Salaried Strata Investment Behavior Towards Financial Products-review and Prospects for Future Research

The financial surface of the globe at all times reveals a weirdly balanced impact of the public investment preferences, their understanding of the investment requirements, their anticipation of returns on their investments etc. Perhaps forecasting the growth of the business world would be crucial without an opposite comprehension of the investment behavior of the key part of the society called salaried class. This paper covers appraisal of various financial instruments like equity/stocks, term deposits in banks, kisan vikas patra, national savings certificate, insurance policies, mutual fund and converse the factors persuading investment decision process. The major factors influencing the financial investment behavior are demographic factors (like age, income, qualification, gender, etc.) and socio-economic factors (like family income, tax benefits, the safety of fund, risk inclination, return on investment). This study aims to serve a channel to the need for a comprehension of the financial objectives of the salaried class investors with that of their determined desire for the investment returns. Certainly, this information could unwrap the prospect of predicting even the future of Indian Economy itself besides, providing span to fine-tuning the investment prudence of the public towards progressive and fruitful choices for themselves and the nation.

and thereby decouple the acts of saving and investment. The savers and investors are constrained not by their individual abilities, but by the economy's ability, to invest and save respectively. The financial markets, thus, contribute to economic development to the extent that the latter depends on the rates of savings and investment. Financial markets are full of imperfections, which make results inconsistent with the expectations. Genuine conditions apart, in the present world of finance, human greed, system failures or national afflictions can make things very unpredictable. This is where the risk comes into play and enroots to investor behavior in different manners. The behavior of the Investor can be affected by a number of factors. Demographical factors play a vital role in determining individual buying behavior for any goods or even service. Many types of research have been conducted to identify Investor buying behavior to identify how Investors specifically salaried strata are making financial planning to satisfy their future financial need as they have a fixed income flow. In the financial sector since reforms, many new private (domestic and foreign) players have had come up to influence the buying behavioral pattern of Indian Investors specifically for financial assets. Many of us have one simple approach to dealing with risk. That is to avoid it by all means. In financial investment matters, this may not be a good strategy. As risk and return are correlated, every risk you are avoiding possibly deprives you of a handsome opportunity to build your wealth. Balancing risk with a return in line with your individual circumstances is what financial market management is all about. The aim of this study is to appraise various financial instruments like equity/stocks, term deposits in banks, Kisan Vikas Patra, national savings certificate, insurance policies, mutual fund and converse the factors persuading investment decision process and to analyze the impact of major factors influencing the financial investment behavior are demographic factors (like age, income, qualification, gender, etc.) and socio-economic factors (like family income, tax benefits, safety of fund, risk inclination, return on investment) by exploring and comprehending the diverse literature available worldwide for understanding the variables that governs an investor's decision to save and invest.
Over the last two decades, investor deportment has been put under the microscope for analyzing their decisionmaking process and the factors that impact their investment behavior. The assessment of behavioral finance leads researchers to examine the psychological traits of investors and how they induce their investment decision-making strategies in various investment instruments.

Research Methods
In the present study, a thorough review of the existing pragmatic literature from the has been conducted. Articles published in various online databases and search engines such as NBER, INDIASTAT, ProQuest, JSTOR, OECD library and Google Scholar along with relevant books on the topic were reviewed. The studies have been reviewed in terms of crucial measures like objectives, research methodology, sample and the factors that influence an investor's behavior. Studies were conducted to identify the research gap and to propose an empirical study to determine the relationship between the income, saving and investment behavior among the salaried class people. Too much volatility and price manipulation were found to be the major cause of worries of the retail investors. Gupta and Jain (2008) To bring out the investors preferences among the various types of financial assets and also their problems concerning the stock market.

Descriptive Analysis
The household investors preferred investing in shares as compared to mutual funds due to relatively lower returns because of entry loads and management fees charged by the funds. Kibet et al., The survey revealed relatively low rates of participation by the households in the securities market. The degree of risk aversion was found to be extremely high in Indian households and so commercial banks and insurance schemes were their primary choice for saving and investment. Delafrooz And Paim (2011) To examine determinants that influence financial wellness

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Descriptive Analysis There is a relationship of savings behavior and financial problems to financial literacy, financial stress, and financial management practice.

Mean and Standard Deviation
The investors belonging to different age groups have different behavior while doing Investment and their selection of any investment avenue highly dependent upon their age. Harikanth and Pragathi (2012) [10]To explore the psychological concept of individual attachment style, especially individual investors to different available investment avenues and their investment preference process.

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Descriptive Analysis There is a significant role of income and occupation in investment avenue selection by the male and female investors.

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Chi-Square test There is an association of demographic profiles and personality type of investors with investment choice. Investors with higher income group prefer to invest in real estate and females prefer to invest in old/commodities. Females were conservative while Investing and males were aggressive.  [14]To determine the relationship between the savings and investments literacy among the school teachers.

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Descriptive Analysis In spite of low income, the teachers have been saving for future needs. The main avenues of investment is Bank deposits and the main purpose of the investment is for children education, marriage, and security after retirement. Murithi, Narayanan andArivazha gan (2012) [15]To stud the investors behavior towards various investment avenues 100 Descriptive analysis and Correlation The individual investors still prefer to invest in financial products which give risk-free returns Sireesha and Laxmi (2013) [16]To find out the impact of demographic factors on investment avenues selected by investors in the twin cities of Hyderabad and Secunderabad, India

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Descriptive analysis It is found that gender, age, and friends are mostly influencing the investment decisions of the respondents. It is concluded that the respondents of the study are conservative in nature and show less concern for money multiplication and liquidity.  Raza (2014) [21]To review the important developments in the field of behavioral finance and to present how behavior finance is the emerging field in the area of investment decision making.

Case Study, Descriptive Analysis
The perceptions of the investors do have a strong and significant impact on the financial decision making of the investors thus implying that behavioral finance in fact, duly challenges the conventional financial modeling and thus is an important emerging field of financial decision making that definitely needs to be explored and studied further Geetha and Vimala (2014) [22]To identify the popular perception of individual investors towards selected investment avenues and the predominant factors which influence individual to go for savings in that instrument 500 One sample t-test, Chi-Square There is a remarkable change in the investment avenues due to the establishment of the different financial institution, credible source attractive return, good capital appreciation, and tax concession. From the investor's point of view changes in demographic factor such as age, income, education, and occupation have an influence in the investment avenue preference. Bhushan (2014) [23]To examine the awareness level and investment behavior of salaried individuals towards financial products.

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Descriptive Statistics Respondents are quite aware and park their money in traditional and safe financial products whereas awareness level of new age financial products among the population is low. Monika et al., (2016) [24]To study the profile of the salaried personnel besides, understanding their awareness in association with the efficacy of the prevalent investment policies available.

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Percentage Analysis, Mean and Standard Deviation analysis, Chisquare test, Ttest A major percentage of the salaried investors of Saharanpur know how to make good investment decisions. One-third salaried people of Saharanpur do not pick e right financial plan due to lack of investment awareness.
Only 50% of the salaried people of Saharanpur has a realization about the percentage of savings they have to choose for future.
The above studies have investigated various demographic factors such as age, gender, income; education and experience influence the individual investor behavior. Some studies discovered that traditional and safe instruments are the most popular among investors. Gupta and Jain (2008) denoted that the household investors preferred investing in shares as compared to mutual funds due to relatively lower returns because of entry loads and management fees  Alleyene & Broome (2010) suggested that attitudes and referent groups (peers, family and significant others) and beliefs about potential obstacles and opportunities significantly predict intentions to invest. Researchers identified that the investor's portfolio, preferences, risk perceptions, objective, the pattern of investment, their awareness level, factors affecting their investment behavior and the constraints faced by them are needed to be examined in order to understand their saving and investment behavior. The various study identified variables such as demographic factors, market factors, risk-bearing capacity, lifestyle characteristics, behavioral factors, and other factors are personal and financial needs, accounting information, neutral information, firm image and advocate recommendations that govern investor's decision to save and invest.

Research Gap
While investment behavior has been studied intensively in a general sense towards salaried strata of the economy, minimum research exists with respect to defense personnel (including Airforce, Army and Navy), and Pune, Hyderabad and Bangalore (Known as IT hub) based IT Professionals mindset towards investment as a subject. IT professionals are considered to be highly remunerated especially if we talk about private sector salaried people and it is becoming the talk of the world particularly among youngsters to opt for IT profession because it gives them mental satisfaction and able to improve their quality of life. Also, since Income and Savings are the foundation to Investment, it is essential to examine income, savings and investment behavior simultaneously. From this analysis, it follows that the "Domain of Income, Savings and Investment behaviour of defence personnel (including Airforce, Army and Navy) and Pune, Hyderabad and Bangalore based IT professionals" belongs to the under-researched area, and as such, it calls for an ample, reliable and well integrated empirical examination of the behavior of IT professionals towards their savings and investment activities.

Scope for Future Research
Researchers should focus on the impact of macro environmental factors on investment strategy. Also, they can focus the variables like gender, comparison of working and non-working females and geographical sites. Future research should also study possible association effects of gender and marital status on different aspects of financial behavior. It has been found that many of the studies were performed in a few Asian countries and in India; they have covered Andhra Pradesh, Tamil Nadu, Punjab, and Assam. So, the researcher can investigate the same for new geographical destination covering urban as well rural areas. Visa Global Financial Literacy Barometer survey's 2012th edition of has ranked India at 23rd in a list of 28 countries on the financial literacy facade, just ahead of Morocco, South Africa, and Vietnam. The survey which had total 923 respondents between the age of 18 and 64 also found that Indians are under-invested when it comes to saving for emergencies. Globally, 25 percent of respondents who report they don't have enough funds to cover a personal economic emergency fall into high-income categories. The saving rate of any country is a key indicator of economic development since the domestic saving rate is directly related to the investment rate and the lending capacity of the banking system. People are earning more, but they do not know where, when and how to invest it.

Conclusion
Today the financial services sector has become highly diversified tendering the investor with a wide range of investment avenues. With proper investment strategies and financial planning, an investor can increase personal wealth which will contribute to higher economic growth. The individual's decision to invest is greatly influenced by the various benefits each individual wants from owning a particular investment. This paper has examined the published work relating individual investor behavior. Understanding the saving and investment behavior could be of great relevance to the investors for their wealth management and to the policymakers, the investment agencies, the researchers as well as managers of the firms to prepare themselves to respond to the varying behavior of the investor.