Financial Behaviour and Savings Decisions of the Working Class: An Empirical Study in Amritsar City

Abstract

Most of the working class consists of the young generation. It has been observed that people are spending most of their salary. It has been seen that they tend to spend more on luxury than on necessities. It has been observed that the young generation likes to invest in various options, and they are also investing in the share market, as compared to their earlier generations. Most of the respondents invest their savings in LIC and in mutual funds. Investments in various fields will strengthen our economy. 42% respondents are risk-averse, and only 25% are risk takers. But still a large amount of investment is made in fixed deposits, insurance and public deposits.