A GENDER SPECIFIC STUDY ON AWARENESS AND INVESTMENT PATTERNS IN NAVI MUMBAI

Abstract

A gender-based investment pattern by an investor is one of the significant factors in investment. The study is undertaken to find out the awareness level of investment tools among male and female respondents and to study the investment pattern of investors. Despite the conflicting ideas and viewpoints, this study attempts to determine whether gender plays a significant effect on investment patterns, particularly in the city of Navi Mumbai, which is connected to India's financial hub, Mumbai. The chi-square test was conducted on a sample of 300 respondents and it was found that there is a difference in the awareness level based on gender. The study's findings show that gender is one of the most important elements influencing investment behaviours. It has an impact on awareness levels, with women being less informed of various financial instruments and techniques than males. This research is significant for businesses when dealing with clients because men and women require distinct approaches. When it comes to gender equality and women's empowerment, investment awareness is also critical.

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MAHSA International Journal of Business and Social Sciences Volume 02, Issue 02, 2022
e-ISSN: 2811-4302
111
A GENDER SPECIFIC STUDY ON AWARENESS AND INVESTMENT
PATTERNS IN NAVI MUMBAI
Kuldeep Bhalerao
Assistant Professor
Bharati Vidyapeeth’s Institute of Management Studies and Research,
Navi Mumbai
Dr. Deepa Nair
Associate Professor,
Department of Management Studies (Off Campus),
Bharati Vidyapeeth University
Kharghar, Navi Mumbai, India
Dr. Rahul More
Assistant Professor
Dr. D.Y.Patil
Institute of Management of Studies,
Pune, India
Shifa Khan
Student-MMS Sem IV Finance
Bharati Vidyapeeth’s
Institute of Management Studies and Research,
Navi Mumbai, India
ABSTRACT
A gender-based investment pattern by an investor is one of the significant factors in investment. The
study is undertaken to find out the awareness level of investment tools among male and female
respondents and to study the investment pattern of investors. Despite the conflicting ideas and
viewpoints, this study attempts to determine whether gender plays a significant effect on investment
patterns, particularly in the city of Navi Mumbai, which is connected to India's financial hub,
Mumbai. The chi-square test was conducted on a sample of 300 respondents and it was found that there
is a difference in the awareness level based on gender. The study's findings show that gender is one of
the most important elements influencing investment behaviours. It has an impact on awareness levels,
with women being less informed of various financial instruments and techniques than males. This
research is significant for businesses when dealing with clients because men and women require distinct
approaches. When it comes to gender equality and women's empowerment, investment awareness is
also critical.
Keywords: Awareness of investment, Gender, Investment instruments, Investor’s preference
1. Introduction
Today, an individual must effectively save and invest their personal income in order to assure
their financial stability, not only during their working lives but also beyond retirement. The

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ageing population, together with higher life expectancies, emphasises the need for and
necessity of well-planned financial investment. Today, there are a plethora of financial options
available. Individuals must select appropriate investment avenues based on their personal
needs, risk tolerance, and expected return. Investment is a deliberate act by an individual or an
entity that involves putting money into securities or properties issued by financial institutions
with the goal of earning a high return over a set period of time.
According to previous research, people do not make rational investing decisions; rather, they
are impacted by a variety of factors such as psychological biases, social affiliation,
demographic characteristics, and so on (Kumar & Lee, 2006). According to the study, gender
has an impact on investment patterns, with males preferring equity capital market instruments
and bank deposits over females. Males invest in stocks at a higher rate than females. The main
source of concern in terms of investment is the market's depressing phase, as well as the risk
of a decrease in the Sensex and rising inflation. Market Sentiments, as well as the industry,
nature, and type of product, are the most crucial factors to consider when operating in the equity
market. Mutual Funds Schemes are the most popular capital market instrument among
investors, followed by shares and debentures. The majority of investors have more than three
years of capital market expertise investment (Mitra & Manjrekar, 2014).
Investors can choose from a wide range of goods offered by investment firms. These investors
follow their investment advisor's advice or make their own investing selections, with or without
a greater understanding of the product. The question is how much effort the advisor puts in to
understand the investors' investing needs, i.e. Apart from psychological and behavioural
variables, there is a need to investigate the gender factors that motivate investors to invest in
the available options. There is always a disconnect between what a true investor desires and
what he is offered. A study on the impact of gender characteristics on factors influencing
investment decisions is more important than ever in bridging this gap, developing investment
products, formulating market-regulatory policies in general, and promoting and protecting
retail investors in particular.
2. Literature Review
A number of studies have been done in the context of gender impacts on the investment pattern,
especially so, because it becomes an important parameter in understanding and evaluating the
empowerment of women in the Indian context. Judie F Graham et al (2002), Oslen and Cox
(2001), prove through their studies that women take lesser risks than men in general when it
comes to investment decisions. The confidence level of women about investment decisions has
been considered by some researchers ((Barber and Odean., 2001, Blau & Kahn 2000) to be the
main reason why women earn less than men. The empirical analysis by Kavita Chavali and M
Prasanna Mohanraj explains the Impact of Demographic Variables and Risk Tolerance on
Investment Decisions. Their study concluded that gender had an influence on investment
patterns and decision making. The data for this study was collected from Bangalore. Hira and
Mugenda (2000) have emphasized on the importance of understanding behavioral differences
based on demography so that clients’ needs can be addressed differently to add more value and
satisfaction from investments.
There are studies that opine the exact reverse. For example, Masters and Meier (1988) found
no difference in the risk-taking propensity of male and female entrepreneurs. James Thomas
Kunnanatt and Mithu Emiline (2009) in their empirical Study ‘Investment strategies and
Gender: A study on emerging Patterns in India’ have opined that there is no difference based
on gender in the investment pattern of rural or urban investors in India. Studies were done in

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other countries like The Gender Gap on Wall Street: An Empirical Analysis of Confidence in
Investment in Decision Making by Ralph and Janoos Hosseini tried to identify personal
characteristics that affect decision making. According to this study Age, value of a portfolio,
number of years of education, and years of experience in business were not important
characteristics. Other studies (Arvind K Jain and Annamma Joy (1997) have stressed the socio-
cultural context of consumption, saving and investment patterns done in Canada. Rajarajen
(2010) explains that there is an overall increase in the number of people who are interested in
investing in India.
In the existence of contrary views and opinions, this study tries to explore whether gender
plays an important role in investment patterns, especially in the city of Navi Mumbai which is
attached to India’s financial capital- Mumbai.
3. Research Objectives
1. To understand the gender based awareness about investment instruments.
2. To study gender based investor’s investment patterns.
4. Methodology
This is an exploratory study and the sample of 300 has been primarily drawn from Navi
Mumbai. Navi Mumbai has been selected as it is an important developing satellite city of the
financial capital of India –Mumbai. Navi Mumbai mainly comprises educated working
professionals from both genders and hence the study endeavours to find their investment nature
and awareness. A detailed questionnaire and Interviews have been used to collect the data.
5. The hypothesis of the study:
H1a : Women are not as aware of investment instruments as men.
H2a : Women show a more consistent investment pattern as compared to men.
6. Data Analysis and Discussion:
In this article researcher tries to find out whether gender can affect investment awareness and
pattern of investment.

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Gender based results are shown below
Gender * Investment Cross tabulation
Count
Investment
Total
No Yes
Gender
Female
23
112
135
Male 3
162
165
Total 26
274
300
The above table shows that a total of 300 sample responses were collected to study the gender-
based awareness about investment tools and to find out the effect of gender in deciding on an
investment.
112 females were aware of investment and investment avenues. To know the inference chi-
square test is used as below:

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Chi-Square Tests
Value df
Asymp. Sig. (2-
sided)
Exact Sig. (2-
sided)
Exact Sig. (1-
sided)
Pearson Chi-Square 21.726
a
1
.000
Continuity Correction
b
19.846
1
.000
Likelihood Ratio 23.617
1
.000
Fisher's Exact Test
.000
.000
Linear-by-Linear Association 21.654
1
.000
N of Valid Cases 300
a. 0 cells (0.0%) have
an
expected count
of
less than 5. The minimum expected count is 11.70.
b. Computed only for a 2x2 table
To validate chi-square the minimum expected count should be more than 5, in the above
analysis is 11.70 so this is valid for this test. Based on the significant value at 5 % degree of
freedom test has run in SPSS and the result is showing a significant value which is less than
the 0.05. The alternative hypothesis may be accepted Women are not as aware of investment
instruments as men.
To validate the second hypothesis, which was to understand investment patterns, a Chi-square
test was conducted.
Gender * Frequency of Investment Cross tabulation Count
Frequency of Investment Total
Daily
Weekly
Monthly
Yearly
Gender
Female
24
21
43
24
112
Male 42
45
51
24
162
Total
66
66
94
48
274
274 respondents have been selected to understand the investment pattern out of 300. 26
respondents are not aware of the investment avenue. The above table shows that 66 respondents
prefer daily investment. 24 female respondents and 42 male respondents whereas 66
respondents prefer weekly investment and males are more in this category. 94 respondents
prefer monthly investment and 51 male and 43 female are there. 48 respondents prefer yearly
investment female and male are same in this category.

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Chi-Square Tests
Value df Asymp. Sig. (2-sided)
Pearson Chi-Square 5.372
a
3
.146
Likelihood Ratio 5.409
3
.144
Linear
-
by
-
Linear Association
3.708
1
.054
N of Valid Cases 274
a. 0 cells (0.0%) have an expected count of less than 5. The minimum expected count is
19.62.
To understand the inference Chi-Square at 5 % degree of freedom test is run in SPSS and the
result shows that the minimum expected count is more than the 5 and significance of this test
is more than the 0.05 so the result is not the significant and null hypothesis is accepted. It is
concluded that males and females do not have a significant difference in investment patterns.
7. Conclusion
The finding of the study proves that gender is one of the major factors affecting investment
patterns. It affects the awareness levels, with women being less aware than men when it comes
to various instruments and tools of investment. This is in line with many previous studies that
claim that there is a notable difference in the way in which men and women approach
investment. This study becomes important for companies when they are handling clients as
both men and women have to be approached with different strategies. Also, investment
awareness is extremely important when we talk of gender equality and women empowerment.
8. References
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consumption, savings and investment patterns, Journal of Investment Psychology, Vol. 18 Issue 6,pp.
649-675.
Blau, F. D. and Kahn, L. M. 2000. Gender differences in Pay, Journal of Economic Perspectives, Vol.14,
pp.75-99.
Graham, J., Stendardi, E., Meyers, J. and Graham, M. 2002. Gender Differences in Investment
Strategies: An Information Processing Perspective, International Journal of Bank Marketing, Vol. 20,
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Hira, T. and Mugenda, O. 2000. Gender Differences in Financial Perceptions, Behaviours and
Satisfaction, Journal of Financial Planning, Vol. 13, No. 2, pp. 86- 92
James T K and Mithu E. 2009. Investment strategies and Gender: A study on emerging Patterns in India,
Journal of Gender Studies, Vol 21 Issue 4,pp. 345-363.
Kavita Chavali, M. Prasanna Mohanraj 2016. Impact of Demographic Variables and Risk Tolerance on
Investment Decisions: An Empirical Analysis. International Journal of Economics and Financial
Issues, Vol.6, No.1, pp.169-175.
Kumar, A. & Lee, C., 2006. Retail investor sentiment and return co movements. The journal of
Finance, 61(5), pp. 2451-2486.

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Mitra, A. & Manjrekar, P., 2014. Study on High Income Group Individual Investors Preferences In
Capital Market With Respect To Risk on Investment: Special reference to Mumbai and Pune.
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