Literature Review

(Bowditch, 2005) did a study on Financial Planning for Retirement amongst individuals in select
age group of 25 years to 45 years in Pune city. It was found that there was lack of motivation to
engage in financial planning, and the increasing responsibility of the individuals for his/her
financial situation in retirement. It is found that the top three objectives for the individuals in
wealth creation stage are protection against medical emergency, ensuring comfortable retirement
and provision for children education or marriage. The researcher also suggest that the
Intermediaries should focus on increasing awareness of the prospective customers towards
retirement planning rather just focusing on selling of financial products.

https://shodhganga.inflibnet.ac.in/bitstream/10603/150714/7/07_preface.pdf

(H. Crankshaw, 2006) conducted on strategies for personal financial planning. This research
project identified principles of practice management as applied to the personal financial planning
process. There are many individuals and Financial Planners who engage each other in the
provision of this service. The monthly income (before tax) demographic was used as an indicator
of the Financial Planner broadly applying the components of practice management. The study
describes personal financial planning as a continuous process that requires ongoing adjustment as
an individual’s “personal and financial” information change.

http://citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.906.6200&rep=rep1&type=pdf

(T. Soobaroyen & R. V. Sannassee, 2007) the purpose of this research was to study the voluntary
financial planning done by different organizations and firms and focuses on locally established
organizations in a developing country. The researcher conducted the survey by making people
fill their questionnaire and by taking personal interview. It was founded that treasurers are less
focused on priorities involving internal planning and control and are found to be using financial
planning and control practices to a limited and seemingly unsophisticated extent.
https://www.emerald.com/insight/content/doi/10.1108/18325910710820300/full/html
(D. S. Murphy & S. Yetmar, 2010) conducted a research on Personal financial planning attitudes
among graduate students. The purpose of this paper is to report on a survey about the personal
financial planning attitudes of MBA students in the USA. The study surveyed 206 MBA students
about their attitudes to personal financial planning. It was founded that most of the student felt
that financial planning is important and are interested in doing it, and very few felt they have
necessary knowledge to develop their own plan

https://www.researchgate.net/publication/
235278292_Personal_financial_planning_attitudes_A_preliminary_study_of_graduate_students

(T. H. Boon , H. S. Yee & H. W. Ting, 2011) the study shows the Financial Literacy and
Personal Financial Planning in Klang Valley in Malaysia. The paper suggests that most
individuals who have yet ensued personal financial planning were held back by their financial
literacy level. Personal financial planning is found to be at its infant stage in Malaysia,
Malaysians are generally found not taking ownership of their own financial affairs though they
are aware of the importance of financial planning. It was found that financial literacy has a direct
impact on personal financial planning as individuals with high financial literacy exhibit the
highest tendency to engage themselves in financial planning compare to people with medium and
low financial literacy level.

https://0701.nccdn.net/1_5/0f6/347/0b0/
Financial_Literacy_and_Personal_Financial_Planning_Malaysia.pdf
(Shriniwas, 2013) The aim of investigation was to find out the financial planning practices,
portfolio selection and investment decision enablers adopted by the investors. It was observed
that One third of respondents adopt savings as a major tool to achieve future plans whereas the
rest of the respondent believe in investing money. As budgeting and goal setting are basic steps
in financial planning equally important are daily financial management practices such as record
keeping and estimating net worth help investors to achieve their goals.

https://shodhganga.inflibnet.ac.in/handle/10603/86324

(C. Scheresberg, 2013) did a research on financial literacy and financial behavior among adults
and their evidence and implications. This study focuses on a specific segment of the population:
young adults age 25 to 34. Investment opportunities have expanded beyond national borders,
permitting individuals to invest in a broad range of assets, and borrowing opportunities, both
traditional and nontraditional, have multiplied. It was found that income and education are
positively associated with financial outcomes: those with high income and high education are
much less likely to use high-cost methods of borrowing and are more likely to have a stock of
precautionary savings and to plan for retirement.

https://scholarcommons.usf.edu/cgi/viewcontent.cgi?article=1138&context=numeracy

(Shanmugam , 2015) A comprehensive financial plan can enhance the quality of an individual‘s
life and increase his satisfaction by reducing uncertainty about his future needs and resources.
The research found that the Family life cycle acts as a summary variable capturing the combined
effects of income, age and important events in life. The investors were not ready to spend time to
participate in the awareness programs organized by the regulating authorities. Moreover, investor
is not reading the fine print before investing when they invest at the last minute to save taxes.

https://handle/10603/131002
(Karve & Mrs. H. Deogharkar, 2015) This research paper is focused on importance of financial
planning analysis. The objective of the research was to study pattern in which individual
allocates his savings and understand the awareness of investor about investment avenues. The
saving behavior has been changed considerably also the growing income of working class has
also contributed largely to the changing pattern of savings in India. It was found that the
investment decisions are more based on the willingness to take the risk rather than the ability to
take risk. Some reasons for not undertaking financial planning were lack of knowledge, waiting
to have money and no clear financial goals.

http://ijahms.com/upcomingissue/20.12.2015.pdf

(L. Huang, 2016) conducted a research to study the behavior of personal financial planning
among college graduates. Many t young adults, who are inadequately equipped with the essential
knowledge about personal finance, make many financial mistakes until they finally become
smart and diligent financial planners. It was found that f college graduates are wise in spending,
saving, and investing which have long been overlooked by college graduates and by educating
themselves and then acting on that knowledge, today’s college graduates have the potential to
make wise financial decisions.

https://www.scirp.org/pdf/TI_2016083115032957.pdf

(M. Cull & T. Sloan, 2016) the research studied an increasing emphasis on self-funded
retirement for Australians, the increasing size of Australia’s managed funds pool, persistent
evidence of financial illiteracy and the importance of financial planning. The data collection
process was done with a postal mail out of questionnaires to Australian residents over the age of
18. The study divide primary characteristics of trust evident in personal financial planning into
seven categories namely: vulnerability and risk, feeling, honesty, faith, best interests,
accountability and competence. It was found that the increased legislation and the behavioral and
technical competency of advisers can build consumer trust in financial advice.

https://fpa.com.au/wp-content/uploads/2016/08/financial-planning-research-journal-v2-iss1.pdf
(H. Ahmed & Ak Md Hasnol Alwee Pg Md Salleh, 2016) the study was conducted to find the
framework of Islamic financial planning. It combines the traditional Islamic institutions
of zakat and awqaf with contemporary notions of financial planning, financial inclusion and
financial literacy that caters to the short-term and long-term financial goals of the poor. . It
founded the notion of a hierarchy of needs and a financial planning model, an inclusive IFP
framework that can be used by the poor is outlined. The paper explores and offers a novel
approach of poverty mitigation by utilizing the full spectrum of IFP that considers the financial
needs and allows for the creation of a personalized financial plan for low-income households.

https://www.emerald.com/insight/content/doi/10.1108/IMEFM-01-2015-0006/full/html?
skipTracking=true

(H.Y. Mohammad, 2016) studied about personal financial planning and family investment
planning. The main objective of the study was to find that how personal financial influence the
family investment planning. It was found that culture effect on personal financial planning have
a strong and positive impact on family investment planning. Financial literacy also plays a major
roll as it was found that people who have knowledge about financial planning make investment
in various schemes for their personal benefit as well as for their family.

https://www.academia.edu/36350902/
Personal_financial_planning_and_family_financial_investment

(Pandya, 2017) The contemporary research helps us to get an understanding on the adoption of
various policies and initiatives taken by governmental and nongovernmental agencies and
institutions in empowering women. It was found that the basic imperatives that prevent from
females to obtain financial administration haven't been satisfactorily taken care by the own
individual self for the past few years. A great deal was needed and powerful steps, similar to the
advancement of microfinance and cash exchanges, haven't been prepared to address enough the
hidden imperatives in ladies' entrance to and administration over monetary and cash assets.

http://hdl.handle.net/10603/217949
(Patel, 2017) did a research on awareness and attitude towards Personal Financial Planning in
state of Gujarat. Secondary data which was collected from various books, Journals, websites,
articles laid foundation for the study. Primary data was collected with quota sampling technique.
600 salaried employees from four major cities of Gujarat: Ahmedabad, Baroda, Rajkot, Surat
were selected. 600 salaried employees were further bifurcated as 200 Government Employees,
200 Pvt. Sector and 200 Public Sector employees. It was found that respondents are aware about
all traditional Investment Avenues. Awareness Related to Non-Conventional Avenues like
derivatives, Money Market etc. is less. Attitude towards Overall PFP is Positive whereas
awareness for Retirement Planning & Estate Planning is little low and respondents possess little
negative attitude towards them.

https://www.gtu.ac.in/uploads/Avni%20Patel%20-%20Thesis%20-%20129990992002.pdf

(Surendar & V V Subramanya Sarma, 2017) attempt is made to study the levels of financial literacy
and its impact on teachers financial planning. Since, teachers of higher education are the most
influential people in the society, financial literacy and personal financial management helps them
to educate the students who are fiscally and socially responsible citizens. With reference to the
affordability, it was found many teachers of colleges strongly agreed that before they buy
something, they consider whether they can afford it or notIt is also found that the majority of
technical and non-technical teachers of higher education have a high level of financial literacy
are aware of various aspects of personal financial planning and are able to plan on their own
irrespective of their subject of profession.

https://amity.edu/UserFiles/admaa/97cf8Paper%203.pdf
(Avni Patel & Dr. S. Kumar, 2017) studied awareness and attitude of investors regarding
financial planning. The main objective of study was to analyze attitude regarding personal
financial planning among residents of Gujarat. It is evident that the investors are more inclined
towards certain products as far as their Financial Planning is concerned, they possess biased
behavior towards more on traditional investment products like Bank F.Ds, Post Office saving
schemes, but they are still not preferring Market linked securities.

https://www.worldwidejournals.com/paripex/recent_issues_pdf/2016/November/
November_2016_1479117133__84.pdf

(P. Chaurasia & Dr. P. Vijay, 2017) did a study on impact of financial planning on investor’s
decision Investment decisions are very complicated as many investment options are available in
market with different level of risk and returns, tax treatments, cost of transaction etc. The
research primary aim was to make investors aware and motivate them towards healthy financial
habits and explore the association of financial habits and the selection of investment avenues and
investment objectives of the investors. However, investment objective of quick returns and
liquidity has no significant relationship with the habit of making/not making financial plan.

http://oaji.net/articles/2017/1330-1513241553.pdf

(V. Bacova, K Dudekova & L. Kostovicova, 2017) the research was conducted to find awareness
among young adult regarding financial planning for their retirement. The study aimed to find the
difference between financial knowledge, personal FPR beliefs and current retirement savings.
The researchers concluded that not only knowledge but beliefs regarding domain and
interconnection between them comes into play in financial decision making.

https://www.academia.edu/35335401/
Financial_Planning_for_Retirement_in_Young_Adults_Interaction_of_Professional_Experience
_Knowledge_and_Beliefs
(G. Topa, G. Lunceford & R. E. Boyatzis, 2017) did a research to find out the personal financial
planning done by people for their retirement purpose. Financial Planning for Retirement consists
of the series of activities involved in the accumulation of wealth to cover needs in the post-
retirement stage of life. The research focus on each dimension of the model, the role of age and
psychosocial variables associated with demographic indicators such as gender, health status, and
migration and it allows to provide a proposal of scientific advancement of FPR. It was found that
emotional intelligence also plays an important role on the relationships between qualifications
and desirable personal outcomes. It was also found that people who possess greater abilities in
understanding and controlling their emotions could be also better in managing their FPR.

https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5787562/

(Dr.P.V.Mohini & Prof.P.Veni, 2018) The study focus on individual investors with the ability to
know, monitor, and effectively use financial resources to enhance the well-being and economic
security for the self, family, and one's business. The main objective of the study is to assess the
awareness of households on personal financial planning in Visakhapatnam city. Innovations in
the area of investments open many options to planners. Similarly due to the complexity in the
process investors has plan their savings with caution and care. Three questions were prepair to
measure the level of awareness on respondent’s knowledge, skills and their views on socio
economic benefits. However, financial knowledge, alone, may not be sufficient to convince
financial well-being. Adequate knowledge coupled with careful financial planning acts as a main
forces for long-term financial well-being of households.

http://ijemr.in/wp-content/uploads/2018/03/A-Study-on-Awareness-of-Personal-Financial-
Planning-Among-Households-in-Visakhapatnam-City.pdf
(Hotwani, 2018) the relationship between Financial literacy & Financial Planning, Financial
advice and Investment pattern were assessed in this study. When individuals were asked to rate
the awareness about financial planning it was found that female respondents were less aware
about the process of financial planning. Hence, it can be concluded that men working in
Information Technology sector are more aware about financial planning. It was observed that
even though they have low awareness about financial planning, but investment behavior is
influenced by the guidelines of financial planning. Like most of the respondents are unaware of
the process of reviewing their portfolio and switching their investments in case of poor
performance.

http://hdl.handle.net/10603/250847

(G. Srinivasa Rao, 2018) conducted a research on personal financial planning profession in
Andhra Pradesh. The study was based on the qualitative method and utilized the interview
technique. The respondents were asked to highlight the strategies that they employ to overcome
the challenges they encounter while working in the personal financial planning profession. It was
found that the low-interest rates combined with regular movement of the investment markets
make the market competitive for the professionals, and there is the need to satisfy increasing
requirements of the consumers. It was also seen that the numerous challenges in the career is
rewarding, and contributes to higher chances of growth and enhancement of reputation for the
professionals in the market.

http://researchersworld.com/ijms/vol5/issue1_2/Paper_11.pdf
(S.W. Spolter, F. Sussan, C. Rippé & S. Gould, 2018) the research was conducted to study the
financial planning and financial decisions taken by Hispanic American consumers. They studied
the behavior of the consumers to find what kind of investment they prefer, i.e. Debt or Equity.
An online survey was conducted by the researcher which was divided into 5 stages and it took
approx. 15 min. for a respondent to complete. It was found that financial knowledge, attitude,
and perceived control simultaneously influence Hispanic consumers intentions to purchase
financial planning products or services. These results confirm that multiple different routes
coexist in the decision-making process, especially within the Hispanic financial planning
context.
https://www.emerald.com/insight/content/doi/10.1108/IJBM-09-2017-0201/full/html

(V. Krishna, Dr. R. Gupta & Dr. U.N. Lakshman, 2019) the study was done to find out the effect
of financial literacy on personal financial planning in Bengaluru. The study examined the
relationships between financial knowledge, self-assessed confidence in financial matters,
demographic factors, income, education and financial behavior that can be identified as best
practices of financial planning with financial satisfaction. Income has the most significant impact
on financial satisfaction, followed by financial planning, age, financial knowledge, education and
financial confidence.

http://www.ijbmi.org/papers/Vol(8)2/Series-4/B0802040818.pdf

(F. Guzman, A. Paswan & N. Tripathy, 2019) studied that how personal finance influence the
buying activity of consumers. This study aims to address this gap by looking at some of the
consumer-centric antecedents of short- and long-term personal financial planning. It was founded
that both short- and long-term financial planning are positively associated with non-impulsive
and analytical decision-making styles; whereas self and other orientation are only associated with
short-term financial planning

https://www.emerald.com/insight/content/doi/10.1108/JCM-01-2018-2514/full/html
(S. Kumar, S. Tomar & D. Verma, 2019) the purpose of this paper was to examine the status of
the research on women’s financial planning for retirement. The study establishes its importance
by studying the publication activities based on the year of publication, citation analysis, research
designs, data analysis techniques and findings from the selected articles. They conducted a
secondary research and founded that most of the literature on women’s financial planning for
retirement indicates a lack of financial management amongst women and their susceptibility to
poverty in postretirement years.

https://www.emerald.com/insight/search?q=financial+planning&showAll=true

(M. V.Búa, L. R.Ares, R. L. Sestayo & S. F. López, 2019) conducted the research to study the
financial planning done by people for their retirement in spain. It study the driving forces of both
the decision to participate in individual pension plans and the amount of money allocated to such
plans. It was found that there is great impact of socio-demographic and economic variables
among people on participation and monetary contributions to pension plans and income of an
individual plays a non-negotiable role. It was also found that people who planned their
retirement end up having 3 times more wealth compare to non-planners.

https://www.emerald.com/insight/content/doi/10.1108/IJBM-09-2018-0253/full/html