Investigating the Financial Practices of School Teachers in Kolkata (2023): Income, Savings, and Investment Patterns

Abstract

Most individuals are adept at earning money and understand the importance of saving. However, only a small proportion possesses the knowledge to effectively invest their savings in suitable investment avenues. Teachers are educated members of our society, so this research study was conducted to understand the saving and investment behaviour of school teachers in Kolkata city. To extract information, a well-structured schedule and questionnaire were prepared, distributed, and administered among the selected sample respondents. It was found that there is a relationship between income, age, savings, and the expected rate of return of the respondents. This research infers that teachers exhibit a preference for traditional investment avenues, while modern investment options remain largely unutilized. It is inferred from this research that teachers prefer traditional investment avenues and the modern investment avenues are almost untouched. They normally prefer deposits, PPF, and insurance, with their main investment objectives being emergency needs, a secured future, and child education. It is suggested that various awareness programs should be conducted to educate them about different investment avenues.