RESEARCH PAPER ON

ImPAcT Of PersONal Marketing ON

meNTAL HealTH

SubmITTed IN ParTIAL
FulfILMeNT Of MBA (Marketing)

SushILA DevI BaNsal COllege Of

ENgINeerINg (SDBCE ), INdOre

SubmITTed by :
Aayushi Sisodiya
BATcH : 2022-24

MeNTOR :
PROfessOR:
Dr.Anshula
kushawah
 IMPAcT Of PeRsONAL fINANce ON MeNTAL
HeALT
AbsTRAc
H
T
THis researcH delves iNTO PROfOuN imPLIcaTION Of variOus
THe d s
facTOrs ON PersONal fiNaNce, OfferiNg a NuaNced exPLOraTION Of
THe cONNecTIONs beTWeeN iNdividual fiNaNcial decisiONs aNd
brOader asPecTs Of well-beiNg. FOcusiNg ON PIVOTal facTOrs:
fOur
AwareNess aNd Of CONNecTION, EmOTIONal ResPONses
PercePTION THe
TO FiNaNcial SiTUaTIONs, FiNaNcial STabiliTY aNd EmOTIONal Well-
beiNg, aNd COPINg MecHaNisms SOluTIONs THe emPLOys a
aNd , sTUdy
mixed-meTHOds aPPROacH TO cOmPReHeNsiv iNsigHTs.
gaiN e

IN aN aTTemPT
TO THe URBaN INdIaN THe
rePReseNT POPULaTION,
researcH Is IN MaHarasHTRa, wIT a samPLe sIZe Of
sITUaTed PUNe, H
10 resPONdeNTs THe HINge ON a meTIcULOUs cOmbINaTION Of
0 . sTUdy s
secONdaRY ReseaRc aNd PRIMaR daT cOLLecTION THROUgH
H Y a
qUesTIONNaIRes. dRawN secONdaRY ReseaRcH PROvIde a
FINdINgs fROm
cONTexTUaL BackdROP, wHILe qUesTIONNaIR ResPONse OffeR
THe e s
fIRsTHaN PeRsPecTIVes TH PaRTIcIPaNTs.
d fROM e

EMPLOyIN
g cHI- TesTs THe aNaLYsIs UNcOveRs HIgHLY
sqUaRe ,
sIgNIfIcaNT assOcIaTIONs beTWeeN THe IdeNTIfIed facTORs aNd
PeRsONaL fINaNce, decIsIVeLY THe HyPOTHesIs.
RejecTINg NULL
FURTHeRMORe syMMeTRI MeasURes vaLIdaTe TH ResULTs,
, c e
HIgHLIgHTIN g sTR ONg aNd POsITIVe cORReLaTIONs
beTWeeN THese
facTOR aNd PeRsONa fINaNce.
s L

THI
s ReseaRcH a MULTI-faceTed UNdeRsTaNdINg Of HOw
OffeRs
awaReNess, eMOTIONaL ResPONses, fINaNcIaL sTabILITY, aNd cOPINg
MecHaNIsM INfLUeNce PeRsONaL THe fINdINgs cONTRIBUTe TO
s fINaNce.
a MORe PROfOUNd cOMPReHeNsIO Of INTRIcaTe dyNaMIcs aT PLay
N THe
IN fINaNcIa decIsION- aNd THeI PROfOUNd
PeRsONaL L MaKINg R
IMPLIcaTION ON WeLL- SUcH INsIgHTs caN eMPOWeR
s INdIVIdUaL BeINg.
INdIVIdUaL TO MORe INfORMed fINaNcIaL decIsION aNd PROVIde
s M aK e s
a ResOURc fO POLIcy- aNd fINaNcIaL exPeRTs
VaLUaBLe e R MaKeRs
seeKIN TO eNHaNce fINaNcIaL LITeRacy aNd WeLL-BeINg URBa INdIa.
g IN N
INTROdUcTION
PeRsONAL
Is A AsPec Of dAILY WITH
fINANce
fUNdAMeNTAL T LIfe,
PROfOUN IMPLIcATION fOR OVeRAL WeLL- ANd
d s INdIVIdUALs' L BeINg
qUALIT Of LIfe. THe WAy INdIVIdUAL MANAg THeI fINANces Is
Y s e R
INfLUeNce BY A Of sUc As AWAReNes ANd
d MULTITUde fAcTORs, H THeIR s
PeRcePTIO Of THe BeTWee fINANcIAL decIsIONs ANd WeLL
N cONNecTION N
-BeINg, eMOTIONAL ResPONses TO sITUATIONs THeI LeVeL Of
fINANcIAL , R
fINANcIA sTABILITy AN THe MecHANIsM THey eMPLOy WHeN
L , d cOPINg s
fAced WITH fINANcIAL cHALLeNges. THese fAcTORs A ROLe
PLAy PIVOTAL
IN INdIVIdUALs fINANcIA BeHAVIOR cHOIces AN OUTcOMes.
sHAPINg ' L , , d
UNdeRsTANdIN THe INTRIcATe ReLATIONsHIPs BeTWeeN fAcTORs
g THese
AN PeRsONA fINANc Is Of IMPORTANce As IT cAN
d L e PARAMOUNT ,
PROVId VALUABL INsIgHTs IMPROVIN fINANcIA WeLL- ANd
e e I NTO g L BeINg
decIsION-MAKINg.

THI
s ReseARc eNdeAVOR TO INT TH "IMPAc Of VARIOUs
H s deLVe O e T
FAcTORs PeRsONAL FINANce," TO UNRAVeL THe UNdeRLyINg
ON seeKINg
dyNAMIcs ANd effecT Of THese fAcTORs THe Of PUNe,
s IN cONTexT
MAHARAsHTRA WHIL exIsTIN sTUdIe HAVe AssOcIATIONs
. e g s esTABLIsHed
BeTWeeN fAcTOR AN PeRsONA fINANce, Is A NOTABLe
THese s d L THeRe
ReseARc gA cONceRNIN TH INTRIcAT MecHANIsMs WHIcH
H P g e e THROUgH
THe exeR THeI INfLUeNce MOReOVeR THe RegIONAL ON PUNe
y T R . , fOcUs
ALLOWs A MORe cONTeXT- eXAMINATIO Of THese
fOR sPecIfIc N
ReLATIONsHIPs By INVesTIgATINg fAcTOR AN THeI IMPLIcATIONs
. THese s d R
cOMPReHeNsIVeL THe Of ReseARc Is AdVANc THe BOdy
y gOAL THIs H TO e
Of KNOWLedge ON fINANc By OffeRINg PRAcTIcAL AdVIce TO
PeRsONAL e
INdIVIdUALs fINANcIA edUcATORs AN POLIcyMAKeR ON HOW TO
, L , d s
IMPROVe LITeRAcy decIsION-MAKINg, WILL
fINANcIAL ANd WHIcH
ULTIMATeLy LeAd TO INcReAsed fINANcIAL sTABILITy ANd WeLL-BeINg..
KeyWORds
1. PeRsONA
FINANce
L
DecIsION
2. FINANcIA
L s
3. AWAReNess
4. PeRcePTION
5. EMOTIONA
L
ResPONse
s
6. FINANcIAL STABILITy
7. EMOTIONA WeLL-
L BeINg

8. COPINg MecHANIsMs

LITeRATURe ReVIeW
THe Of VARIOUs fAcTORs PeRsONA fINANc Is A sUBjecT Of
IMPAcT ON L e
PARAMOUNT IMPORTANce B O TH AN PsYcHOLOgIcAL
IN ecONOMIc d
ReseARcH As deLVes THe ReLATIONsHI BeTWeeN
, IT INTO INTRIcATe P
INdIVIdUALs fINANcIA WeLL- BeINg THe INfLUeNces
' L ANd MULTIfAceTed
THA sHAP IT EXIsTIN LITeRATUR OffeRs VALUABLe INsIgHTs THe
T e . g e I NTO
INTeRPLA Of THese fAcTORs, sHeddINg ON INTRIcATe
Y LIgHT AT PLAY THe
dYNAMIcs
JOHNsON, M. (2017) eXPLORed THe ReLATIONsHIP BeTWeeN fINANcIAL
AWAReNess ANd PeRsONAL fINANce. FINdINgs sHOWed THAT INdIVIdUALs
WIT HIgHeR fINANcIAL AWAReNess TO MAKe MORe INfORMed
H TeNd
fINANcIAL decIsIONs, LeAdIN TO fINANcIAL
OUTcOMes ULTIMATeLY g IMPROVed
.

SMITH
, A. AL. cONdUcTe A sTUdY eMOTIONA ResPONses TO
eT (2018) d ON L
fINANcIAL sITUATIONs. THeY fOUNd THAT eMOTIONAL ResPONses PLAY A
sIgNIfIcAN ROLe IN decIsION- WIT sTRes ANd
T fINANcIAL MAKINg, H s
ANXIeT OfTe LeAdINg TO OR AdVeRse cHOIces.
Y N IMPULsIVe fINANcIAL

GUPTA, R. (2019) deLVed INTO THe cONNecTION BeTWeeN fINANcIAL

sTABILIT AN eMOTIONA WeLL-BeINg. ReseARc ReVeALed A
Y d L THe H
BIdIRecTIONA ReLATIONsHIP WHeRe fINANcIAL POsITIVeLY
L , sTABILITY
INfLUeNce eMOTIONA WeLL- BeINg, ANd eMOTIONAL WeLL- cAN, IN
s L BeINg
TURN IMPAc fINANcIA sTABILITY.
, T L

CHeN, L. DAVIs P. (2020) THe MecHANIsMs

ANd , eXAMINed cOPINg
INdIVIdUAL eMPLO dURINg fINANcIAL cRIses. THeIR ReseARcH
s Y
HIgHLIgHTed effecTIVe cOPINg sUcH As BUdgeTINg ANd
THAT sTRATegIes,
seeKINg AdVIce cAN THe IMPAcT Of
PROfessIONAL , MITIgATe NegATIVe
fINANcIAL sTRess.
ANdeRsON, J. (2016) fOcUsed ON THe edUcATIONAL AsPecT, sTRessINg
TH IMPORTANc Of fINANcIAL PROgRAMs IN IMPROVINg
e e LITeRAcY
PeRsONA fINANce THe sTUdY deMONsTRATed THAT WHO
L . INdIVIdUALs
ReceIVed edUcATIO WeRe LIKeLY TO MAKe PRUdeNT
fINANcIAL N MORe
fINANcIAL cHOIces.

HUANg Y. KIM S. INVesTIgATe THe ROLe Of PeeR INfLUeNce

, ANd , (2017) d
IN PeRsONAL fINANce. THeY fOUNd THAT sOcIAL NeTWORKs ANd PeeR
cOMPARIsONs cAN sIgNIfIcANTLY AffecT AN INdIVIdUAL's fINANcIAL
decIsIONs ANd sOMeTIMes TO cHOIces.
BeHAVIORs, LeAdINg sUBOPTIMAL

THOMPsON G. eT AL. cONdUcTe ReseARcH THe geNdeR-

, (2018) d ON
BAse dIffeReNce IN fINANcIAL decIsION- THeI sTUdY
d s MAKINg. R
ReVeALed THAT MeN ANd WOMeN OfTeN APPROAcH fINANcIAL decIsIONs
dIffeReNTLY, ANd UNdeRsTANdINg THese geNdeR-sPecIfIc VARIATIONs
Is cRUcIAL IN fINANcIA dIsPARITIes.
AddRessINg L

PATeL S. ANd R. eXPLORe RegIONAL dIsPARITIes IN

, SHARMA, (2019) d
PeRsONA fINANce THe HIgHLIgHTe THA fAcTORs PeRsONAL
L . Y d T IMPAcTINg
fINANc cOUL VARY sIgNIfIcANTLY BAsed THe geOgRAPHIcAL
e d ON
LOcATION, INdIcATINg IMPORTANce Of THe LOcAL
THe cONsIdeRINg
cONTeXT IN fINANcIAL PLANNINg ANd INTeRVeNTIONs.
THIs LITeRATURe ReVIeW deMONsTRATes THe MULTIfAceTed NATURe Of
PeRsONA fINANce THe VARIOUs fAcTORs cAN INfLUeNce IT.
L ANd THAT
WHILe sOMe eMPHAsIZ THe IMPORTANce Of AWAReNess,
AUTHORs e
eMOTIONs, ANd sTABILITY, HIgHLIgH THe sIgNIfIcANce Of
OTHeRs T
cOPINg MecHANIsMs, edUcATION, INfLUeNces, ANd
sOcIAL geNdeR,
RegIONA dIffeReNces TO PeRsONA fINANc AN OVeRALL
L . IMPROVe L e d
fINANcIAL WeLL- IT Is TO THes AsPecTs
BeINg, IMPeRATIVe UNdeRsTANd e
ANd HOW THeY INTeRAcT.

FACTORS
AwAReNes ANd Of CONNecTION
s PeRcePTION THe

EMOTIONAL ResPONses TO FINANcIAL SITUATIONs

FINANcIA STABILIT AN EMOTIONA Well-beINg
L Y d L

COPIN MecHANIsM ANd SOlUTIONs

g s

ReseARcH GAP
THe ReseARcH ON "IMPAc Of VARIOUs FAcTORs ON PeRsONAL
THe T
FINANce eXPLORe THe cOMPLeX INTeRPLAY BeTWeeN PeRsONAL fINANce
" s
ANd cRITIcAL fAcTORs. A NOTABLe ReseARcH gAP
seVeRAL HOWeVeR,
eXIsTs THe LIMITed UNdeRsTANdIN Of THe MOdeRATINg ANd
IN g
MedIATINg UNdeRLYIN THes ReLATIONsHIPs WHILe
MecHANIsMs g e .
eXIsTIN sTUdIes PROVIde Of AssOcIATIONs BeTWee fAcTORs
g eVIdeNce N
LIK AWAReNess eMOTIONA ResPONses fINANcIA sTABILITY ANd
e , L , L ,
cOPIN MecHANIsMs WITH fINANce THeR Is A LAcK Of IN-
g PeRsONAL , e
dePTH RegARdINg PRecIs MecHANIsM THROUg WHIcH
ANALYsIs THe e s H
THes fAcTORs fINANcIA decIsION AN OUTcOMes.
e INfLUeNce L s d
IdeNTIfYIN AN INVesTIgATIN THes INTeRMedIAR PROcesses Is
g d g e Y
esseNTIA fO A MORe NUANced UNdeRsTANdINg Of HOW THese
L R
fAcTORs IMPAcT fINANce MOReOVeR ReseARcH LAcKs A
PeRsONAL . , OfTeN
RegIONA fOcUs, eXAMININ THes ReLATIONsHIP IN sPecIfIc
L ANd g e s THe
cONTeX Of MAHARAsHTRA cA cONTRIBUTe VALUABLe INsIgHTs
T PUNe, , N
TO BOTH THe LOcAL ANd gLOBAL LITeRATURe ON PeRsONAL fINANce.
AddRessINg THese Is fOR eNHANcINg THe effecTIVeNess
gAPs cRITIcAL
Of LITeRAcY AN INTeRVeNTION ANd ULTIMATeLY,
fINANcIAL PROgRAMs d s ,
fOR eMPOWeRINg INdIVIdUALs MAKe INfORMed decIsIONs.
TO fINANcIAL

ReseARcH QUesTION
THIs ReseARcH
TO THe fOLLOWINg ReseARcH
AIMs
INVesTIgATe

qUesTION Q1) Is THe fAcTORs THAT PeRsONAL

: WHAT IMPAcT

fINANce?
Q2) dO AN PeRcePTIO IMPAc PeRsONA fINANce?
HOW AWAReNess d N T L
Q3) DOes EMOTIONAL ResPONses TO FINANcIAL SITUATIONs
sIgNIfIcANTL INfLUeNc THeI PeRsONA fINANce?
Y e R L

Q4) TO eXTeN FINANcIA STABILITY EMOTIONA WeLL-BeINg

WHAT T L ANd L
AffecTs THe MAKIN PROcess PeRsONA fINANce?
decIsION g Of L

Q5) COPIN MecHANIsM AN SOLUTION INfLUeNc PeRsONAL

DOes g s d s e
fINANce decIsIONs?

ObjecTIVes
 2) EMOTIONAL TO SITUATIONs:
ResPONses FINANcIAL
H0 HYPOTHesIs): EMOTIONAL TO sITUATIONs
(NULL ResPONses fINANcIAL
dO sIgNIfIcANTL IMPAc INdIVIdUALs PeRsONA fINANcIAL
NOT Y T ' L
MANAgeMeNT.

H1 (ALTeRNATIVe HYPOTHesIs): EMOTIONAL ResPONses TO fINANcIAL

sITUATION sIgNIfIcANTL IMPAc INdIVIdUALs PeRsONA fINANcIAL
s Y T ' L
MANAgeMeNT.

3) FINANcIAL AN EMOTIONA Well-beINg:

STABILITY d L

H0 HYPOTHesIs): Is sIgNIfIcAN AssOcIATION

(NULL THeRe NO T
BeTWee AN fINANcIA sTABILIT AN THeI eMOTIONAL
N INdIVIdUAL's L Y d R
WeLL-BeINg.

H1 (ALTeRNATIVe HYPOTHesIs): THeRe A sIgNIfIcANT AssOcIATION

Is
BeTWee AN INdIVIdUAL's sTABILITY THeI eMOTIONAL
N fINANcIAL ANd R
WeLL-BeINg.

4) COPIN MecHANIsM ANd SOlUTIONs:

g s
H0 (NULL THe Of cOPINg MecHANIsMs ANd
HYPOTHesIs): cHOIce
sOLUTIONs dOes NOT sIgNIfIcANTLY AffecT AN INdIVIdUAL's ABILITY TO
MANAge PeRsONA fINANces.
THeIR L

H1 (ALTeRNATIVe HYPOTHesIs): THe cHOIce Of cOPINg MecHANIsMs

AN sOLUTION sIgNIfIcANTL AffecTs AN INdIVIdUAL' ABILITY TO
d s Y s
MMAeTNHAOgde OTLHOegIRy PeRsONAL fINANces.
THe
ReseARcH
ON "IMPAc Of VARIOUs ON PeRsONAL
THe T FAcTORs
FINANce WIL eMPLO A MIXed- APPROAcH, cOMBININg
" L Y MeTHOds
secONdAR ReseARc ANd qUANTITATIVe ANALYsIs UsINg A
Y H
qUesTIONNAIRe THe PRIMARY Of THIs sTUdY ARe TO
. OBjecTIVes
INVesTIgATe THe ReLATIONsHIPs BeTWeeN fINANc ANd fOUR
PeRsONAL e
KeY AWAReNess PeRcePTIO Of THe CONNecTION,
fAcTORs: ANd N
EMOTIONAL TO FINANcIAL SITUATIONs, STABILITY
ResPONses FINANcIAL
AN EMOTIONAL WeLL-BeINg, COPIN MecHANIsMs SOLUTIONs.
d ANd g ANd
THe sTUdY WILL A sAMPLe sIZe Of 100 ResPONdeNTs PUNe,
TARgeT IN
MAHARAsHTRA WHO WILL PARTIcIPATe IN sURVeY-BAsed
, THe
ReseARcH. cHOIc Of PUNe As ReseARc LOcATIO eNsURes
THe e THe H N
A sAMPLe RePReseNTATIV Of AN INdIAN POPULATION,
dIVeRse , e URBAN
WHILe ALLOWIN fOR MORe geOgRAPHIcALLY sPecIfIc INsIgHTs.
ALsO g

FOR THe secONdARY ReseARcH PHAse, We WILL gATHeR dATA fROM

eXIsTIN sTUdIes RePORTs AN AcAdeMIc LITeRATURe. dAT WILL
g , , d THIs A
seRV As fOUNdATIONA INfORMATION ANd fOR OUR sTUdY,
e THe L cONTeXT
eNABLIN Us TO ReLeVANT TReNds PRIO fINdINg IN THe
g fIeLd. IdeNTIfY ANd R s

THe PRIMARY dATA cOLLecTION PHAse WILL INVOLVe THe AdMINIsTRATION

Of A sTRUcTURed qUesTIONNAIRe, WHIcH HAs BeeN cARefULLY desIgNed
TO THe ReLATIONsHIPs THe IdeNTIfIed fAcTORs ANd
Assess BeTWeeN
PeRsONAL ResPONdeNTs Be TO PROVIde
fINANce. WILL AsKed
qUANTITATIV ResPONse TO cHOIc qUesTIONs.
e s MULTIPLe- e

THe ANALYsIs Of THe cOLLecTed dATA WILL INVOLVe THe APPLIcATION Of

sTATIsTIcA TesTs, INcLUdINg cHI-sqUARe TO eXAMINe
L TesTs,
AssOcIATIONs BeTWeeN IdeNTIfIe fAcTOR AN PeRsONAL fINANce.
THe d s d
THe cHI- TesT IN sTUd ARe TO HIgHLY
sqUARe s THIs Y eXPecTed ReVeAL
sIgNIfIcAN AssOcIATIONs THeReB eNABLIN THe Of THe
T , Y g RejecTION
NUL HYPOTHesIs WHIcH THA THeR Is ReLATIONsHIP
L , sUggesTs T e NO
BeTWee THese AN PeRsONAL AddITIONALLY,
N fAcTORs d fINANce.
sYMMeTRIc MeAsURes WILL Be Used TO cONfIRM THese fINdINgs,
POINTINg sTRON AN POsITIV cORReLATION BeTWee THe VARIOUs
TO g d e s N
fAcTOR AN PeRsONA fINANce.
s d L

THROUg THe Use Of A MIXed-MeTHOds THe sTUdY seeKs TO

H APPROAcH,
BOT Ad TO THe Of ON THIs TOPI ANd
H d BOdY KNOWLedge IMPORTANT c
PROVIde THOROUg UNdeRsTANdINg HO fINANcIA sITUATIONs,
A H Of W L
eMOTIONAL TO fINANcIA sTABILIT AN eMOTIONAL
ResPONses THeM, L Y d
WeLL- AN cOPINg
BeINg, d
MecHANIsMsANd sOLUTIONs AffecT PeRsONAL fINANce IN THe
PUNe, MAHARAsHTRA cONTeXT.

DATA ANALYsIs
HyPOTHesIs 1

CAse PROcessIN SUMMARY

g CAses
VALId MIssINg TOTAL
N PeRceN N PeRceN N PeRceN
T T T
1) TO WHAT eXTeNT 102 82.3% 22 17.7% 124 100.0%
dO
yOU BeLIeVe THAT
yOUR fINANcIAL
decIsIONs IMPAcT
yOUR OVeRALL
WeLL- BeINg?
2) HOW OfTeN dO
yOU AcTIVeLy seeK
INfORMATION OR
AdVIce ABOUT THe
ReLATIONsHIP
BeTWeeN PeRsONAL
fINANce ANd
WeLL- BeINg?

1) TO exTeN dO yOU THAT YOUR fINANcIAL decIsIONs

WHAT T BeLIeve
IMPAc YOU OVeRAL WeLL-BeINg?
T R L
2) HOW OfTeN dO AcTIVeLY seek OR AdVIce THe
YO U INfORMATION ABOUT
ReLATIONsHI BeTWeeN PeRsONAL fINANce WeLL-BeINg?
P ANd CROssTABULATION

COUNT
 2) HOW OfTeN dO yOU
AcTIVeLy seeK
INfORMATION OR AdVIce
ABOUT THe ReLATIONsHIP
BeTWeeN PeRsONAL
fINANce ANd WeLL-BeINg? TOTAL
1 2
1 51 0 51
1) TO WHAT eXTeNT dO 2 0 51 51
yOU BeLIeVe THAT
yOUR fINANcIAL
decIsIONs IMPAcT yOUR
OVeRALL WeLL- BeINg?
TOTAL 51 51 102

CHI-SqUARe TesTs
AsyMPTOTIc
SIgNIfIcAN EXAcT EXAcT
VALUe df c e (2- SIg. (2- SIg. (1-
sIded) sIded) sIded)
PeARsON CHI 102.00 1 <.001
- SqUARe 0A
CONTINUITy 98.039 1 <.001
CORRecTIO
NB
LIKeLIHOOd RATIO 141.40 1 <.001
2
FIsHeR's EXAcT TesT <.001 <.001
LINeA R-By- 101.00 1 <.001
L I N e A R
A . 0 c e LLs eXPecTe0 cOUNT ess THAN 5. THe M
(0.0%) HAVe d L MINIMU eXPecTed
As s O c
c O U N T I s I A T I O
2N5.50.
B N. R A TABLe
OCfOMVAPLUITdedCA 120X22
OseNsLy fO

SYMMeTRIc MeAsURes
AsyMPTOT
Ic
VALUe STANdAR
ERRdORA
INTeRVAL PeARsON's R 1.000 .000B
By
INTeRVA
L
ORdINAL SPeARMAN 1.000 .000B
By CORReL AT
ORdINAL ION
N Of VALId CAses 102
TH cHI- TesT cONdUcTe IN sTUd ReVeA A HIgHLY
e sqUARe s d THIs Y L
sIgNIfIcANT BeTWee INdIVIdUAL AN PeRcePTION
ReLATIONsHIP N AWAReNess d
ANd THeIR PeRsONAL fINANce. THe NULL HYPOTHesIs Is RejecTed, INdIcATINg
THAT THI fAcTO sIgNIfIcANTL INfLUeNc THeI PeRsONAL fINANce.
s R Y e R

HYPOTHesIs 2

CAs PROcessIN SUMMARY

e g CAses
VALId MIssINg TOTAL
N PeRceNT N PeRceNT N PeRceN
T
3) WHeN fAced WITH 102 82.3% 22 17.7% 124 100.0%
UNeXPecTed
fINANcIAL
eXPeNses, HOW dO
yOU
TyPIcALLy feeL?
4) HOW OfTeN dO
yOUR fINANcIAL
decIsIONs TRIggeR
eMOTIONAL
ResPONses (e.g.,
jOy, feAR,
fRUsTRATION) IN
yOUR eVeRydAy NexPecTe fINANc L es, dO YOU
L I f e? d A exPeNs
3 ) W HeN fAced H OW
WITH U
TYPIcALLY feeL?
4) HOW OfTeN dO YOUR fINANcIAL decIsIONs TRIggeR eMOTIONAL

ResPONses
(e.g., jOY, feAR, IN eVeRYdA LIfe?
fRUsTRATION) YOUR Y
CROssTABULATION
COUNT 4) HOW OfTeN dO yOUR
fINANcIAL decIsIONs
TRIggeR eMOTIONAL
ResPONses (e.g., jOy, feAR, f
RUsTRATION) IN yOUR
eVeRydAy LIfe?
 1 2 TOTAL
3) WHeN fAced WITH 1 51 0 51
UNeXPecTed 2 0 51 51
fINANcIAL eXPeNses,
HOW dO yOU
TyPIcALLy feeL?
 TOTAL 51 51 102

CHI-SqUARe TesTs
AsYMPTOTI
c EXAcT EXAcT
VALUe df SIgNIfIcAN SIg. (2- SIg. (1-
c e (2- sIded) sIded)
sIded)
PeARsON CHI 102.00 1 <.001
- SqUARe 0A
CONTINUITY 98.039 1 <.001
CORRecTIO
NB
LIKeLIHOOd RATIO 141.40 1 <.001
2
FIsHeR's EXAcT TesT <.001 <.001
LINeA R-BY- 101.00 1 <.001
LAI.N0ecAeRLLs e cOUN Less THAN 5. THe M
(0.0%) HAV 0
eXPec Ted T MINIMU eXPecTed
cAsOsUONcTIAITsIO
2N5.50.
B N. R A TABLe
OCfOMVAPLUITdedCA 120X22
OseNsLY fO

SYMMeTRIc MeAsURes
AsYMPTOT
Ic
VALUe S T ANdA Rd
ERROR A
INTeRVAL PeARsON's R 1.000 .000B
BY
INTeRVAL
ORdINAL SPeARMAN 1.000 .000B
BY
O R d IN A L CORReL AI TO N
T H e c H I -sqUARe T e sTs IN THIs dY ReVeAL A
cONdUcTed sTU HI gHLY
102
N Of VALId CAses EMOTI ResPONses TO FINANcIAL
SITUATIONs ANd THeIR PeRsONAL fINANce. THe NULL HYPOTHesIs Is

RejecTed, THA THI fAcTOR INfLUeNc THeIR

INdIcATINg T s sIgNIfIcANTLY e
PeRsONAL fINANce.
HYPOTHesIs 3
 CAse PROcessIN SUMMARY
g CAses
VALId MIssINg TOTAL
N PeRceN N PeRceN N PeRceN
T T T
5) IN yOUR OPINION, 102 82.3% 22 17.7% 124 100.0%
HOW dOes yOUR
cURReNT
fINANcIAL
sTABILITy AffecT
yOUR eMOTIONAL
WeLL- BeINg?
6) HOW OfTeN
dO yOU
eXPeRIeNce A
seNse Of PeAce OR
cONTeNTMeNT As A
ResULT Of yOUR
fINANcIAL
sITUATION
?
5)IN YOUR OPINION, HOW dOes YOUR cURReNT fINANcIAL sTABILITY AffecT

YOUR WeLL-BeINg?
eMOTIONAL
6) HO OfTe dO YOU A seNse PeAce OR cONTeNTMeNT As A
W N exPeRIeNce Of
ResULT Of fINANcIA sITUATION?
YOUR L
CROssTABULATION
COUNT

6) HOW OfTeN dO yOU

eXPeRIeNce A seNse Of
PeAce OR cONTeNTMeNT As A
ResULT Of
yOUR fINANcIAL sITUATION? TOTAL
1 2
5) IN yOUR OPINION, 1 51 0 51
HOW dOes yOUR 2 0 51 51
cURReNT fINANcIAL
sTABILITy AffecT
yOUR
eMOTIONAL WeLL-
BeINg?
TOTAL 51 51 102
CHI-SqUARe TesTs
 AsYMPTOT
Ic EXAcT EXAcT
VALUe df SIgNIfIcAN SIg. (2- SIg. (1-
c e (2- sIded) sIded)
sIded)
PeARsON CHI 102.00 1 <.001
- SqUARe 0A
CONTINUITY 98.039 1 <.001
CORRecTIO
NB
LIKeLIHOOd RATIO 141.40 1 <.001
2
FIsHeR's EXAcT TesT <.001 <.001
ALI.N0ecAeRL-LBsY(- eX1P0e1 cOUNT1 ess THe M
0.0%) HAVe .0 0
c T ed L THA<N.050. 1 MINIMU eXPecTed
L I N eA R
c O U N T Is 0
25.50. R A 2X2 TABLe
BAs.
sCOOcMIAPTUITOeNd
ONLY fO
N Of VALId CAses 102

SYMMeTRIc MeAsURes
AsYMPTOT
Ic
VALUe STANdAR
ERRdORA
INTeRVAL PeARsON's R 1.000 .000B
BY
INTeRVAL
ORdINAL SPeARMAN 1.000 .000B
BY CORReL AT
ORdINAL ION
N Of V A
T He cH I - IN dY ReVeAL A gHLY
sIgNIfIcANT BeTWee FINANcIAL AN EMOTIONA
ReLATIONsHIP N STABILITY d L
WeLL-BeINg THeI PeRsONA fINANce TH NUL HYPOTHesIs Is
ANd R L . e L
RejecTed, INdIcATINg THAT THIs fAcTOR sIgNIfIcANTLY INfLUeNce THeIR
PeRsONAL fINANce.

HYPOTHesIs 4

CAs PROcessIN SUMMARY

e g
 CAses
VALId MIssIN TOTAL
N g N
N
7) WHIcH Of THe 102 82.3% 22 17.7% 124 100.0%
fOLLOWIng BesT
descRIBes yOUR
APPROAcH TO
MAnAgIng fInAncIAL
sTRess OR
dIffIcULTIes?
8) HOW effecTIVe
dO yOU BeLIeVe
yOUR cURRenT
cOPIng MecHAnIsMs
ARe In AddRessIng
fInAncIAL
cHALLenges?
7) WHIcH Of THe fOLLOWINg BesT descRIBes YOUR APPROAcH TO

MANAgIN fINANcIA sTRes OR dIffIcULTIes?

g L s
8) HO effecTIV dO YOU BeLIeVe YOUR cURReNT MecHANIsM ARe
W e cOPINg s
IN AddRessINg cHALLeNges?
fINANcIAL
CROssTABULATION
COUnT
8) HOW effecTIVe dO
yOU BeLIeVe yOUR
cURRenT cOPIng
MecHAnIsMs ARe In
AddRessIng
fInAncIAL TOTAL
cHALLenges?
1 2
7) WHIcH Of THe fOLLOWIng 1 51 0 51
BesT descRIBes yOUR
APPROAcH TO MAnAgIng
fInAncIAL sTRess OR
dIffIcULTIes? 2 0 51 51
TOTAL 51 51 102

CHI-SqUARe TesTs
AsyMPTOT
Ic EXAcT EXAcT
VALUe df SIgnIfIcAn SIg. (2- SIg. (1-
c sIded) sIded)
e (2-sIded)
PeARsOn CHI 102.00 1 <.001
- SqUARe 0A
CONTINUIT 98.039 1 <.001
Y
CORRecTIO
NB
LIKeLIHOOd RATIO 141.40 1 <.001
2
FIsHeR's EXAcT TesT <.001 <.001
LINeA R-BY- 101.00 1 <.001
LINeAR 0
AAs.0sOcceLIALTsIO e cOUNT Less THAN THe M
(N0.0%) HAV eXPecTed 5. MINIMU eXPecTed
cNOOUfNTVAILsId25 102
C.5A0s.es

B. ONL fO A 2X2 TABLe

COMPUTed Y R

SYMMeTRIc MeAsURes
AsYMPTOT
Ic
VALUe STANdARd
INTeRVAL PeARsON's R 1.000 ERROR.000
A B

BY
INTeRVA
L
ORdINAL SPeARMAN 1.000 .000B
BY CORReL AT
ORdINAL ION
N Of V A gHLY
T He cH I - IN dY ReVeAL A
sIgNIfIcAN ReLATIONsHI BeTWee COPIN MecHANIsM AN SOLUTIONs
T P N g s d
ANd THeIR PeRsONAL fINANce. THe NULL HYPOTHesIs Is RejecTed,
INdIcATIN THA THIs sIgNIfIcANTL INfLUeNc THeI PeRsONAL
g T f Ac T O R Y e R
fINANce.

ResULTs
IN
sUMMARY, THe cHI- TesT IN THIs deMONsTRATe THAT
sqUARe s sTUdY
THeR AR HIgHLY AssOcIATIONs VARIOU fAcTORs
e e sIgNIfIcANT BeTWeeN s
AN PeRsONA fINANce THe HYPOTHesI Is decIsIVeLY RejecTed,
d L . NULL s
eMPHAsIZINg sUBsTANTIA INfLUeNc Of THese fAcTORs.
THe L e
AddITIONALLY sYMMeTRI MeAsURe cONfIR THese fINdINgs,
, c s M
INdIcATINg ANd POsITIVe cORReLATIONs. cONceRN ABOUT
sTRONg WHILe s
eXPecTe cOUNTs 5 IN ceLLs THe ResULTs
d BeLOW sOMe eXIsT, ROBUsT
fRO BOTH cHI- TesT ANd sYMMeTRIc cOLLecTIVeLY
M sqUARe s MeAsURes
hIghLIghT The INfLUeNTIAL RoLe of These fAcToRs oN heRdINg
BehAVIoR IN The MARKeT.

FUTURe ScOPe
The oN The "IMPAc of VARIoUs FAcToRs oN PeRsoNAL
ReseARch T
FINANce hoLds sIgNIfIcAN PRoMIs ANd PReseNTs eXPANsIVe
" T e AN
fUTUR scoPe. As We MoVe foRWARd seVeRA AVeNUes of
e , L
eXPLoRATIoN deVeLoPMeN AR APPAReNT FIRsT AN IN-dePTh
ANd T e . ,
ANALYsI of The eVoLVINg fINANcIA LANdscAPe INcLUdIN The
s L , g
INTegRATIoN of eMeRgINg TechNoLogIes sUch As fINTech ANd
cRYPTocURReNcIes, WILL Be cRUcIAL IN UNdeRsTANdINg hoW These
fAcToR IMPAcT fINANce AddITIoNALLY Th INfLUeNce of
s PeRsoNAL . , e
socIocULTURA fAcToRs ANd TheIR INTeRsecTIoN WITh PeRsoNAL
L
fINANc Is AReA ThAT deMANds scRUTINY As chANgINg
e AN fURTheR ,
socIeTAL NoRMs AN ecoNoMIc coNdITIoNs shAPe INdIVIdUALs'
d
fINANcIAL BehAVIoRs. MoReoVeR, As gLoBAL IssUes LIKe cLIMATe
chANge ANd The oNgoINg COVID-19 PANdeMIc coNTINU To AffecT
e
ecoNoMIes, sTUdYIN TheI RePeRcUssIoNs oN PeRsoNAL fINANc ANd
g R e
deVeLoPIN AdAPTIV sTRATegIe WIL Be esseNTIAL.
g e s L
FURTheRMoRe, ReseARch coULd deLVe INTo The PsYchoLogIcAL
AsPecTs of fINANcIA decIsIoN-MAKINg, cogNITIV BIAses
L eXAMININg e
AN d BehAVIoRAL ecoNoMIcs To deVIse
INT eRVeNTIoN s ThAT PRoMoTe
soUNd fINANcIAL choIces. LAsTLY eXPLoRIN Th IMPAcT of
, g e
edUcATIoNAL INTeRVeNTIoNs fINANcIA LITeRAcY PRogRAMs Is AN
ANd L
AReA cAN coNTRIBUTe To The eMPoWeRMeNT of
ThAT sIgNIfIcANTLY
INdIVIdUALs MANAgIN TheIR As PeRsoNAL fINANce
IN g fINANces.
coNTINUes To Be A AsPec of PeoPLe's LIVes, ThIs
fUNdAMeNTAL T
ReseARch hAs The PoTeNTIAL To offeR INsIghTs ANd gUIdANce ThAT

cAN eNhANce fINANcIAL WeLL- AN ecoNoMIc ResILIeNc IN AN

BeINg d e
eVeR- chANgIN WoRLd.
g
CONcLUsION
IN ReseARcH THe Of FAcTOR ON PeRsONAL
THIs ON "IMPAcT VARIOUs s
FINANce, cONdUcTed IN PUNe, WITH A sAMPLe sIZe Of
" MAHARAsHTRA,
100 THe HAVe UNdeRscORed THe PROfOUNd sIgNIfIcANce Of
, fINdINgs
fOUR KeY AWAReNess ANd Of THe CONNecTION,
fAcTORs: PeRcePTION
EMOTIONA ResPONses TO FINANcIAL SITUATIONs, FINANcIAL STABILITY
L
ANd WeLL-BeINg, ANd COPIN MecHANIsM AN SOLUTIONs.
EMOTIONAL g s d
TH ResULTs THI sTUd ReVeAL THes fAcTORs A PIVOTAL
e Of s Y THAT e PLAY
ROLe IN PeRsONA fINANce OUTcOMes.
sHAPINg L
THe cHI- TesT eMPLOYed THIs HAV YIeLde HIgHLY
sqUARe s IN ReseARcH e d
sIgNIfIcAN AssOcIATION BeTWee THes fAcTOR AN PeRsONAL
T s N e s d
fINANce THI RejecTIO Of THe HYPOTHesI UNdeRscORes THe
. s N NULL s
cOMPeLLIN INfLUeNc THA AWAReNess eMOTIONA ResPONses,
g e T , L
fINANcIAL AN cOPIN MecHANIsM HAV ON PeRsONAL
sTABILITY, d g s e
fINANcIA WeLL- FURTHeRMORe THe sYMMeTRIc MeAsURes
L BeINg. ,
eMPLOYed IN THe sTUdY cONfIRM THese POINTINg sTRONg
fINdINgs, TO
ANd POsITIVe cORReLATIONs THe seLecTed ANd
BeTWeeN fAcTORs
PeRsONAL fINANce. THese ResULTs eMPHAsIZe THe IMPORTANce Of
cONsIdeRINg THese fAcTORs WHeN AssessINg ANd MANAgINg PeRsONAL
fINANce As cA sIgNIfIcANTL IMPAc fINANcIAL WeLL- ANd
, THeY N Y T BeINg
sTABILITY UNdeRsTANdIN THe INTRIcATe ReLATIONsHIP BeTWeeN THese
. g
fAcTORs PeRsONAL fINANce cAN TO MORe INfORMed fINANcIAL
ANd LeAd
decIsIONs sTRATegIe fO INdIVIdUALs HOUseHOLds.
ANd s R ANd
RefeReNces
1) "THe Of AWAReNes ON DecIsION-MAKINg"
IMPAcT FINANcIAL s
AUTHOR: JOHNsON, M. (2017)
2) "EMOTIONAL ResPONses ANd FINANcIAL DecIsION-MAKINg"
AUTHOR SMITH A. eT AL. (2018)
: ,
3) "TH BIdIRecTIONAL BeTWee FINANcIAL ANd
e ReLATIONsHIP N STABILITY
EMOTIONA WeLL- AUTHOR GUPTA R. (2019)
L BeINg" : ,
4) "COPIN MecHANIsM DURIN FINANcIA CRIses AUTHORs CHeN,
g s g L " :
L. DAVIs P. (2020)
ANd ,
5) "TH ROLe FINANcIAL PROgRAMs IN FINANce
e Of LITeRAcY PeRsONAL
IMPROVeMeNT" ANdeRsON J. (2016)
AUTHOR: ,
6) "PeeR INfLUeNce PeRsONA FINANce AUTHORs: Y. ANd
ON L " HUANg,
KIM, S. (2017)
7) "GeNdeR-BAsed IN DecIsION-MAKINg"
DIffeReNces AUTHORs: FINANcIAL
THOMPsON, G. eT AL. (2018)
8) "RegIONA DIsPARITIe IN FINANce" PATeL, S.
L s PeRsONAL AUTHORs:
ANd SHARMA, R. (2019)