A Study On Financial Literacy, Beliefs And Attitude With Reference To Mutual Fund Investment Among Banking Sector Employees In Chennai

Abstract

This study aims to analyse the Financial Literacy, Beliefs and Attitude with reference to Mutual Fund Investment among Banking sector employees in Chennai. Data were collected from employees who have invested in mutual fund and working in banking sector in Chennai.Data were collected using snowball method of sampling from 210 respondents using a well structured, pre tested questionnaire. The collected data were categorized and then analysed using various statistical tools like, Exploratory factor analysis, Confirmatory Factor analysis, cluster analysis and one way anova. Findings reveal that there is significant difference between age and awareness of various mutual fund schemes for Debt, Equity diversified, Equity tax saving, Indexed and Balanced funds categories and it was found that there is no significant difference between age and awareness in terms of liquid, Gilt and sectoral funds. Confirmatory and exploratory factor analysis were done on financial literacy factors, questions relating to beliefs and attitude, based on the results they were grouped. SPSS and AMOS software were used for computing the statistical results.