Report of review of Literature

“AN ASSESSMENT ON INVESTMENT PATTERN OF SENIOR CITIZENS IN

SELECT FINANCIAL SECURITIES – A study across Bengaluru city”

Report submitted to Research Centre, Department of Commerce

SJB College of Management studies for approval in the
Research Committee of Degree of
Doctor of Philosophy in
Commerce

By
Ravi.N
Research scholar, SJB College of management studies
BGS Health and Education city, Kengeri, Bengaluru – 560060

Under the Guidance

Dr. Ravi Kumar K
Professsor in Commerce
Research Centre, Department of Commerce, SJB College of management studies
BGS Health and Education city, Kengeri, Bengaluru – 560060

RESEARCH CENTRE, DEPARTMENT OF COMMERCE,

SJB COLLEGE OF MANAGEMENT STUDIES
BGS Health and Education city, Kengeri,
Bengaluru – 560060
 Review of Literature

Contents
Review of Literature 3
1. Introduction 3
2. Literature Map 4
3. Literature review on effect of Demographic variables on Investment Patterns 5
(a) Journal Articles 6
(b) Thesis 17
4. Literature review on Investment Behaviour 20
(a) Journal Articles 20
(b) Thesis 28
5. Literature review on Investment Type 30
(a) Journal Articles 30
(b) Thesis 41
6. Review of Books related to the study topic 44
7. Summary of Literature review 49
8. Research Gaps 49
9. Research Problem 50

LIST OF FIGURES
Figure 1- Wide areas covered under Literature review 4

LIST OF TABLES

Table 1 – Summary of Literature review 49

 Review of Literature

Review of Literature
1. Introduction
A literature review, identifies, analyses, and synthesizes significant literature in a certain field
of study. It elucidates how knowledge has progressed in the field, stressing what has already
been done, what is widely recognized, what is new, and what the current state of thought is
on the subject. A literature review also reveals a research gap (i.e. undiscovered or under-
researched regions) and articulates how a specific research effort fills this need in research-
based writings such as a Doctoral thesis.

A collection of published information/materials on a certain field of inquiry or topic, such as

books and journal articles of academic merit, is referred to as literature.

Literature review should:

● what has been proven, disproven, and accepted in research field

● areas of debate or disagreement among various schools of thought difficulties or
concerns that have yet to be resolved
● new techniques and emerging tendencies
● how study builds on, expands, and departs from past work

A literature review is much more than a list of important sources. In order to acquire a wide
understanding of the area, reviewing entails assessing individual sources as well as
synthesizing various sources. A literature review examines common and developing methods,
prominent patterns and trends, areas of dispute and debates, and gaps in the relevant literature
at this 'field level.'

3. Literature review on Digitalisation in marketing

1. Amira M. Omar & Nermine Atteya (June 2020). The impact of Digital Marketing on
consumer Buying Decision Process in the Egyptain Market. International Journal of Business
and Management ISSN 1833-3850 E- 1833-8119 published by Canadian Center of Science
and Education . URL: https://doi.org/10/5539/ijbm.vl5n7p120
This research examines digital marketing channels (E_marketing, mobile marketing, and
Retargeting) for marketers. It analyses the effect of these channels on the comsumer buying
decision process in the Egyptain market.
 Review of Literature

The Author researched on online questionnaire. The mobile, as a digital marketing channel,
has a negative impact on consumer decisions through all the stages of the consumer buying
decision process in the Egyptian market. This resaearch aims to examine the effect of digital
marketing on customer buying decision process in the egyptain marketplace. The research
study will focus on three of the digital marketing channels E-mail marketing, mobile
marketing and re-targetting. Correlation matrix and the discriminant validity is used in this
research.

2.

7. Summary of Literature review

Table 1 – Summary of Literature review

Demographic Investment Investment

Variables Behaviour / Types
Patterns
Journal Articles
2015 - 2021
International 3 3 5
Indian 12 9 10
Prior to 2015
International 3 1 1
Indian 6 2 2

Thesis
Indian 3 2 3
International

Books
International 3
Indian 1 2

28 22 21 71
 Review of Literature

8. Research Gaps

● There are number of research Studies undertaken to examine the investment pattern of
different class of investors like bankers, professionals, teachers, lecturers, private
employees in various cities. But, there are lack of studies on senior citizens, who
are the most vulnerable group to financial issues.
● Research works in respect of demographic, psychographic, and socio economic
factor, which affects the investor decision, has been carried out. However, there are
no studies, which study the financial conditions of the investors and their impact
on investment decision making.
● There are studies related to each of the financial securities separately. Nevertheless,
there is a dearth of studies when it comes to analysis of a list of financial
securities through which there can be a comparative study, which can enable
best investment options for senior citizens.
● There are various thesis carried out on Investment patterns related especially on
working women in various parts of North India, Lack of studies in one of the largest
financial capital of India – Bengaluru
● Many studies are use econometrics or simple descriptive statistics to study the
Investment behaviour and patterns, Lack of studies using the latest analysis tools
such as SEM
● There are no studies on role of Government in encouraging the investments of
senior citizens, which could be a boon for their old age.
● There are no studies introducing a model of investments for older generation

9. Research Problem

Despite being one of the earliest nations to understand the need of social security in old age,
India's coverage is grossly inadequate, with just 11% of the working population covered by
social security. While there is a growth in the population of the elderly and inadequate
savings for old age, traditional, informal income security measures, such as the joint family
system in India, are increasingly unable to cope with the increased life expectancy and
medical expenditures associated with old age. The family structure is becoming increasingly
stressed, necessitating the quick implementation of official, contributing pension plans to
 Review of Literature

bolster informal systems. This issue is particularly pressing in India, which will undergo its
demographic transition with a growing number of elderly people living in lower-income
areas than other nations that have already implemented mechanisms to address the
challenges of an ageing population. However, most people are myopic about saving for
their old age throughout their working lives, and they may be hesitant to save enough for
their old age income security in a voluntary setting. We must educate people about the fact
that old age is unavoidable and that planning for it may be a painless process if begun
early in life. As a result, it is desirable that the widely used, mandatory, and contributory
provident funds - which have played a singularly important and sustained role in enabling
employees to save for their retirement - expand their coverage, improve their returns, and
reduce their potential reliance on any (non-funded) government subsidies. Economic
security in old age should inevitably be the consequence of long-term planning and
contributions. The government should promote fully supported old-age income security
programmes that emphasise thrift and self-help ideals. The destiny of senior folks'
retirement cannot be left to chance. When the money at stake represents a lifetime of savings
or a lump sum pension payment, money that is essential for retirement and cannot be
retrieved, taking unnecessary risk might spell disaster. In this context, the researcher wants to
conduct a study titled "AN ASSESSMENT ON SENIOR CITIZENS' INVESTMENT
PATTERN IN SELECT FINANCIAL SECURITIES - A Study across Bengaluru City."
To encourage senior citizens to participate actively in equities government introduced mutual
funds in 1963 through the UTI Act wherein professional fund managers and organized asset
management companies manage the portfolio and also manage risks of directly buying stocks
thereby offering diversification (data available on the growth of mutual funds). Investors can
increase their expected returns with minimal risk exposure if the funds are optimally
allocated with right financial intermediary like mutual funds. The Indian capital market has
witnessed gradual growth with the evolution of mutual fund industry and financial
innovation. But still large portion of savings are not converted into ideal investments due
to lack of awareness and other criteria. In this context, it is crucial to understand the
motivators that roots the trade like tax benefits, demographic variables, guided beliefs, risk
perception, life cycle considerations and others factors which influences the investment
decisions. So that appropriate steps can be taken to mobilize large amount of savings
which supports the economic development and livelihood of senior citizens of the
country.
 Review of Literature

REFERENCES
(Journal Articles)

1. Putri, P. T., & Simanjuntak, M. (2020). The role of motivation, locus of control and
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OF INDIVIDUALS IN TODAY’S SCENARIO. PBME.
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of Different Class of Individual Investors. Think India Journal, 22(25), 334-345.
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ahead. Research Journal of Social Science and Management, 9(4), 24-29.
 Review of Literature

8. Singh, Y., & Kaur, S. (2018). A Study of Investment Pattern & Gender Difference in
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10. Nerkar, M. G., & Mate, R. (2018) . An Analytical Study Of Investment Awareness
Level Of Salaried Class In Pune Region.
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13. Pungalia, S., Goyal, V., & Arya, M. K. (2017). A Study On Preferred Investment
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WITH RESPECT TO SATARA CITY. Global J. of Arts & Mgmt, 3(3).
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247
 Review of Literature

20. Ghatage, L. N., & Dhairyasheel, J. S. (2013). A STUDY OF INVESTMENT

PREFERENCES OF INDIVIDUAL INVESTORS AS PER LIFE CYCLE STAGES
WITH RESPECT TO SATARA CITY. Global J. of Arts & Mgmt, 3(3).
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28. Kaur, A., & Kaur, R. (2020). A study of saving and investment pattern of individuals
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30. Kothari, D., Singh, M. V., & Pandey, M. S. K. (2019) An Empirical Analysis of
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31. Salmani Danglani, S., Saeedi, P., Bahramzadeh, H. A., & Pourshahabi, F. (2019).
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32. Mukoyama, H.(2019) Emerging Economies and Changing Trade and Investment
Patterns in Asia—New Rivals for China
 Review of Literature

33. Noida, B. G.(2018) Determinants of saving and investment in India.

34. Mital Bhayani, D., Bobade, P., Malkar, V., & Kawale, P.(2018) DISPARITY IN
INVESTMENT BEHAVIOR OF URBAN AND RURAL INDIVIDUAL
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35. Panda, P. K. (2018). A STUDY ON THE INVESTMENT BEHAVIOUR OF THE
PEOPLE OF MALDA TOWN, WEST BENGAL. Journal of Research and Analytical
Reviews (IJRAR) December, 5(4), 2348-1269.
36. Pandey, N. S., & Kathavarayan, P. (2017). Empirical analysis on savings and
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37. Mongia, V., & Singh, G. (2014). Automatic Evaluation of Best Investment Options
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 Review of Literature

47. Mishra, A. K., & Mishra, P. P. (2018) Investment in Equity through Mutual Funds: A
Study in the Context of Indian Capital Market. Utkal University and PG Department
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(Thesis)

1. Gupta, Deepak, 2015, A comparative study of investment Pattern and customer

satisfaction of Public and private sector companies in general insurance, Department
of Commerce Maharshi Dayanand University
2. Krovvidi Krishna Kumari, 2020, A Study on Risk Reward Pattern Conventional
Investment Products Versus P2P Investment School of Management, CMR University
 Review of Literature

3. Chiranjeevi, P,2013, A study on investment patterns in Indian mutual funds With

reference to Chennai city, Department of Commerce and Management Studies,
Acharya Nagarjuna University
4. REMIGIUS MARY S, INVESTMENT PATTERN AND BEHAVIOUR OF
WORKING WOMEN ON FINANCIAL INVESTMENT AVENUES A STUDY
WITH SPECIAL REFERENCE TO CHENNAI CITY, Department of Commerce,
University of Madras
5. Balsara, Anita H, 2004, A study on investment behavior and patterns among working
women in Gulbarga district of Karnataka state, Department of Commerce &
Management, Shivaji University
6. Desai, Cheta Pinak, A Study On _Investment Pattern Of Academicians With Special
Reference To South Gujarat_ Department of Business and Industrial Management,
Veer Narmad South Gujarat University
7. Bhargava ,Parul, 2020, Impact of income and investment avenues on investor s
behavioural pattern in rajasthan, Department of Commerce, Manipal University
Jaipur
8. Singh, Pragya, 2006,Analysis of investment pattern in stake trading mutual funds with
reference to Varanasi city , Department of Commerce, V. B. S. Purvanchal University

(Books)

1. Pompian, Michael, 1963– Behavioral finance and wealth management: constructing optimum
portfolios that account for investor biases / Michael Pompian. p. cm. — Behavioral finance
 Review of Literature

and wealth management: developing optimal portfolios that account for investor biases |
Michael Pompian (Wiley finance series)
2. H. Kent Baker and Victor Ricciardi , Investor Behavior: The Psychology of Financial
Planning and Investing is a book published by the American Psychological
Association. Published for the first time on January 31, 2014 Print ISBN:
9781118492987 |Online ISBN: 9781118813454 |DOI:10.1002/9781118813454
3. Arup Kumar Sarkar and Tarak Nath Sahu are the authors, and the DOI is
10.1108/9781787562790. Publishing date: July 16, 2018, ISBN: 978-1-78756-280-6,
eISBN: 978-1-78756-279-0, ISBN: 978-1-78756-280-6
4. https://librarywala.com/books/263601267099-value-investing-and-behavioral-finance
—-book-summary
5. R K Mohapatra , Individuals' Guide to Retirement Planning - A Straightforward
Approach
6. Guy Spier , The Education of a Value Investing Professional