INFLUENCE OF DEMOGRAPHIC FACTORS ON INVESTMENTS OF BANK EMPLOYEES

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1 INFLUENCE OF DEMOGRAPHIC FACTORS ON INVESTMENTS OF BANK EMPLOYEES K. V. Ramanathan 31 Dr. K. S. Meenakshi Sundaram 32 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. 31 Research Scholar, SCSVMV University, Tamil Nadu, India, kvram71@yahoo.com 32 Professor & Director, CAA, Great Lakes Institute of Management, Tamil Nadu, India, drksmsundaram@gmail.com 1783 P a g e

2 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 P a g e

3 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 Hypothesis 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 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 H 01 : There is no significant relationship between demographic factors and selection of investments made by the investors. H 02 : 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 % Junior Management % % Middle Management % Grade Age % Senior Management % % Grand Total % Grand Total % Rs.0-5Lakhs % Male % Rs.5-10Lakhs % Gender Female % Income Rs.10-15Lakhs % Grand Total % > Rs.15Lakhs % Single % Grand Total % Marital Married % Rs.0-2.5Lakhs % Grand Total % Rs.2.5-5Lakhs % Graduate % Investment Rs.5-7.5Lakhs % Qualification Post Graduate % > Rs.7.5Lakhs % Professional % Grand Total % Grand Total % 1785 P a g e

4 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 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 Lakhs and 26.9% of the investors were investing between Rs Lakhs. Table-2: Observed Details between Demographic Variables and Investment Age Gender Marital Qualification Particulars Rs Lakhs Rs Lakhs Rs Lakhs > Rs.7.5 Lakhs Total % 26.3% 5.3% 0.0% 100.0% 14.9% 11.6% 5.3% 0.0% 11.9% % 28.9% 6.6% 6.6% 100.0% 50.6% 51.2% 26.3% 45.5% 47.5% % 22.0% 20.0% 10.0% 100.0% 27.6% 25.6% 52.6% 45.5% 31.3% % 33.3% 20.0% 6.7% 100.0% 6.9% 11.6% 15.8% 9.1% 9.4% Grand Total % 26.9% 11.9% 6.9% 100.0% Male % 25.6% 13.2% 7.0% 100.0% 80.5% 76.7% 89.5% 81.8% 80.6% Female % 32.3% 6.5% 6.5% 100.0% 19.5% 23.3% 10.5% 18.2% 19.4% Grand Total % 26.9% 11.9% 6.9% 100.0% Single % 15.0% 5.0% 0.0% 100.0% 18.4% 7.0% 5.3% 0.0% 12.5% Married % 28.6% 12.9% 7.9% 100.0% 81.6% 93.0% 94.7% 100.0% 87.5% Grand Total % 26.9% 11.9% 6.9% 100.0% Graduate % 19.2% 13.5% 3.8% 100.0% 37.9% 23.3% 36.8% 18.2% 32.5% Post Graduate % 31.3% 7.8% 7.8% 100.0% 39.1% 46.5% 26.3% 45.5% 40.0% Professional % 29.5% 15.9% 9.1% 100.0% 23.0% 30.2% 36.8% 36.4% 27.5% Grand Total % 26.9% 11.9% 6.9% 100.0% 1786 P a g e

5 Cadre Income Particulars Rs Lakhs Rs Lakhs Rs Lakhs > Rs.7.5 Lakhs Total Junior Management % 18.5% 3.7% 7.4% 100.0% 21.8% 11.6% 5.3% 18.2% 16.9% Middle Management % 29.2% 11.7% 3.3% 100.0% 77.0% 81.4% 73.7% 36.4% 75.0% Senior Management % 23.1% 30.8% 38.5% 100.0% 1.1% 7.0% 21.1% 45.5% 8.1% Grand Total % 26.9% 11.9% 6.9% 100.0% Rs.0-5Lakhs % 9.1% 0.0% 0.0% 100.0% 11.5% 2.3% 0.0% 0.0% 6.9% Rs.5-10 Lakhs % 16.4% 1.8% 1.8% 100.0% 50.6% 20.9% 5.3% 9.1% 34.4% Rs.10-15Lakhs % 37.0% 7.4% 5.6% 100.0% 31.0% 46.5% 21.1% 27.3% 33.8% > Rs.15Lakhs % 32.5% 35.0% 17.5% 100.0% 6.9% 30.2% 73.7% 63.6% 25.0% Grand Total % 26.9% 11.9% 6.9% 100.0% Following inferences could be drawn from the above table-2 More than 50% of the investors were investing between Rs Lakhs per annum followed by 26.9% of the investors investing between Rs Lakhs per annum. 47.5% of the respondents are in the age group of years following by 31.3% of the respondents in the age group of years. 50.7% of the married investors invest between Rs Lakhs and 28.6% of the investors have their investment between Rs 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 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 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 Not significant Marital Status Not significant Gender Not significant Educational Qualification Not significant Grade Significant Income Significant 1787 P a g e

6 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 % 26.3% 5.3% 0.0% 100.0% 10.6% 16.1% 25.0% 0.0% 11.9% % 18.4% 3.9% 1.3% 100.0% 47.2% 45.2% 75.0% 50.0% 47.5% % 14.0% 0.0% 2.0% 100.0% 34.1% 22.6% 0.0% 50.0% 31.3% % 33.3% 0.0% 0.0% 100.0% 8.1% 16.1% 0.0% 0.0% 9.4% Gender Male % 17.1% 1.6% 1.6% 100.0% 83.7% 71.0% 50.0% 100.0% 80.6% Female % 29.0% 6.5% 0.0% 100.0% 16.3% 29.0% 50.0% 0.0% 19.4% Marital Single % 25.0% 5.0% 0.0% 100.0% 11.4% 16.1% 25.0% 0.0% 12.5% Married % 18.6% 2.1% 1.4% 100.0% 88.6% 83.9% 75.0% 100.0% 87.5% Qualification Graduate % 23.1% 1.9% 0.0% 100.0% 31.7% 38.7% 25.0% 0.0% 32.5% Post Graduate % 12.5% 1.6% 3.1% 100.0% 43.1% 25.8% 25.0% 100.0% 40.0% Professional % 25.0% 4.5% 0.0% 100.0% 25.2% 35.5% 50.0% 0.0% 27.5% Cadre Junior Management % 14.8% 7.4% 0.0% 100.0% 17.1% 12.9% 50.0% 0.0% 16.9% Middle Management P a g e

7 77.5% 20.0% 1.7% 0.8% 100.0% 75.6% 77.4% 50.0% 50.0% 75.0% Senior Management % 23.1% 0.0% 7.7% 100.0% 7.3% 9.7% 0.0% 50.0% 8.1% Income Rs.0-5Lakhs % 26.3% 2.6% 0.0% 100.0% 22.0% 32.3% 25.0% 0.0% 23.8% Rs.5-10 Lakhs % 11.9% 5.1% 3.4% 100.0% 38.2% 22.6% 75.0% 100.0% 36.9% Rs.10-15Lakhs % 24.4% 0.0% 0.0% 100.0% 27.6% 35.5% 0.0% 0.0% 28.1% > Rs.15Lakhs % 16.7% 0.0% 0.0% 100.0% 12.2% 9.7% 0.0% 0.0% 11.3% Investment Rs.0-2.5Lakhs % 18.4% 2.3% 1.1% 100.0% 55.3% 51.6% 50.0% 50.0% 54.4% Rs.2.5-5Lakhs % 23.3% 0.0% 0.0% 100.0% 26.8% 32.3% 0.0% 0.0% 26.9% Rs.5-7.5Lakhs % 10.5% 5.3% 0.0% 100.0% 13.0% 6.5% 25.0% 0.0% 11.9% >Rs.7.5Lakhs % 27.3% 9.1% 9.1% 100.0% 4.9% 9.7% 25.0% 50.0% 6.9% % % % % % Following inferences would be drawn from the above table % 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 P a g e

8 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 Not significant Marital Status Not significant Gender Not significant Educational Qualification Not significant Grade Not significant Income Not significant Investment Not significant 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 Age Gender Marital Qualification Particulars Satisfied Not Satisfied Total % 0.0% 100.0% 13.2% 0.0% 11.9% % 14.5% 100.0% 45.1% 68.8% 47.5% % 31.3% 31.3% % 0.0% 100.0% 10.4% 0.0% 9.4% 100.0% 100.0% 100.0% Male % 10.9% 100.0% 79.9% 87.5% 80.6% Female % 6.5% 100.0% 20.1% 12.5% 19.4% 100.0% 100.0% 100.0% Single % 5.0% 100.0% 13.2% 6.3% 12.5% Married % 10.7% 100.0% 86.8% 93.8% 87.5% 100.0% 100.0% 100.0% Graduate % 1.9% 100.0% 35.4% 6.3% 32.5% Post Graduate P a g e

9 Cadre Income Investment Particulars Satisfied Not Satisfied Total 89.1% 10.9% 100.0% 39.6% 43.8% 40.0% Professional % 18.2% 100.0% 25.0% 50.0% 27.5% 100.0% 100.0% 100.0% Junior Management % 11.1% 100.0% 16.7% 18.8% 16.9% Middle Management % 9.2% 100.0% 75.7% 68.8% 75.0% Senior Management % 15.4% 100.0% 7.6% 12.5% 8.1% 100.0% 100.0% 100.0% Rs.0-5Lakhs % 13.2% 100.0% 22.9% 31.3% 23.8% Rs.5-10 Lakhs % 11.9% 100.0% 36.1% 43.8% 36.9% Rs.10-15Lakhs % 4.4% 100.0% 29.9% 12.5% 28.1% > Rs.15Lakhs % 11.1% 100.0% 11.1% 12.5% 11.3% 100.0% 100.0% 100.0% Rs.0-2.5Lakhs % 11.5% 100.0% 53.5% 62.5% 54.4% Rs.2.5-5Lakhs % 9.3% 100.0% 27.1% 25.0% 26.9% Rs.5-7.5Lakhs % 5.3% 100.0% 12.5% 6.3% 11.9% >Rs.7.5Lakhs % 9.1% 100.0% 6.9% 6.3% 6.9% % % % 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 years P a g e

10 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 Not significant Marital Status Not significant Gender Not significant Educational Qualification Significant Grade Not significant Income Not significant Investment Not significant 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 followed by 31.3% of respondents in 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 Lakhs. 70.4% of the investors in junior management and 55.8% in the middle management invest between Rs 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 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 P a g e

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