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INTERNATIONAL JOURNAL OF SCIENTIFIC DEVELOPMENT AND RESEARCH International Peer Reviewed & Refereed Journals, Open Access Journal ISSN Approved Journal No: 2455-2631 | Impact factor: 8.15 | ESTD Year: 2016 open access , Peer-reviewed, and Refereed Journals, Impact factor 8.15 |
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| Paper Title: | A study of the difference in need for Personal Financial Planning amongst the youth of India. |
| Authors Name: | Deboshri Sen |
| Unique Id: | IJSDR2011033 |
| Published In: | Volume 5 Issue 11, November-2020 |
| Abstract: | The ability of the youth to save funds and stockpile assets is highly crucial in the age of group of 20-30 years as they move towards adulthood and start to accept their financial responsibilities & figure out their financial goals for the long run. Lack of a financial plan for the future creates risk of not having sufficient wealth in order to live comfortably & securely after retirement. However, the financial goals differ amongst the male and female population of the youth of India which creates a need for different approaches towards all the components of financial planning for the attainment of these goals. For the study, the components are budget creation, saving-spending management, debt management, investment planning, insurance planning and tax planning. The difference in current financial situation regarding all these components actively illustrate that the male need assistance in funds management and the female need to invest in high-risk high return investment avenues in order to create wealth. This shall assist the individuals as well as financial planners to know that a common financial plan for the youth irrespective of gender may not result in the attainment of financial goals and there exists a need for separate financial plans for both male and female youth. |
| Keywords: | Finance, Personal Financial Planning, Financial Planning Components, Financial Awareness, Gender, Youth |
| Cite Article: | "A study of the difference in need for Personal Financial Planning amongst the youth of India.", International Journal of Science & Engineering Development Research (www.ijsdr.org), ISSN:2455-2631, Vol.5, Issue 11, page no.211 - 226, November-2020, Available :http://www.ijsdr.org/papers/IJSDR2011033.pdf |
| Downloads: | 000337068 |
| Publication Details: | Published Paper ID: IJSDR2011033 Registration ID:192723 Published In: Volume 5 Issue 11, November-2020 DOI (Digital Object Identifier): Page No: 211 - 226 Publisher: IJSDR | www.ijsdr.org ISSN Number: 2455-2631 |
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