor are risk averse securities.

In the whole study they analyzed the risk taking ability on the basis of gender and age.

(De Bondt W. a., 1985) they found, while investigating the possible psychological basis for
investor behavior, argue that mean reversion in stock prices is an evidence of investor over
reaction where investors overemphasize recent firm performance in forming future expectations.

(Chandra Abhijeet and Kumar Ravinder 2008) they discuss the irrationality of individual
investors and investigate into their behavior. Thirteen psychological biases and seventeen
contextual factors affecting investment behavior were identified by the researchers and Principal
Component Analysis was done to identify the five major factors which appear to drive investor
behavior in India. These were prudence and precautious attitude, conservatism, under-
confidence, informational asymmetry and financial addiction

(Sellappan R jamuna S, 2013) They find out that married women are more curious in making
investment than the unmarried. As well as the younger are mostly like to invest in shares mutual
funds, insurance and fixed deposits than the older women. The middle age persons prefer to
invest in real estate source of investment. So the government, Bankers and Financial institutions
can introduce lot of schemes of Investment based on segmentation of the age and marital status
factors to acquire more funds.

(Vasagadekars, 2014) He determined in research on working women it had been concluded

that because of high level education, today’s women are getting the best job offers with high take
home pay packages. It has become the present day need for working women in India to increase
their wealth. As most of the women are low in financial literacy, it becomes hardly possible for
them to manage their portfolios on their own. Also the risk bearing capacity of working women
in India is low. This is due to lack of sound financial knowledge.

(S, 1997) He revealed that his analysis has brought out various results arising from different
tools of analysis. All relevant factors have been considered to bring out the relationship
awareness. The investor’s awareness increases with the duration of investment, when investors
invest for a considerable long period they tend to acquire more awareness.

7
(Rajan, 1997, 1998) Highlighted segmentation of investors on the basis of their characteristics,
investment size, and the relationship between stage in life cycle of the investors and their
investment pattern.

(Rungta, 2000) Stressed the importance of brand effect in determining the competitive position
of the AMCs. Their study reveals that brand image factor, though cannot be easily captured by
computable performance measures, influences the investor’s perception and hence his
fund/scheme selection.

(Rajeswari, 2002) Studied the financial behavior and factors influencing fund/scheme selection
of retail investors by conducting Factor Analysis using Principal Component Analysis, to
identify the investor’s underlying fund / scheme selection criteria, so as to group them into
specific market segment for designing of the appropriate marketing strategy.

(Gupta L.C., 1991) Argues that designing portfolio for a client is much more than merely
picking up securities for investment. The portfolio manager needs to understand the psyche of
his client while designing his portfolio. According to Gupta, investors in India regard equity,
debentures and company deposits as being in more or less the same risk category and consider
including all mutual funds, including all equity funds, almost as safe as bank deposits.

(Pablo, 1992) Defined risk perception as risk assessment in uncertainty and it depends on the
familiarity with organizational and management system. The authors also developed a model of
determinants of risk behavior and identified personal risk preferences and past experiences are
the important risk factors and social influence also affects the individual’s perception.

(Ippolito, 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.

8
(Goetzman, 1993) Studied the ability of investors to select funds and found evidence to support
selection ability among active fund investors.

(G P. , 1993) Concluded that the investors rate this mode of investment as excellent and they
want only capital appreciation and dividend and for this they are ready to take calculated risk
also. This mode of investment is urban oriented till today.

(Sikidar, 1996) Carried out a survey with an objective to understand the behavioral aspects of
the investors of the North Eastern Region towards equity and MFs investment portfolio. The
survey revealed that the salaried and self-employed formed the major investors in MF primarily
due to tax concessions.

(S, 1997) Revealed that his analysis has brought out various results arising from different tools
of analysis. All relevant factors have been considered to bring out the relationship awareness.
The investor’s awareness increases with the duration of investment, when investors invest for a
considerable long period they tend to acquire more awareness.

(De Bondt W. a., 1985) While investigating the possible psychological basis for investor
behavior, argue that mean reversion in stock prices is an evidence of investor over reaction
where investors overemphasize recent firm performance in forming future expectations.

(G, 1986) Studied an investor’s attitude towards saving pattern in Coimbatore. There exists
poor positive savings are increasing when the income increase but in the same perception. There
exists high positive correlation between income and tax indicating that the tax are increasing
when the income increases most of the bank executives expressed the view that due to
insufficiency of income they were not able to contribute to savings scheme like public provident
fund, post office time deposit.

9
2.2 PROBLEM STATEMENT AND IMPORTANCE OF THE STUDY:
1. Whether the women investors are aware of investment avenues and if so, what is their level of
awareness?
2. What is the present investment status of women investors?
3. How do the women investors perceive about the investment avenues.
4. What are the factors influencing the preference of select investment avenues
5. What is their level of satisfaction with regard to their investment? To find out answers to the
above mentioned question.

2.3 OBJECTIVES OF THE STUDY

 To find out the investment habits of the women.
 To determine the perception of working women in making investment decisions.
 To know the investment avenues that women usually prefer.
 To find out the risk bearing capacity of women while making investment decision ns.
 To find out the awareness of women investors towards different investment avenues.
 To know the frequency of investment.
 To study and compare the investment pattern of working and household women.
 To determine the investment pattern of women on demographic basis.

2.4 SCOPE OF THE STUDY

 Data collection would have done form Ahmedabad city only.
 Data would have been collected within time frame which can be limited.
 It is assumed that the information provided by respondent will be true.
 As we are student so the study will be limited to experience.

10
2.5 Hypothesis
 H0: There is no relationship between age and frequency of investment
 H1: There is a relationship between age and frequency of investment

 HO: There is no relationship between age and investment decision

 H1: There is a relationship between age and investment decision

 H0: There is no relationship between occupation and Investment Avenue

 H1: There is a relationship between occupation and Investment Avenue

11
 CHAPTER 3:

RESEARCH METHODOLOGY

12
3.1 RESEARCH DESIGN
“A research design is the arrangement of conditions for collection and analysis of the data in a
manner that aims to combined relevance to the research proposal with economy in procedure”
This study will use the DESCRIPTIVE type of research.

3.2 SOURCES OF DATA

Primary source: - The data of the study will be collected through the questionnaire.

Secondary source: - The data of the study will be collected from website, journals, and
magazines.

3.3 POPULATION
The total population taken under study is the women investor of Ahmedabad city.

3.4 SAMPLING METHOD

The sampling method used will be NON RANDOM CONVIENIENT SAMPLING.

3.5 SAMPLING SIZE

The sampling size for the study would be taken as 100.

3.6 DATA COLLECTION INSTRUMENT

The data collection instrument taken under the study is Google docs.

13
 CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

14
4.1 One Variable Analysis

1. Age

Table -1 Age
Frequency Percent Valid Cumulativ
Percent e Percent
20-30 69 57.5 57.5 57.5
31-40 32 26.7 26.7 84.2
41-50 14 11.7 11.7 95.8
50-60 5 4.2 4.2 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart -1

Age

4.2
11.7

20-30
31-40
41-50
26.7 57.5
50-60

Interpretation : -
The above chart shows the different age group of women who invests. 4.2% of women are from
50-60 age groups, 11.7% of women are from 41-50 age group, 26.7% of women are from 31-40
age group and 57.5% of women are from 20-30 age group which is highest. It means that 20-30
age group of women invest more.

15
2. Education Qualifications

Table 2 Education Qualifications

Frequency Percent Valid Cumulative
Percent Percent
HSC 19 15.8 15.8 15.8
Graduate 59 49.2 49.2 65.0
Post Gradate 34 28.3 28.3 93.3
Other 8 6.7 6.7 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart -2

Education Qualification

6.7
15.8

HSC
28.3
Graduate
Post Gradate
Other

49.2

Interpretation: -
The above chart shows the education qualification of the women who invests. 15.8% of women
are HSC pass, 6.7% of women have done other course, 28.3% of women are post graduate and
49.2% of women are graduate. So the majority of respondent were graduated.

16
3. Occupation
Table 3: - Occupation
Frequency Percent Valid Cumulative
Percent Percent
A. Professional 32 26.7 26.7 26.7
B. Businessmen 17 14.2 14.2 40.8
C. Employee working 29 24.2 24.2 65.0
in Pvt. Firms
D. Govt. Employee 3 2.5 2.5 67.5
E. Self Employed 19 15.8 15.8 83.3
F. House Wife 20 16.7 16.7 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart-3

Occupation
A. Professional

16.7
26.7 B. Businessmen

15.8 C. Employee working in Pvt.

Firms
14.2
D. Govt. Employee
2.5
24.2
E. Self Employed

Interpretation Above chart is explaining that the 26.7% of respondent were professional
background. 24.2% respondent works in pvt. Firms whereas 15.8% respondents are self
employed and 14.2% respondents are businesswomen. Only 2.5% respondents are government
employees.

17
4. Sources of Income

Table 4: - Sources of Income

Frequency Percent Valid Cumulative
Percent Percent
A.Personal 57 47.5 47.5 47.5
Income
Savings 49 40.8 40.8 88.3
Gifts 13 10.8 10.8 99.2
Other 1 .8 .8 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire

Chart-4

Sources of Income
0.8

10.8

A.Personal Income
47.5 Savings
Gifts
40.8 Other

Interpretation:-
The Pie chart shown that 47.5% respondents invest from their personal income whereas 40.8%
respondents use savings to invest and 10.8% respondents invest from the gifts.

18
5. Annual Income

Table 5: - Annual Income

Frequency Percent Valid Cumulative
Percent Percent
A. Below 1,00,000 29 24.2 24.2 24.2
B. 1,00,000 to 26 21.7 21.7 45.8
2,00,000
C. 2,00,000 to 37 30.8 30.8 76.7
3,00,000
D. 300,000 to 18 15.0 15.0 91.7
5,00,000
E. Above 5,00,000 10 8.3 8.3 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire

Chart 5

Annual Income

8.3

24.2
15 A. Below 1,00,000
B. 1,00,000 to 2,00,000
C. 2,00,000 to 3,00,000
D. 300,000 to 5,00,000

21.7 E. Above 5,00,000

30.8

Interpretation:
As the chart 5 shows there are various income group include in study where 30.8% respondents
are from the income group of 200000-300000, 24.2% respondents have income below 100000
whereas 15% of respondents are from the income group of 300000-500000, 21.7% respondents
have income of 100000-200000 and 8.3% respondent’s income is above 500000.

19
6. Do you invest your income in any investment avenue?

Table 6: - Any Investment

Frequenc Percent Valid Cumulative
y Percent Percent
Yes 97 80.8 80.8 80.8
No 23 19.2 19.2 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire

Chart 6

Any Investment

19.2

Yes
No

80.8

Interpretation:-
As per the pie chart interpreted that 80.8% women invest in various investment avenues whereas
19.2% of women respondents do not invest in any investment avenue.

20
 7. How do you make your investment decision?

Table 7 – Investment decision

Frequency Percent Valid Cumulative
Percent Percent
Valid By Own 52 43.3 43.3 43.3
Family 44 36.7 36.7 80.0
Advisor 19 15.8 15.8 95.8
Colleagu 2 1.7 1.7 97.5
es
Friends 3 2.5 2.5 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart 7

Investment decision
1.7
2.5

15.8

By Own
43.3 Family
Advisor
Colleagues
Friends

36.7

Interpretation:-
As per the Pie chart shown that 43.3% women respondents invest by their own, 36.7% women
respondents take advice from family, 15.8% of women respondents take advice from export
advisor whereas 1.7% women take the help of their colleagues and 2.5% of women take advice
from their friend

21
8. If yes, approximately what percentage of your income is used for investment?

Table 8 – Income used for Investment

Frequency Percent Valid Cumulative
Percent Percent
Below 26 21.7 21.7 21.7
10%
10% to 41 34.2 34.2 55.8
20%
20% to 37 30.8 30.8 86.7
30%
30% to 13 10.8 10.8 97.5
40%
Above 3 2.5 2.5 100.0
40%
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart 8

Income used for Investment

2.5

10.8
21.7
Below 10%
10% to 20%
20% to 30%
30.8 30% to 40%
Above 40%
34.2

Interpretation:-
As per the chart shown that 34.2% of women respondent invest 10-20%, 30.8% women invest
20-30% whereas 10.8% of women invest 30-40%, 2.5% women invest above 40% and 21.7%
women invest below 10%.

22
9. What is the frequency of your investment?

Table 9- Frequency of Investment

Frequency Percent Valid Cumulative
Percent Percent
One time 17 14.2 14.2 14.2
Monthly 77 64.2 64.2 78.3
Half
Valid 6 5.0 5.0 83.3
yearly
Yearly 20 16.7 16.7 100.0
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart 9

Frequency of Investment

16.7 14.2

5 One time
Monthly
Half yearly
Yearly

64.2

Interpretation:-
Above Pie chart interpreted that 64.2% of respondents invest monthly, 5% of respondents invest
half yearly whereas 16.7% of women invest yearly and 14.2% of women invest only one time.

23
10. How satisfied are you with your investments made?
Table 10 Satisfaction Level
Frequency Percent Valid Cumulative
Percent Percent
Highly satisfied 40 33.3 33.3 33.3
Moderately 44 36.7 36.7 70.0
satisfied
Can't say 29 24.2 24.2 94.2
dissatisfied 3 2.5 2.5 96.7
Highly 4 3.3 3.3 100.0
dissatisfied
Total 120 100.0 100.0
Source: Structured Questionnaire
Chart 10

Satisfaction Level

2.5 3.3

Highly satisfied
33.3
24.2
Moderately satisfied
Can't say
dissatisfied
Highly dissatisfied

36.7

Interpretation:-
Above Pie chart says that 36.7% of respondent’s satisfaction level is moderate where as 33.8 %
of respondent highly satisfied with their investment. 24.2% of respondent don’t. And
2.5% of respondent are dissatisfied whereas 3.3 % are highly dissatisfied.

24
4.2 Two Variable analyses
1. Relation between age and investment decision
HO: There is no relationship between age and investment decision
H1: There is a relationship between age and investment decision

Table 11 Relation between age and investment decision

Q8_Investment_Decesion Tot
By Family Advisor Colleag Friends al
Own ues
20-30 30 25 10 2 2 69
31-40 16 11 5 0 0 32
41-50 5 6 3 0 0 14
50-60 1 2 1 0 1 5
Total 52 44 19 2 3 12
0

Table 12 Chi-Square Tests between age and investment decision

Chi-Square Tests
Value df Asymp.
Sig. (2-
sided)
Pearson Chi-Square 10.563 12 .567
a

Likelihood Ratio 8.848 12 .716

Linear-by-Linear .569 1 .451
Association
N of Valid Cases 120

Interpretation:-

As we can see in the above table the P value of chi square Test is more than .05 so the null
hypothesis is accepted so we can say that there is no relationship between age and investment
decision

25
2. Relationship between Annual income and frequency of investment
H0: There is no relationship between Annual income and frequency of investment
H1: There is a relationship between Annual income and frequency of investment

Table 13:-Relationship between Annual income and frequency of investment

Q10_Frequency Total
One Monthly Half Yearly
time yearly
A. Below 1,00,000 10 10 3 6 29
B. 1,00,000 to 2,00,000 4 16 0 6 26
C. 2,00,000 to 3,00,000 1 29 1 6 37
D. 300,000 to 5,00,000 1 15 0 2 18
E. Above 5,00,000 1 7 2 0 10
Total 17 77 6 20 120

Table 14 Chi-Square Tests

Chi-Square Tests
Value df Asymp. Sig.
(2-sided)
Pearson Chi-Square 30.906a 12 .002
Likelihood Ratio 32.699 12 .001
Linear-by-Linear .024 1 .877
Association
N of Valid Cases 120

Interpretation:-

As we can see in the above table the P value of chi square Test is less than .05 so the null
hypothesis is not accepted so we can say that there is relationship between different income
group and frequency of investment.

26
 3. Relationship between occupation and Investment Avenue
H0: There is no relationship between occupation and Investment Avenue
H1: There is a relationship between occupation and Investment Avenue
Table 15:- ANOVA

Sum of Squares df Mean Square F Sig.

Between Groups 3.176 5 .635 3.417 .006
Q12_Bank_FD Within Groups 21.191 114 .186
Total 24.367 119
Between Groups 2.090 5 .418 2.182 .061
Q12_Real_Estate Within Groups 21.835 114 .192
Total 23.925 119
Between Groups 3.570 5 .714 3.283 .008
Q12_Equity_Share Within Groups 24.797 114 .218
Total 28.367 119
Between Groups 2.149 5 .430 1.649 .153
Q12_Gold_Silver Within Groups 29.718 114 .261
Total 31.867 119
Between Groups 1.271 5 .254 2.301 .049
Q12_Other_Commodity Within Groups 12.596 114 .110
Total 13.867 119
Between Groups 3.831 5 .766 3.472 .006
Q12_Mutual_Fund Within Groups 25.160 114 .221
Total 28.992 119
Between Groups .350 5 .070 1.799 .119
Q12_Debt_Instument Within Groups 4.441 114 .039
Total 4.792 119
Between Groups .367 5 .073 2.389 .042
Q12_Derivatives Within Groups 3.500 114 .031
Total 3.867 119

Interpretation:-
As we can see in the above table the P value of chi square Test is more than .05 so the null
hypothesis is accepted so we can say that there is no relationship between occupation and
Investment Avenue.

27
 CHAPTER-5

FINDINGS

28
 From the survey we found out that now days 80% of women have started taking the
initiatives for their investments.
 From this survey we found out that 40% women investors are much aware about the
mutual funds
 Also from the survey we found out that 43% women take their own investment
decisions while others still take advice from their family, colleagues and advisors.
 Different age and income factor affects the decision making and investment pattern of
women.
 The survey also showed that 47% of the women investors make investments by their
own salary and rest make their investments by the savings made.

 Apart from that if we talk about hypothesis 3 null hypothesis in which two are accepted
and one is not acceptable so as per our perception we come to know that hypothesis are
correctly formulated

 There is no significant relationship between age and investment decision.
 There is significant relationship between the income and the frequency of the
investment made.
 There is no significant relationship between occupation and Investment Avenue.

29
 CHAPTER-6

SWOT ANALYSIS OF EQUITY MARKET

30
Strength: The first and for most thing of strength of Indian stock market is its ability to
provide high return. SEBI a regulatory body of Indian stock market who protects the interest of
the investors. Large number of securities which provides medium for investment. Large number
of Brokers who plays a role of facilitator for investment.

Weakness: The weak point of Indian stock market is its volatility i.e. High risk. It is a kind of
gambling where no guarantee of return and some time it depends on luck also.

Opportunity: Stock market provides an opportunity to money lender and money seeker to
Invest and use money for their plan. It provides an opportunity to the investor to be the owner of
the company and contribute in the business decision of the company. Stock market is a kind of
indicator of the economic growth of the country where it provides an opportunity to gain
according to the inflation of the country or more than that.

Threats: There are many competitors of stock market such as post office savings, public
provident fund, company fixed deposits, fixed deposits with bank etc. which provides fixed and
assured return

31
CHAPTER 7 LIMITATIONS

32
Personal Bias:

The women investors may have personal bias towards the particular investment option so they
may not give correct information and due to which proper conclusion may not be derived.

Time limit:

The time duration of the study is short i.e. only 3 months and therefore all the information
cannot be covered within this time period.

Area:

The area of the study was limited up to the city of Ahmedabad only so the degree of information
outside the city cannot be covered.

Sample size:

The sample size of the study was 120 and it is possible that all the respondents may not give
accurate information

33
CHAPTER 8

CONCLUSION

34
Through the study it was conclude that most of the women invest monthly by own or by the
advice of their family. The study primarily focused on finding the most prominent investment
instrument and pattern among women investors and we successfully can conclude that the
women mostly invest from the savings from which they make when it comes to regular and
continuous investments. Most of the women think that the level of risk is so much high in equity
market. And for the safest and low risk the most of the women invest in fixed deposit. The
research also shown that the awareness of mutual fund is increased and women are investing in
mutual fund and rating it for high return and low risk.

35
 CHAPTER 9

BIBLIOGRAPHY

36
1. Derhei, B. S. (1996).
2. Fox, J. (1997).
3. G, P. (1993). “A study on investors attitude towards investment in securities”,.
4. G, S. (1986). “A study on investment behaviour of the working".
5. Goetzman, W. (1993). “Cognitive Dissonance and Mutual Fund Investors”, Working Paper.
6. Gupta L.C. (1991). Share Holders Survey: Geographic Distribution, Manas Publications. 86
7. Ippolito, R. A. (1992). “Consumer Reaction to Measures of poor Quality-Evidence from.
8. Journal of Law and Economics, 35, 45-70.
9. karthikeyan . (2001).
10. Khare, S. (2012).
11. LANGER. (1975).
12. M.Kartheyan, V. G. (2014).
13. Pablo, S. a. (1992). “Reconceptualizing the Determinants of Risk Behaviour”. 9-39.
14. Rajan, R. (1997, 1998). “Investment size based segmentation of individual investors”,.
15. Rajeswari, T. a. (2002). Performance Evaluation Of selected Mutual.
16. Rungta, A. C. (2000). “Mutual Funds Industry in India: An indepth look". 27-45.
17. S, S. (1997). – A study with special reference to Udumalpet.
18. Sarita, B. (2012). Investment behaviour of working women of punjab. journal of economics
and management , volume 1 issue 6 .
19. Sellappan R jamuna S, a. k. (2013). investment attitude of women towards different sources
of securities. volume 13.
20. Shanmugam. (1990). A study on investors awareness of investment, An Unpublished
M.Phil.
21. Sikidar, S. a. (1996). “Financial Services: Investment in Equity and Mutual". 136-145.
22. Suguna G. ((1986)). “A study on investment behaviour of the working

37
ANNEXURE

38
 A Study on Investment Pattern of Women Investors.

1. Name
………………..
2. Age:
o 20-30
o 31-40
o 41-50
o 50-60
o Above 60

3. Education:
o A. HSC
o B. Graduate
o C. Post Graduate
o D. Other

4. Occupation
o Professional
o Businessmen
o Employee working in Pvt. Firms
o Govt. Employee
o Self Employed
o House Wife

5. What is the sources of making investment?

o .Personal Income
o Savings
o Gifts
o Other:

6. What is your annual income?

o A. Below 1,00,000
o B. 1,00,000 to 2,00,000
o C. 2,00,000 to 3,00,000
o D. 300,000 to 5,00,000
o E. Above 5,00,000

39
 7. Do you invest your income in any of the investment avenues?
o Yes
o No

8. How do you make your investment decision?

o By Own
o Family
o Advisor
o Colleagues
o Friends

9. If yes, approximately what percentage of your income is used for investment?

o Below 10%
o 10% to 20%
o 20% to 30%
o 30% to 40%
o Above 40%

10. What is the frequency of your investment? *

o One time
o Monthly
o Half yearly
o Yearly

11. State your awareness level about the following investment avenues .

Bank Real Equity Gold Other Mutual Debt Derivatives

FD Estate Shares Silver Commodities Fund Instruments
Fully
Aware
Partly
Aware
Not
Aware

40
 12.Where you invest your money?

o Bank FD
o Real Estate
o Equity Shares
o Gold Silver
o Other Commodities
o Mutual Fund
o Debt Instruments
o Derivatives

13. Rate the following instruments in terms of their return *

(Higher the rating, better the return)

1 2 3 4 5
Bank FD
Shares/Equity
Real Estate
Gold
Silver
Other Commodities
Mutual Funds
Insurance
Debt Instruments
(Bonds, Debentures)
Derivatives

14. Which of the following reasons inspired you to invest in Investment Avenue selected by you?

Bank Rea l Estate EquityS Gold Other Mutual Debt Derivatives

FD hares Silver Commodities Fund Instrum
ents
High
Return
Low Risk
High
Return –
High Risk
Low
Return-
Low Risk
Capital
Appreciati
on
Regular
Income

41
15.How satisfied are you with your investments made?

o Highly satisfied
o Moderately satisfied
o Can't say
o dissatisfied
o Highly dissatisfied

42