Financial Satisfaction of Middle-Income Individuals of India: An Empirical Study with Specific Reference to the Residents of Uttar Pradesh

Abstract

The opening up of the Indian Economy to private financial service providers in the last decade of the twentieth century opened up a plethora of new investment opportunities to the Indian investing public bringing in an era of the shifting government policies in the domain of human well-being. The study of investor behavior and its associated parameters in the Indian context has, therefore, become imperative in the present scenario. It is anticipated that by the year 2020 with 11 percent global share in consumption by Indian middle class will reach to the third highest in the world. It is further expected to rise and reach to the first place with 23 percent global share by the year 2030. The central focus of the present study is to develop a framework for financial satisfaction for middle-income investors in India. Personality type is one of the main determinants of financial satisfaction. It also influences the financial socialization, financial knowledge, financial risk tolerance and financial behavior of investors thus, it indirectly also influences the financial satisfaction. According to the findings of the present study, financial knowledge does not affect financial satisfaction directly.