Assessment of Financial Behaviour of Defence Persons in Haryana

Abstract

Financial behaviour shows the money management practices of a person. It represents the way to make monetary decisions and management of debts. Financial behaviour is an important dimension of financial literacy which prepares a person to deal with the financial issues. Financial behaviour can be studied with the help of different indicators like saving, investment, spending etc. Financial behaviour can be noticed through the day to day actions regarding monetary decisions and budgeting. Financial behaviour can be positive as well as negative towards different monetary decisions and it can be changes according to financial situations. This paper is framed with the objective to measure financial behaviour of defence persons. This study is based on primary data where data were collected from 651 defence personnel from 06 administrative division of Haryana. One-to-one contact has been done and a structured questionnaire is used to collect the specific information required for the study. Data analysis includes EFA, CFA, cronbach alpha, one-way ANOVA, t-test and correlation. Seven demographic variables were taken for analysis i.e. age, gender, marital status, family type, income, education qualification and working status. The significant difference in financial behaviour of defence persons has been studied through One-way ANOVA and t-test across the demographic variables. Results of the study depicted significant difference in the financial behaviour of defence persons across gender, age, education qualification and annual income. However, no significant difference exists in the financial behaviour of defence persons across marital status, type of family and current working status.