© 2023 JETIR April 2023, Volume 10, Issue 4 www.jetir.

org (ISSN-2349-5162)

“A Study on the Awareness and Knowledge about

Wealth Management in the Common Man”
Chanchal Gupta
Student(BBA)
Galgotias University

ABSTRACT
A person with financial literacy has the tools to manage their Finally, thirdly, the connection between Financial Knowledge,

money well. The authors of this study found that financial literacy Financial Attitude, and Financial Satisfaction is mediated by

among employed men in India is linked to financial literacy in Financial Behaviour.

terms of both knowledge and behaviour. The primary objectives

INTRODUCTION
of this research are to (1) deepen understanding and (2) increase
Those who have a great deal of money should consider using a
public consciousness about the importance of wealth
wealth manager. Financial planning and specialised services like
management. One hundred men were polled from various Delhi-
private retail banking and estate planning are just a few examples
based businesses and government agencies. Analysis of moments
of what's included in the broader field of wealth management.
structures (AMOS) was used to determine goodness-of-fit in the
Manages client investments and offers financial planning, tax
structural equation modelling approach, and a structured
preparation, and legal counsel.
questionnaire based on a 5-point Likert scale was developed with
Wealth Administration In the United States, the term
the help of a deliberate sampling strategy (SEM). To determine if
"management" did not enter common usage until the 1990s.
there is a link between these three factors, we employ path
Simply put, it's the
analysis. The data suggests that people's views on money are
Individuals can benefit from the guidance of investment advisors
changing. This study aims to dissect the relationship between a
when making long-term financial plans. Among the many
person's financial happiness and their level of education, outlook,
financial services we provide are banking, asset management, tax
and action. One way to gather information is through "purposeful
advice, and management of investment portfolios. Warren Buffet
sampling." The findings point to a positive relationship between
is the most successful investor of all time. He recommends
financial knowledge and behaviour. Second, there is a positive
thinking of stocks as a business and taking advantage of price
correlation between Financial Knowledge, Financial Attitude, and
fluctuations as you would any other business. Take advantage of
Financial Behavior.
this and start planning your escape.

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simultaneously arranging the monetary snags that will

inevitably crop up in each

WEALTH MANAGEMENT
in terms of age or stage of life. Having a plan in place
Planning for retirement, tax preparation, financial advice, and

estate or legal Financial and investment guidance, accounting and

before making any major purchases can help you

tax services, retirement and estate planning, and so on are all part achieve financial stability.

of the wealth management services offered. When it comes to a in position. The information is then used to assess your
client's other financial advisers, such lawyers, accountants, and
financial standing.
insurance agents, the wealth manager functions as the point
The next step is to finalise your strategy and put it into
person for all of them. Wealth management is more than simply
action. Observing the
investing; it addresses all of a client's monetary needs. The theory

behind this is that affluent individuals fare best when they have a Consistent planning is crucial if you want to make a

single point of contact who is in charge of all of their financial real difference.
concerns and long-term planning, as opposed to merging various consistent with realising your aims.
funds, of specialists.
This Is Why You Need a Financial Advisor
FINANCIAL PLANNING
What criteria should be used to weigh the costs and
Planning one's finances is more of a procedure than a
benefits of using a personal financial manager? You
finished product. Long-term planning with an eye
may lack the knowledge, time, or desire to effectively
towards prudent money management is the key to
plan and manage all aspects of your personal finances.
achieving your goals and navigating the financial
You could use a hand, after all.
challenges you'll face on the way. The first step in
REVIEW OF LITERATURE
creating a successful financial plan is to determine
Previous studies and funding on this subject have been
what you hope to achieve. After that, your financial
carefully examined. This collection spans 20 years and
health is evaluated based on the data you provide.
15 works, all of which are readily available and
Implementing your strategy is the next step. Regular
discuss the same topic. The backwards-chronological
monitoring of the plan is crucial for ensuring success
inclusion of the associated examination function spans
in reaching one's objectives. Budgeting Methodology
from 1989 to 2021. To better understand the big
Loops, not things, are what constitute financial
picture, this work attempts to synthesise the theoretical
planning. This is a well thought-out strategy for
and convincing findings of multiple sources. The
Spending wisely so that you can fulfil your ambitions
writing survey served as a solid starting point for
and aspirations, while
developing research questions and collecting raw data.

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Our claims are backed up by solid citations from fundamental and advanced financial literacy. Most

authoritative sources. By reading the cited sources, I respondents showed an understanding of fundamental

was better able to lay the groundwork for becoming an financial concepts, but they had trouble with more

expert analyst, clarify the significance of a particular complex ones, as evidenced by the research. These

point, define the keywords used, comprehend the results bolstered the investigation by developing

examination strategies used and their flaws, identify standardised measures for recognising basic and

the research gap, and focus my team's efforts in the advanced monetary data, and they brought to light the

right direction. The reader is given focus, continuity, importance of educating sole financial backers on how

and clarity in this way as well. to deal with high-risk, complex financial products.

Generation Z has been called out for being particularly

destructive and showing a sick obsession with A recent electronic review of the chipping-in student

materialism (Ananda, 2020). Consequently, the population found that children from familiar families

author's intended audience was the aforementioned who learn about money matters, planning, and

group in terms of financial literacy. A total of 200 investments have a greater understanding of these

people were surveyed. Finding that financial topics and are better at managing their own finances

competence affects financial behaviour was a result of than their counterparts from similarly arranged

data analysis using structural equation modelling, families (Hanson and Olson, 2018). They theorised

partial least square. A person's money mindset may be that the ability to understand and use financial

the intermediary between financial literacy and action. information effectively could have a beneficial effect

It turned out that this was the case (Rodrigues et al., on people's spending and saving habits.

2019). Effective financial management is a perennial (Biljanovska & Palligkinis, 2018) focused on the

topic of study in the academic discipline of finance. correlation between consumer confidence and

Exploration in this area is crucial for a number of financial independence. Information was gathered

reasons, including the availability of numerous from a publicly available database, the United States

monetary products on the market with varying degrees Health and Retirement Survey. Prepare, double-check,

of appropriateness needs and risks. The researchers set and take responsibility are the three factors given by.

out to assess how financially literate 1597 bank

customers typically were. This is a synopsis of a

simulation game that was designed to test participants'

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36 trends. Respondents' demographic information

RESEARCH METHODOLOGY (gender, age, marital status, education, income,

experience, and investment level) allows us to

DATA COLLECTION:
generalise about the
PRIMARY DATA COLLECTION SOURCES:

Primary data is data that has never been collected or DATA ANALYSIS

compiled before. The primary source material consists Data analysis is a hands on process which helps us to go

of a questionnaire with only yes/no questions. through a large set of available data , remove

Questionnaires are frequently used as reliable unnecessary data , extract useful data and information ,

information sources due to their ability to eliminate analyse the data ,get on to a conclusion and which

interviewer bias and to collect data from large ultimately helps in the decision making process .

samples. Data is collected from individuals with at

least one stock market transaction in their past (either
in the form of an equity investment or a mutual fund).
Investors can be contacted in a variety of ways,
including by brokers, government workers,
contractors, and MBA students working on projects at
brokerage firms.
SECONDARY DATA COLLECTION SOURCES:
(a) The dissemination of demographically targeted
studies of financial literacy.
(b) Both Google scholar and Shodhganga feature the
articles and papers of other researchers.
(c) Textbooks on fiscal responsibility
The above table and graph shows the total number of
male and female who took participate in this particular
survey along with their different category of incomes.
37% population are from those category who have
income of up to 5,00,000 and 23% are in the category
of less than 100000 income level and so on.
Findings
The numbers show that 148 people believe it is only of
interest to businesspeople, while 44 are unsure and 8
disagree, and that 101 people believe it is too time-
consuming and costly, while 88 are unsure and 11
disagree. Only 103 people think it's helpful for

everyone, while 69 are on the fence and 28 are against;

METHODOLOGY:
138 people think it's the best way to invest one's
The importance of common people's financial literacy
savings, while 53 are unsure and 9 are opposed. One
when making investment decisions is highlighted by
hundred and twenty-eight people are positive that it
the study's findings, which in turn help us piece
will benefit everyone, while 55 are unsure and 17 are
together the puzzle that explains the market's current
opposed. Only 14.5% of respondents plan to put away
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less than 10% of their income; 33.5% want to put qualitative and quantitative data, is more exploratory

away between 10% and 20%; 22.2% want to put away in character (Venkatesh et al., 2013).

•
between 20% and 30%; 30.5% plan to put away more After testing the hypothesis, it was

than 30%. 170 people are in favour of life insurance, determined that while financial education has some

29 are on the fence, and 1 are opposed. There are 133 intervening effect, behavioural control has a much

advocates, 63 on the fence, and 4 opponents of larger one. As a result, social control has profound

universal health care; There are 139 supporters of effects on a household's economic well-being. The

health insurance, 5A3 people who are neutral, and 8 independent variable of monetary education made its

people who are opposed to it. 133 people are in favour full impact through the mediating variable of social

of Accident Insurance, while 56 are undecided and 11 control. If the mediator is taken out of the equation,

are against it. There are 132 proponents of the the two factors have no bearing on one another. The

Retirement Insurance Policy, 55 detractors, and 13 on long-term financial health and prosperity of the

the fence. millennial family, therefore, depends critically on the

influence of behaviour modification.

CONCLUSIONS
FINANCIAL LITERACY MINDFULNESS
CAMPAIGNS
The primary purpose of this analysis

•
was to evaluate the impact of personal discipline and T The higher-ups at various business

financial literacy on the wealth of Millennial families. groups ought to make a personal financial commitment

The goals of the exploration were accomplished using to train their members. So that they can keep their

a multi-pronged approach. After confirming the financial footing, they should be taught the

hypothesis through the primary strategy for fundamentals of personal finance. As a result of this

exploratory subjective review, a proposed examination programme, workers will feel more committed to the

model was developed. Theoretical assumptions were company.

tested, and the proposed model was subjected• to • Financial institutions will be better

quantitative validation via a continuous technique for able to cater to their clients' individual needs by

separate review. Researchers used a sample size of 100 learning more about their habits, background, and

people to draw conclusions about all members of resources. When we know our customers inside and

Generation Y based on the results of the study. out, we can design our products and services in a way

Blended methods research, which includes both that wins their undying loyalty.

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• Banks and government agencies

6. Azjen, I. 2005. Attitudes, Personalitiy, and
should develop standardised products and services that Behaviour. New York: Open University Press

teach people how to handle their money rationally and
emotionally. This can be done with the help of various
decision-making aids, such as radio and television
infomercials, web-based self-management tools,
sophisticated mobile applications that claim to use
7. Wiklund, J., & Shepherd, D. (2005).
Entrepreneurial orientation and small business
performance: A configurational approach. Journal of
Business Venturing, 20(1), 71–91.
8. Wright, P.M., & McMahan, G.C. (1992).
Theoretical perspectives for strategic human resource
management. Journal of Management, 18(2), 295–320

artificial intelligence, and

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