INCOME, SAVINGS AND INVESTMENT PATTERNS OF PRIVATE SECTOR SALARIED HOUSEHOLDS IN KARNATAKA: A STUDY WITH REFERENCE TO PRE LOCKDOWN AND POST UNLOCK COVID-19 PERIOD

Abstract

Purpose of the research – The unprecedented pandemic COVID -19 created a havoc across the globe. All economic activities were disturbed due to lockdown, and many people spent days without having full squares of meals. Many migrated workers, including employees who were working in private sector business undertakings had to lose their jobs, suffer without pay, or less pay. The drop in income caused depletion in the savings of individuals, since they used their savings for their consumption during pandemic. They were forced to leave their places without any type of safety and security. Hence this research is carried out to assess the pre COVID – 19 and post unlock period income, savings, and also investment patterns of those individuals serving in private sector enteprises belonging to education, automobile and telecommunication sectors. Methodology – A structured questionnaire is used as a tool for collecting the data from 180 private sectors salaried households, selected for the study as a sample respondents from three cities in Karnataka state, viz., Bengaluru, Davanagere and Hubli, and from three sectors viz., education, automobile and telecommunication. Convenient sampling technique is adopted to select the sample respondents from the study areas. Major Findings – Analysis of the data collected showed that there is a significant difference in the monthly income of the salaried households in the pre lockdown and post unlock period. But there is no significant difference exisiting in their monthly expenses during both the periods. It is proved that there is an association between monthly savings of the salaried households and both the time periods. With regard to investment, there is a shift in the investment preference of the salaried households from pre lockdown period to post unlock period. Gold, silver were the top preferred investment opportunity before lockdown, but soon after the unlock period chit fund has become the top preferred investment avenue.