Savings Schemes Research Articles

The effect of financial skills and strategies toward saving behavior among self-employed workers in retirement planning

This paper aimed to investigate essential factors of financial skills and financial strategies that influence retirement savings behavior among self-employed workers. Many retirement savings schemes are being introduced by regulatory bodies or financial institutions, especially for self-employed workers on a voluntary basis, but many people's efforts to save for retirement are stalled. However, the participation of self-employed workers in those schemes is still low as people have financial instability or lack of knowledge in matters. The quantitative approach is applied by distributing a systematic random sampling of 400 prospective respondents. The outcome was analyzed using Structural Equation Modelling (SEM) indicates that savings behavior financial skill, financial strategies, and demographics positively moderated relationship. This study adds to the existing knowledge on financial skills as well as financial strategies towards saving objectives for self-employed, with practical implications for promoting positive saving habits and improving financial well-being across all age groups. Policymakers might use the data to create targeted programs that specifically target self-employed workers and promote responsible saving and financial security across generations. The authorities should construct a comprehensive fixed retirement scheme for self-employed workers based on these characteristics so that self-employed workers have secure and stable financial security after retirement.

Ranking Investment Preferences in India's Dynamic Market: From SIPs to ETFs

This study examines the Indian stock market using the Weighted Point Method (WPM) to evaluate various investment options. The research focuses on five key investment vehicles: Exchange-Traded Funds (ETFs), Government Savings Schemes, Bonds and Debentures, Systematic Investment Plans (SIPs), and Fixed Deposits (FDs). These options were assessed across four critical indicators: Economic Indicators, Corporate Earnings, Market Sentiment, and Sectoral Analysis. The WPM analysis revealed that Systematic Investment Plans (SIPs) emerged as the most preferred investment option, achieving the highest preference score of 0.91795. SIPs demonstrated consistently strong performance across all evaluated criteria, suggesting they offer a balanced approach to investing with potential for steady growth and effective risk management. Bonds and Debentures ranked second with a preference score of 0.72492, showing particular strength in Market Sentiment. Fixed Deposits (FDs) secured the third position with a score of 0.64406, highlighting their continued relevance in the Indian investment landscape, especially for risk-averse investors. Government Savings Schemes and ETFs ranked fourth and fifth respectively, each showing strengths in specific areas. The study underscores the complex and dynamic nature of the Indian stock market, emphasizing the importance of considering multiple factors in investment decision-making. It highlights the value of quantitative methods like WPM in providing a structured approach to comparing diverse investment options. The findings suggest that while SIPs appear to be the most attractive option overall, the Indian market offers a range of investment vehicles catering to different risk appetites and financial goals. The research concludes that investors should consider their personal objectives, risk tolerance, and investment horizon when making decisions, and regularly review their strategies in light of evolving market conditions and economic indicators.

RISK AND RETURN ANALYSIS OF SIP V/S LUMP SUM INVESTMENT IN MUTUAL FUND SCHEME (EQUITY & HYBRID & ELSS)

This paper conducts a comprehensive risk and return analysis comparing systematic investment plan (SIP) and lump sum investment approaches in various categories of mutual fund schemes, including equity, hybrid, and Equity Linked Savings Schemes (ELSS). The study examines historical data to evaluate the performance, volatility, and risk-adjusted returns of both SIP and lump sum investments over different time horizons. Key metrics such as annualized returns, standard deviation, Sharpe ratio, and maximum drawdown are employed to provide insights into the comparative risk and return profiles of these investment strategies. The findings contribute to a better understanding of the trade-offs between SIP and lump sum investments in different mutual fund categories, aiding investors in making informed decisions based on their risk tolerance, investment objectives, and time horizon

Sukanya Samriddhi Yojana: A Closer Look

Savings are paramount in personal finance and economic stability serving as a cornerstone for financial security, goal achievement, and long-term prosperity. By cultivating a habit of saving, individuals can establish a safety net to navigate through emergencies, pursue aspirations such as home ownership or entrepreneurship, and secure a comfortable retirement. Moreover, savings enable individuals to reduce debt burdens, capitalize on investment opportunities, and counteract the erosive effects of inflation, thereby fostering financial independence and resilience. Additionally, accumulating savings empowers individuals to leave a legacy of generational wealth, ensuring the financial well-being of future generations. In essence, savings not only provide a buffer against unforeseen circumstances but also pave the way for realizing dreams, seizing opportunities, and building a brighter future. To promote the savings among the people, the government through banks and post offices offers various savings schemes including fixed deposits, recurring deposits, savings accounts, and government-backed schemes like Public Provident Fund (PPF), National Savings Certificate (NSC), and Kisan Vikas Patra (KVP). The Sukanya Samriddhi Yojana (SSY) stands out among various savings schemes due to its focus on securing the financial future of the girl child in India. The scheme allows parents or guardians to open an account for their girl child below the age of 10, offering a competitive interest rate and tax benefits. Contributions to the account can be made until the child reaches the age of 15, with partial withdrawals allowed for specific purposes such as education and marriage expenses. By keeping all these in mind, this research paper is an attempt to discuss about the features, benefits, eligibility and trend and growth of SSY in terms of Account opening and amount deposited. The trend and growth of SSY has been analysed for a period of 9 years from 2014-15 to 2022-23 by using Compound growth rate technique. The result revealed that there is a positive trend in SSY in terms of number of accounts opened and amount invested.

LITERATURE REVIEW ON DETERMINANTS OF INVESTMENT CHOICE IN INDIAN POST OFFICE SCHEMES

There are multiple investment options around us. We must select the best investment choice to achieve our overall objectives. The Indian Post offers numerous savings schemes with high returns and safety. Post office schemes have long been famous for individuals seeking secure and hassle-free investment options. Understanding the factors that drive investors choices within these schemes is crucial for policymakers and financial institutions. One of the prominent factors explored in this review is demographic characteristics. Age, generation, and gender have emerged as significant determinants of investment preferences. Older investors, particularly senior citizens, find postal schemes appealing because of their simplicity and perceived safety. Moreover, female investors exhibited a strong inclination toward these schemes. Financial security and tax benefits play a pivotal role in shaping investment decisions. Investors are drawn to post office schemes because of the guaranteed returns offered by the government and the tax incentives associated with these investments. The review also highlights the impact of educational qualifications on investment choices, shedding light on how individuals with different educational backgrounds perceive these schemes.

Investors perception of post office savings schemes

Investors perception of post office savings schemes

Evaluation of Socio-Economic Status of the Indigenous Population on the Permanent Site of Usmanu Danfodiyo University, Sokoto, Nigeria

The study sought to describe the relationship between socio-economic and demographic characteristics of the indigenous population living on the permanent site of Usmanu Danfodiyo University, Sokoto (UDUS), after they were displaced from their lands. The study adopted the sustainable rural livelihoods model as a tool for studying livelihoods in the study area. Data for this study was obtained through the administration of 349 copies of questionnaire using a multi-stage sampling technique. Socio-Economic Scale (SES) for Northern Nigeria was used to classify the respondents into three SES classes. TheSES classes of the respondents were examined using descriptive statistics (frequency and percentage). The Spearman rank correlation statistic was used in testing the hypothesis for the study. The majority (65.6%) of the respondents fall into the lowest SES class using a 28- point indicator. With a p=.020, findings revealed that there was no significant correlation between income and socio-economic status of the indigenous population. The study recommends prompt payment of compensations, provision of permanent and pensionable jobs as well as access to funds for business and other entrepreneur skills as ways of supporting and boosting their livelihoods. The indigenous population can also be encouraged to form cooperatives and savings schemes to enable them to raise capital to pursue alternative livelihoods.

Customer Segmentation using Machine Learning Techniques

The objective of this customer segmentation endeavor is to utilize machine learning methodologies, Python programming, and the Streamlit framework in order to deliver individualized suggestions pertaining to savings plans, loans, and strategies for wealth management. Through the division of customers according to their demographic data, purchase patterns, and online navigation tendencies, this initiative empowers financial establishments to gain deeper insights into their customer demographics and customize their services to cater to specific requirements.
 The project involves several stages, including data collection, data preprocessing, feature selection, model training, and evaluation. The acquired customer data is refined to resolve any inconsistencies or missing information. Important characteristics are identified, and an exploratory analysis of the data is conducted to uncover hidden patterns and relationships. We then select an appropriate machine learning algorithm, such as K-means clustering, hierarchical clustering, or Gaussian Mixture Models, to categorize the customer base into distinct clusters.
 After the completion of model training and assessment, a Streamlit-based web application is constructed, offering an interactive platform for users. This application permits users to input their particulars and obtain tailored suggestions grounded in their designated segment. The suggestions encompass fitting savings schemes, loan alternatives, and wealth management approaches that harmonize with their financial objectives and risk appetite.
 The deployed application facilitates a seamless user experience, providing real-time recommendations and insights. Continuous improvement of the model and application is encouraged through user feedback, allowing for refinement and better customization of recommendations over time.

An Economic Contribution of Women Micro Entrepreneur's Capability and Performance of Government Initiatives in Andhra Pradesh

The paper highlights the capability of women entrepreneurs and performance of Government initiates to development of Andhra Pradesh State. The women empowerment through micro entrepreneurship has been taken up to add value to become favourable for women to become entrepreneur. Women can play an important role in Micro businesses and hence if given attractive tax stimulus, women ownership of MSMEs can increase from 14% to 30% in 1 year. As per World Bank's Global index Data for measuring global financial inclusion, released in June 2022, women are 8 - 10% more unbanked than men. Hence Along with Jan Dhan accounts, micro investment and micro savings schemes, with the right financial education and Literacy efforts will play an important role in improving financial inclusion. Empowerment is one of the key factors that determine the success of upliftment in the status and position of women in the society. Presently in India, the women are enjoying the socio-economic status through starting their own business. It also can be said that significance, self-confidence, self-determination, self-esteem and self-efficacy are the main contributors in psychological empowerment. As per Global Gender Gap Report, World Economic Forum, July 2022, it will take another 132 years to fully bridge the Gender gap globally. India Ranks 135th out of 146 countries to close only 62.9% of its Gender gap. In this situation, it only calls for better tax benefits and lower tax slabs to working women linked to flexi working options, to promote higher inclusion of women in workforce for faster economic growth. Only 6% startups today are solely women led, hence tax incentives and holidays to promote women led startups and businesses will go a long way in encouraging women to come forward to start their own businesses. Three of the country’s 11 industrial corridors are being built in Andhra Pradesh. Their proactive engagement and unwavering commitment have facilitated the successful execution of various programs and policies that support women-owned businesses. Sri N Chandrababu Naidu’s former Chief Minister of Andhra Pradesh as vision for promoting women’s entrepreneurship is rooted in gender equality and inclusive growth. The initiatives implemented have provided vital support, including financial assistance, skill development, and networking opportunities, to women-owned businesses.

Tax Planning in Personal Income Tax: A Systematic Literature Review

The systematic literature review analyses and synthesizes research conducted regarding personal income tax planning within the time period of 2012 to 2022, 30 articles were reviewed. The review discovered that most of the articles dwelled mostly on unincorporated businesses and their owners/entrepreneurs/sole proprietors/investors as well as those articles that discussed issues relating to tax authorities’ regulations on personal income tax. The articles reviewed, gave insights on issues relating to personal income tax planning of wealth transfers, such as inheritance and bequest; gifts and inta-vivos; deathbed planning, etc. Importantly, they provided insights into how unincorporated businesses and entrepreneurs can optimize their disposable income through good personal income tax planning. In addition to the above, it highlighted such financial instruments that were resorted to, the most by taxpayers, which made their personal income tax planning more effective. (life insurance policies are the most widely used tax-saving tool, followed by provident funds and tax-saving fixed deposits, loans for homes and schools, National Savings Certificates, unit-linked insurance plans, health insurance plans, and equity-linked savings schemes, Infrastructure Bonds, in that order); we also found out that government strategies that influenced tax planning in favour of the state include: cooperation, increased uncertainty, creation of models, and maintaining a friendly atmosphere to avoid aggressive tax planning and improve revenue. Finally, direction for future research was suggested.

A Comparison of the Mahila Samman Savings Certificate with Other Small Savings Schemes for the Empowerment of Women in India

Background/purpose: Despite this, women are having high exposure and they are working in all fields like defense, engineering, medicine, etc. In order to make all women in the nation attain a standard Women Empowerment is needed. Women Empowerment focuses on empowering each and every woman in the country to make them independent in all aspects of society, to be aware of their rights, and to make them equipped with physical security. Objective: This paper focuses, Mahila Samman Savings Certificate, A New Modest Savings Scheme for Women in India, programs available to women and girls in India, as well as women who are gaining benefits from various government programs that have been implemented with government aid, are the main topics of this article. Design/Methodology/Approach: Numerous programs for women are funded by the central government and are sponsored by the Indian government. A research study has been undertaken to learn about these plans and make a comparison of these programs. The Ministry of Finance, the Ministry of Women and Child Development, Google, Google Scholar, new papers, journals, theses, and other websites were some of the sources used to compile the secondary data for this research study. Findings: This article focuses on the different schemes and factors that have made women's empowerment possible. The Mahila Samman Small Savings Yojana Program and other women-specific small savings initiatives are the primary subjects of this study. The Mahila Samman Savings Certificate Program is a modest savings program supported purely by the government for women and girls. Therefore, it has no credit risk and, pays the highest rate of interest when compared to other programs. Small Savings Scheme, for example, pays the highest rate of interest when compared to fixed-rate deposits (FDs) offered by public banks in various states, while Sukhnya Samridi Yojana has a shorter tenure of just two years. Originality/Value: This paper focuses on the different schemes and purposes that have made women's empowerment possible. The Mahila Samman Small Savings Yojana Program and other women-specific small savings initiatives are the primary subjects of this study. Paper Type: Research Paper

A Comparison of the Mahila Samman Savings Certificate with Other Small Savings Schemes for the Empowerment of Women in India

A Comparison of the Mahila Samman Savings Certificate with Other Small Savings Schemes for the Empowerment of Women in India

Economic Resilience of Mass-Housing Project Delivery in Lagos, Nigeria

The study investigates mass-housing development projects and their economic resilience in terms of affordability for medium-income and low-income earners in Lagos State, Nigeria. The qualitative study utilised data collected through in-depth literature review and structured interview sessions with twenty (20) stakeholders in the delivery of mass-housing projects comprising property developers, real-estate managers and construction executives operating in Lagos, Nigeria. The data were processed and analysed using both the quantitative data coding and thematic qualitative data analysis techniques. The study revealed that the predominant financing models for mass-housing projects include mortgage financing, public-private partnerships, private equity funds/loans, private developer funds, housing bonds, contractual savings schemes, and land-based financing. The study concludes that the economic resilience of mass-housing developments is quite low, as low and medium-income housing schemes are difficult to actualise because private-developer funding is the most frequently available means of funding mass housing projects. Inevitably, mass housing schemes are frequently priced beyond the reach of low-income earners. Moreover, the limited implementation of Federal Housing Schemes is a major threat to the economic resilience of low- and medium-income housing projects. Therefore, the study recommends specific strategies that can improve the economic resilience of mass-housing projects, including instalment plans, off-plan sales, buyer savings schemes and crowdfunding.

A Comparison of the Mahila Samman Savings Certificate with Other Small Savings Schemes for the Empowerment of Women in India

A Comparison of the Mahila Samman Savings Certificate with Other Small Savings Schemes for the Empowerment of Women in India

Work More Tomorrow: Resolving Present Bias in Project Management

Explaining and Resolving Delays in Projects Project management is responsible for 30% of the world’s economic activity, with an annual value of $27 trillion. Yet, despite half a century of research and the training of millions of project managers, many projects are delivered late. This is typically attributed to Parkinson’s Law, meaning the expansion of work to fill available time. However, in “Work More Tomorrow: Resolving Present Bias in Project Management,” Shi, Hall, and Cui identify and demonstrate the alternative explanation of time-inconsistent behavior, that is, present bias. Under present bias, a decision maker values immediate costs and rewards more than future ones. The authors show that this behavioral issue is responsible for procrastination by project workers and overall project delay. Borrowing concepts from popular employee savings schemes, they develop an incentive scheme that mitigates present bias and significantly enhances project performance, as measured by on-time frequency and expected project tardiness.

Do financial consultants exert a moderating effect on savings behavior?A study on the Indian rural population

Access to basic financial services, though, enables destitute and vulnerable individuals in society to promote prosperity, a significant section of rural population is still unbanked in India. Unveiling various small saving schemes, the Indian Government has accelerated the financial inclusion, but the availability of numerous alternative schemes has created a surplus of market information, causing difficulty in building economic judgment for the rural people having no financial socialization through formal and informal education and training. While dismissive investors rely on their own decisions, the convincing behaviour of financial consultants may play a crucial role in shaping the saving habits of the preoccupied population. To analyse the moderation effect of financial consultants on the relationship between small savings schemes, financial literacy and behaviour, and savings habit of rural people, the empirical study employs a two-phase structural equation modelling on the data gathered from 343 adult respondents from 12 Indian districts with a considerable rural population. In order to validate the hypothesized measurement model, a confirmatory factor analysis is carried out and in the next phase, the structural model is used to verify the association between exogenous and endogenous variables. The study exhibits a significant positive impact of predictors and moderation variables on the savings habit. The study recommends integrating consultants into the financial engineering process to advance inclusivity and encourage saving behaviour of rural individuals for personal and economic prosperity.

How Employee Capital Plans qualify under the IORP II Directive

Motivation: The pension system in Poland is undergoing another major reform. Between 2019 and 2021 Employee Capital Plans (ECP) are being implemented. This common system of voluntary pension savings schemes is a new element of the third pillar. The purpose of the ECP is to cover the majority of employees and to provide additional pension security for the large part of the labour force in Poland. Since Poland is still implementing the reform, and the system is still quite young, the research background is limited.
 Aim: This article tries to provide deeper, both legal and economic, analysis of the ECP. On the legal ground, it considers whether ECP provide “cover against biometric risk” or “guarantees a given level of benefits” for the purposes of Article 13(2) of EU Directive 2016/2341 (the “IORP II Directive”). If no such cover and no such guarantee are provided, then an ECP scheme is not required to comply with the technical provisions, buffer, and other funding requirements applicable to an IORP which is classified as a “regulatory own fund” in Article 15 of the IORP II Directive. From the economic perspective, the purpose of the article is to answer the question of how much the ECP members are covered against the risk of longevity. To achieve the research objective the method of critical legal dogmatics and the economic analysis of law method are employed.
 Results: The article explores how the ECP schemes are classified under the IORP II Directive. It also answers the question of how much the ECP members are covered against the risk of longevity. The main finding of this analysis is that the ECP, as a defined contribution plan, does not protect participants from either biometric risk or asset value declines.

Kootu fund as saving scheme of B40 Malaysian Indian women: Insights behind the participation as players and organisers during Movement Control Order

Bottom 40 which was also known as the B40 households were the vulnerable group that mostly possessed setbacks in terms of finance, health, employment, skills, accommodation, time, and other significant life aspects. B40 households also hold lower socio-economic status among other household groups in Malaysia. Being the female counterparts in the impoverished households, these women faced various hurdles in terms of social, economic, and political perspectives. Malaysian Indians from the B40 group were depicted as the marginalised group in the urban areas. The vulnerability of the B40 women was undoubtedly in a worrying situation as they had the pressure to face the hurdles in the form of patriarchal underlined roles and responsibilities. In considering the B40 group, various financial assistance is being initiated by the Malaysian government. Malaysians have started to create the effort to cope with their household’s impoverishment among themselves and their households. Having said that, the ‘Kootu’ fund became an important effort among Malaysian Indians, especially among B40 Malaysian Indian women. Even though the ‘Kootu’ fund could not be regarded as stable savings that could empower the women’s financial strength, it is somehow enlarging and creating the space for the Malaysian Indian women in terms of their various life aspects. Having said that, the factors behind their participation in Kootu fund were scantly available. Thus, this article intends to explain the factors behind B40 Malaysian Indian participation in the Kootu fund using their narratives regarding their experiences as players or organisers. In-depth interviews were conducted with fifteen B40 Indian women who were selected through snowball sampling around Sungai Karangan housing areas in Kulim, Kedah. The analysis revealed four main themes: motivation to participate economically within the setting of the household, to ease from patriarchal subordinated household roles, establish a networking system with peers around them, and accumulation of savings. The findings of this study would enlighten academicians, researchers and policy makers interested in understanding the reasoning and the complexity behind women participation in informal savings schemes such as Kootu Fund. The findings of the study imply that the Kootu fund does not merely act as a savings scheme, but it requires more intensive analysis to understand its benefits towards the B40 women. Keywords : B40 women, Indian household, Kootu fund, Malaysian Indian women, patriarchy, savings, Sungai Karangan

Crowding-out or crowding-in? Effects of LEAP 1000 unconditional cash transfer program on household and community support among women in rural Ghana

Abstract Social protection programs are not introduced in a vacuum and it is important to understand what effects such programs have on existing informal support networks of family, friends and community members. A social cash transfer may reduce receipt of informal financial support, which can water down part of the program’s impact. However, cash transfers can also reduce barriers to social participation and enable participants to engage in reciprocal support systems. We use data from the quasi-experimental mixed method impact evaluation of Ghana’s Livelihood Empowerment Against Poverty (LEAP) 1000 program, a social cash transfer program for pregnant women and mothers of children under one year living in poverty, to estimate program effects on social support and participation. Using a difference-in-differences approach we find that LEAP 1000 increases overall social support, as well as both emotional and instrumental support. In addition, program beneficiaries are more likely to participate in community groups. In in-depth interviews, participants confirmed increased support with descriptions of improved access to financial markets, such as borrowing money or contributing to local savings schemes, and strengthening of social participation in local groups and gatherings. Beneficiary women also highlighted reduced need for economic support and new opportunities to support others. By creating opportunities for additional social support within the household and community, LEAP 1000 crowded-in support, rather than reducing existing sources of support or crowding-out support.

Delving into Ponzi Schemes - Evolution Impact and Enforcement

Ponzi Schemes is not a very complex form of thievery, in fact, they are quite simple. The only job is to dupe the unassuming investors into handing over their money under the guise that it would be placed into some form of investment. Given that it’s a scam, the money is never really invested, yet the “returns” do in turn happen. The question as to how the swindler manages to return the investment is answered in this paper. Furthermore, mushrooming of the Ponzi scheme in India is a common occurrence in the contemporary times, the root cause for such scams could be found in the failure of the formal financial institutions in catering to the felt needs of the people for a savings and thrift schemes by expanding their geographical coverage to all parts of India and a general lack of awareness amongst masses of the distinction between legal and permitted financial products and illegal and unsafe schemes. The article further analyses various Indian cases and assesses the viability of the Laws in force in India and the newly introduced the Unregulated Deposits Schemes (Banning) Act, 2019 and the Unregulated Deposits Schemes Rules, 2020.