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Demographic and socio‐economic determinants of financial satisfaction

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  • Shalini Kalra Sahi

Abstract

Purpose - The purpose of this paper is to analyse the effect of demographic and socioeconomic factors on the financial satisfaction of the individual investors in India, who belong to the urban socio‐economic classification segment‐A. Design/methodology/approach - Based on a sample of 374 individual investors, one‐way ANOVA, t‐test and correlation was conducted to find out which demographic and socio‐economic variables were associated with the individual's financial satisfaction levels. Findings - The results of the research showed that factors such as age, marital status, occupation, work‐experience, income, saving rate, nature of household accommodation and investment tenure, impact the individual's financial satisfaction levels. Practical implications - With the increase in the household income levels in India as a result of the tremendous growth and expansion that the Indian economy has witnessed over the last decade, there has been a growth in the demand for financial planning and wealth management services too. The purpose of financial advisory services is to understand the clients' behaviour and needs and accordingly provide advice on the various aspects of financial planning and wealth management. The findings of the study have implications for policy makers and financial service providers. Originality/value - Though, the demographic and socio‐economic correlates of financial satisfaction have been extensively researched in the literature, there has been scant empirical research on the Indian financial consumer. This study fills this gap and is the first of its kind on the Indian Individual investor.

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  • Shalini Kalra Sahi, 2013. "Demographic and socio‐economic determinants of financial satisfaction," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 40(2), pages 127-150, January.
    • Handle: RePEc:eme:ijsepp:v:40:y:2013:i:2:p:127-150
    DOI: 10.1108/03068291311283607
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    References listed on IDEAS

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    1. Carol Newman & Liam Delaney & Brian Nolan, 2008. "A Dynamic Model of the Relationship Between Income and Financial Satisfaction: Evidence from Ireland," The Economic and Social Review, Economic and Social Studies, vol. 39(2), pages 105-130.
    2. Jain, Arvind K. & Joy, Annamma, 1997. "Money matters: An exploratory study of the socio-cultural context of consumption, saving, and investment patterns," Journal of Economic Psychology, Elsevier, vol. 18(6), pages 649-675, November.
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    Cited by:

    1. Nkosivile Welcome Madinga & Eugine Tafadzwa Maziriri & Tinashe Chuchu & Zinzi Magoda, 2022. "An Investigation of the Impact of Financial Literacy and Financial Socialization on Financial Satisfaction: Mediating Role of Financial Risk Attitude," Global Journal of Emerging Market Economies, Emerging Markets Forum, vol. 14(1), pages 60-75, January.
    2. Waqas Ali & Rehman Javaid & Shujahat Ali3 & Yasir Akram & Ayaz Ul Haq, 2019. "Infl Uence Of Life Events On The Financial Satisfaction Of Individuals," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 15(1), pages 15-10.
    3. Laily Dwi Arsyianti & Salina Kassim, 2018. "Financial Prudence through Financial Education: A Conceptual Framework for Financial Inclusion الاحتراز المالي من خلال التعليم المالي: إطار مفاهيمي للإدماج المالي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 31(1), pages 151-166, January.
    4. Henryawan Sigit & Muafi Muafi, 2022. "The influence of internal marketing and organizational commitment on employee performance mediated by psychological capital," International Journal of Research in Business and Social Science (2147-4478), Center for the Strategic Studies in Business and Finance, vol. 11(8), pages 177-190, November.
    5. Castro, Damaris & Bleys, Brent, 2023. "Do people think they have enough? A subjective income sufficiency assessment," Ecological Economics, Elsevier, vol. 205(C).
    6. repec:abd:kauiea:v:31:y:2018:i:1:p:151-166 is not listed on IDEAS
    7. Laily Dwi Arsyianti & Salina Kassim & Adewale Abideen Adeyemi, 2018. "Debt Taking And Charity-Giving Among Low-Income Households: Strengthening Resilience In Islamic Perspective," Journal of Islamic Monetary Economics and Finance, Bank Indonesia, vol. 4(1), pages 1-22, August.
    8. Waqas Ali & Rehman Javaid & Shujahat Ali3 & Yasir Akram & Ayaz Ul Haq, 2019. "Infl Uence Of Life Events On The Financial Satisfaction Of Individuals," IBT Journal of Business Studies (JBS), Ilma University, Faculty of Management Science, vol. 15(1), pages 123-137.

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