Study on Saving and Investment Behaviour of High school and College Teachers in Samastipur District of Bihar
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Date
2017
Authors
Journal Title
Journal ISSN
Volume Title
Publisher
Dr. Rajendra Prasad Central Agricultural University, Pusa (Samastipur)
Abstract
The study was undertaken in Samastipur district of Bihar selected purposively, as this type of study on teachers were not undertaken in this area. A sample of 80 teachers (high school and college) were selected randomly, to study the socio-economic profile of the teachers, saving and investment behaviour, saving and investment avenues, factors affecting saving and investment behaviour and constraints faced by the respondents. The independent variables included personal, demographic and socio-economic factors, whereas saving and investment behaviour and preference regarding saving and investment institutions were taken as dependent variables. Data were collected with the help of a structured interview schedule. Appropriate statistical tests applied were percentages, frequencies regression coefficient, paired t-test and weighted mean score. Background profile of the respondents showed that majority of high school respondents were of middle age group (67.5%) followed by college respondents (47.5%) were age group i.e. between above 51 years, high school (teachers) were post-graduate (60%) followed by college (teachers) Ph.D (60%) and high school teachers, having joint
families whereas college teachers, nuclear families with medium family
size, getting family income of high school respondents Rs. up to
Rs.1,00000 per month whereas college respondents were Rs.1,00001-3,00000 per month followed by personal income of high school respondents up to 50,000 per month whereas college respondents were Rs.50,001-1,00000 per month belonged to general caste.
Most of the high school and college respondents were used broker as the main sources of information followed by often and sometimes. Majority of teachers were saving their money in banks. Regarding percentage of saving, the high school teachers were fall in 10% of category followed by college teachers, percentage was highest that is 11-20% categories and majority of the teachers were saved as a part of their money every month.
Regarding mode of expenditure, most of the teachers were always used as cash. As per the regular flow of expenditure were education and household expenditure of teachers whereas regarding spending pattern of the respondents was highest on regular monthly expenses. As per record keeping habit of the respondents of income and expenditure were kept their sometimes and mostly of the respondents were not in this habit i.e. never.
Most of the teachers (high school and college) were used bank as most preferred avenues due to causes related safety and also they invest in government sector due to moderate risk.
Regarding difference between male and female teachers, saving mode, female teachers saved in banks of their big part of saving in bank whereas male teachers they kept their income generally in hand as compared to female teachers. As per the finding shows that purpose of saving of high school respondents was children education and college teachers was saving for their emergencies. As per the objective of investment was their children’s education, the percentage of investment was 10-20% and period of investment was annually by all the respondents, short term goal of investment was returns and long term goal of investment was children’s future.
Respondents were preferred to save in commercial banks followed by highly preferred to save in recurring deposits and highly influenced by income as saving followed by influenced investment decision i.e. safety.
Saving behaviour of high school teachers was found to be highly significant and positively related with the variables personal income.
In case of saving behaviour of college teachers was found to be positive and highly significant with variables viz., education, family income (at 1% probability level) and other variables viz., age, family type, mode of expenditure and avenues available ( at 5% probability level).
The variables viz. age was found to be highly significant (at 1% probability level) and positively co-related and family income was also found to be positive and significant (at 5% probability level) with investment behaviour of high school teachers.
Independent variables viz. personal income was found to be highly significant (at 1% probability level) and positively co-related and family type was also found to be significant (at 5% probability level) with investment behaviour of college teachers.
The variable viz. mode of expenditure was found to be significant (at 5% probability level) with preference of saving and investment institutions.
Independent variable viz. education was found to be significant with the preference of saving and investment institutions.
Paired-t-test (saving and investment behaviour) were applied to examine the significance of differences between High school and College teachers and it was found that the t-value (4.350**) and (9.793**) which were significant at 1% of probability level.
Heavy time demand was the major social and personal constraints, faced by a majority of high school and college respondents followed by higher expenditure on children education. Constraints of children marriage, maintenance of the family members and house was seen under economic constraints, faced by majority of the respondents. Related to children constraints, maintaining proper disciplined followed by taking children for outing were faced. Many of the respondents faced feeling of anxiety and emotional stress for safety and their children future. They also faced constraints in insufficient money for health care and poor health of self of both the respondents.