




































Indian Journal of Finance and Banking 

 Vol. 9, No. 1; 2022 

                                       ISSN 2574-6081   E-ISSN 2574-609X 

Published by CRIBFB, USA 

115 

   

DOUBLE DIP PANDEMIC IMPACT ON PORTFOLIO OF 

INVESTORS REFERENCE TO SALARIED EMPLOYEES 
 

 

P. Madhu Kumar Reddy 

Research Scholar 

Department of Business Management 

KL Business School 

Koneru Lakshmaiah Education Foundation (Deemed to be University) 

Vaddeswaram, Guntur District, India 

E-mail: madhukumarreddy@gmail.com 

https://orcid.org/0000-0002-2750-2604 

 

Dr. V S Prasad Kandi 

Assistant Professor 

Department of Business Management 

KL Business School 

Koneru Lakshmaiah Education Foundation (Deemed to be University) 

Vaddeswaram, Guntur District, India 

E-mail: kandi.vsp@gamil.com 

https://orcid.org/0000-0002-9346-8192 

 

Dr. A. Rama Kumar 

Former Professor 
Department of Business Management 

KL Business School 

Koneru Lakshmaiah Education Foundation (Deemed to be University) 

Vaddeswaram, Guntur District, India 

E-mail: ark6466@gmail.com 

https://orcid.org/0000-0002-9829-3176  

 

 

Received: November 17, 2021      Accepted: January 04, 2022      Online Published: February 05, 2022  

 

DOI: 10.46281/ijfb.v9i1.1589            URL: https://doi.org/10.46281/ijfb.v9i1.1589 

 

 

ABSTRACT 

The ongoing health crisis around COVID-19 has affected all communities. The Government has taken 

action since the Coronavirus attack created an unprecedented situation. Drop-down COVID-19 positive 

cases in December and January made people to normal life. An immediate double-dip from the COVID-

19, plow back them into hazardous life with more effective and more quickly spreading of virus leads to 

the second lockdown. The present study analyzed different investments avenues and the factors that 

affect the investment. The main objective of the study is to know the relationship between the re-entry of 

COVID-19 and the change in investment decisions of the salaried employees in Telangana. The study 

also identifies the investor’s attitude towards Mutual Funds and understands how the second wave 

mailto:madhukumarreddy@gmail.com
https://orcid.org/0000-0002-2750-2604
mailto:kandi.vsp@gamil.com
mailto:ark6466@gmail.com
https://orcid.org/0000-0002-9829-3176


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COVID-19 has impacted on investments and financial decisions of individuals in developing nations 

such as India. 

 

Keywords: Savings, Investment Avenues, Pandemic, Weighted Aspects, Portfolio Construction. 

 

JEL Classification Codes: G01, G11, G40, G41, G51. 

 

INTRODUCTION 

COVID -19, Novel Corona virus Disease, highly infectious significantly disrupted human life. 

Government suggested several measures to fight against this pandemic situation like social distancing, 

self-distancing, and self-isolation, cease of educational institutions, transportation restrictions, and 

nationwide lockdown. On 30th January 2020 the first Covid-19 positive case was registered in India. 

Gradually cases have increase regularly, with this effect from 25th March 2020, the Government of India 

declared a 3 week country wide lockdown. On an average every day, India recorded 35,000 new cases 

by the end of October and up to the month of January 2021 slowly number of positive cases decrease. 

But on 10th February, India confirmed 11,000 positive cases prior as second wave, and within two 

months it reaches to 89,800 cases that lead to lockdown from 12th May to 31st May 2021. Distribution 

of vaccination like Covisheld and covaxin creates hopes and fill the will power to fight against this devil 

virus.  

Due to this protracted lockdown and restricted economy activity, the economy witnessed as an 

extended period of slow down and financial crisis, many of the people lost jobs, collapse of the business. 

The economy had paid the major effects on Gold price, Market indices, Crude oil and Crypto Currencies 

with the impact of second wave COVID -19.  The present survey based study attempts to analyze the 

investor preference, factors influencing for investment.  

 

REVIEW OF LITERATURE 

Gurbaxani and Gupte (2021) highlighted the results on impact of COVID-19 on individual investor 

behavior with a decline of 43% in the SIP investment was common to the genders but vary with age and 

COVID19 outbreak at micro-level and may enhance the financial institution and individuals for handling 

in situation better in future. An economy incident a supply and demand of output and employment with 

the pandemic impact in terms of magnitude and intensity in short run, (Afrina et al., 2021) , the pandemic 

and market volatility caused a sharp down in resources, business sector, financial institutions that 

threaten more than the virus throughout the global community.   Investor’s perception in volatility and 

return in between India’s Implied Volatility Index (IVIX) and Nifty 50 during COVID-19 pandemic, 

(Chittineni, 2020), garbing the opportunity at market decline to invest and to sell as market raise based 

on the fundamental market movements  that effects for the IVIX futures in India. Along with global 

capital market, Indian Mutual Fund industry crisis during pandemic, like Franklin Templeton debt funds 

forced wind up. With a certain new compliances and regulation by SEBI, to ally the pain of investors 

strengthen and focused on the investment goals ( Polisetty, 2020) Indian Mutual Funds during COVID 

pandemic times). NAV’s of various schemes of Mutual Fund schemes like HSBC Large Cap Equity 

Fund, LIC Mutual Fund, Canara Robeco Blue chip Equity Fund and BNP Paribas Large Cap Fund 

performance are satisfied with the majority of the investors at pre COVID-19 ( Manoj & Avinash, 2020), 

the index funds of all the scheme are gradually decrease with the outbreak of COVID-19. Investors risk 

bearing capacity with neuroticism, agreeableness, extraversion and conscientiousness are influenced by 

the various demographical factor and personal traits (Athira & Kakkakunnan, 2020), result accompany 

with the summary of Dhiman and Raheja (2018) and (THOMAS & RAJENDRAN, n.d.), present risk 

bearing capacity, proper investment decision and beneficiary situation for the financial institutions to 

offer best financial product and provide correct guidance about investment avenues. Bounded 

knowledge, nature, self-control and limitations of the investors differ in investment pattern (Sendilvelu 

& Shah, 2021), fund managers and financial advisors involved in market analysis and sensitivity to assist 

Start –up Entrepreneur and Self Employed in investment pattern to occupy perspective gain in future.  

COVID-19 has footprint the financial crisis, health crisis were influenced on the investors perception in 



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various investment avenues in pre and during of pandemic (Mushir & Suryavanshi, 2021), results shows 

the change in the preference of the investment pattern like risk free stock, insurance, gold, bank deposits 

and PPF with enhancing effective strategies in portfolio allocation in present crisis. A dread in global 

market, blow in mutual fund and descend in international oil prices begins in 2020 (Polisetty & Manda, 

2020 ) Indian Mutual Funds in the times of Covid-19 Introduction).  ( Srivastava & Kulshrestha, 2020), 

stick to the (Graham & Dodd, 1996), “stock is not just a ticker symbol or an electronic blip; it is an 

ownership interest in an actual business, with an underlying value that does not depend on its share 

price”, investing technique  results in Indian stock market (Nifty), and International stock market (Dow 

Jones).  

 

Household Incomes and Investment Avenues 

Due to the COVID 19, an Indian household income was terrifically impact during lockdown on April 

12, 2020. An outstanding decline in the level of income with household reporting to a fall about 9 percent 

in tardy February to 45.7 percent massive in mid-April (STATISTA, 2021). The outbreak of COVID-

19, gives a significant impact on the income towards real estates and equity (Khan et al., 2020).   Agrawal 

and Ashraf (2020) band together with Dvara Research explore on the daily life of low income households 

highlighted that effective access for the eligible beneficiaries, raising transactions failures immediately, 

developing a transparent system. The entry of COVID-19, created an industrial recession that change 

the perception of the Indian citizens about income, savings and spending (Jain, n.d.).  An extraordinary 

assist requires for the economy from monetary policy (Schembri, 2021), estimated that pandemic 

“forced and precautionary” saving added about $ 180 billion because Canadians are unable to spend on 

going out, entertainment, travelling, but more cautious about health and finance.  

 

Weighted Aspects 

Based on the psychological theories (THOMAS & RAJENDRAN, n.d.), (personality and investor 

behavior influence the investment pattern of the various investment avenue and its benefit aspect.  

Investment motives and investors personal characteristics gives an significant impact on the investment 

preferences  (Riyazahmed, 2021), analyzed a wide range of investment factors that knowledge about 

Mutual Fund and market more influence the investment preferences than the investment motives. An 

effective financial decision for Start-Up-Entrepreneur and Self Employed are differ (Sendilvelu & Shah, 

2021) observed their investment pattern aid fund manager, financial institution and other investors for 

market analysis.  

 

Income Level and Savings 

An activity was engaged by the people who have savings i.e. investment that are made. A true and 

famous quote by Buffett (n.d.), “Don’t save what is left after spending; spend what is left after saving”. 

It has become famous in today’s high competitive and risky market. According to SRD (Neill, 2021), 

Dec 2020, around 1500.07 (000’s) were fresh graduates and PG, join their dream job get salary and feel 

that moment got success. Gradually when time passed raised a question about their hard earn money and 

savings. The two strongest pillar of economy savings and investment had yacht in this pandemic 

highlighted once again the tradition and importance of saving to all categories investors in India. A 

significant drop in the household income and savings during this crisis and average one year at least to 

recovery (Martin et al., 2020).  

 

HYPOTHESIS OF THE STUDY 

 Hypothesis 1 (H1A):  Second wave of COVID-19 has an impact on the preference of the investors 

in   investment.  

 Hypothesis 2 (H1B): COVID-19 second wave has an impact on the weighted aspects of the investors 

in investment. 

 Hypothesis 3 (H1C): The savings of the investors differs in constructing portfolio in first and 

second wave of COVID-19. 

 



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RESEARCH METHODOLOGY 
Based on the systematic method of data collection and analysis the validity of any research is justifiable.  

In this research paper, an attempt has made by authors to evaluate the impact of reentry of COVID-19 

on the portfolio of the investors special emphasis on salaried employees with a sample of 115 from 

March 18th 2021 to 17th May 2021.  

 

Research Design 

Over 156 questionnaires were circulated, 115 (74%) were considered for the final research work. It is 

well known fact that the demographic data are the sources and the principle means for gathering the 

basic and social statistics of the individuals and also influence the standard of living, economy growth, 

consumption, savings, and investment etc. of the individuals. The present study questionnaire has two 

major parts. The first part had five dimensions with respect to the demographical profile of the 

respondents; second part had 17 dimensions, includes three variables such as investment avenues, 

weighted aspects, and income level and savings. Six dimensions were used to assess the of the preference 

of investment in pre and second wave of COVID-19 with respect to the portfolio construction, added to 

these lines seven dimensions to the weighted aspects to measure the benefits from the various investment 

avenues, and followed to this four dimensions of the savings of the respondents to quantify the factors 

influence in investment alternative. Each variable consist of different dimensions that help to analyze 

the preference of the Indian investors respondents in constructing the portfolio (see table 1). 

 

Table 1. Variable construct and source 

 

S.no  Variables  Items  

1 Investment avenues  6 

2 Weighted aspects  7 

3 Saving  4 

Note: V- variables to construct the preference, benefits and income of the investors. 

 

Sample Size 

According to the steps taken by the Government to fight against the pandemic, primary data was 

collected through structured questionnaire to determine the impact of second wave of COVID-19 on 

investors, communicated with respondents in the form of telephone survey method administered to a 

purposive and convenience sample of 115 Indian respondents to evaluate the hypothesized relationship. 

By using Yamane’s Formula (1967), researchers draw a sample size of 115 Indian respondents with 5% 

level of significance.   

 

Formula: 

n= N/ 1+N (e)/2 

n= Sample size 

N= total number circulated/ observation in area 

e= precision value/ level of significance   

 

Statistical Tools 

Research data was analyzed with  

 Descriptive analysis  

 Standard deviation 

 Standard error  

 Pearson correlation 

 Test of homogeneity  

 Analysis of variance (ANOVA) with the help of SPSS 

 



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Df= (k-1), (n-k),(n-1) 

MSC= SSC/k-1 

MSE=SSE/n-k 

F-ratio=MSC/MSE 

Df- degree of freedom 

MSC- mean of sum of square 

MSE- mean of square within a sample 

F ratio- f calculated value/ f significant value 

 

Results   

 If F calculated value is < F tabulation value accept null hypothesis  

F cal < f tab = accept H0 

 

 If F calculated value is  >F tabulation value accept alternative hypothesis  

F cal > f tab = accept H1 

 

RESULT AND DISCUSSION 

Table 2. Tabular representation of Profile of the Sample Investors Respondents 

 

SL. 

No  

Respondents particulars   No of respondents  Valid percent 

1.  Gender  Male  78 67.82 

Female  37 32.17 

2.  Age  Upto 30 years  5 4.34 

31-40 years 71 61.73 

41-50 years 32 27.82 

Above 50 years 7 6.05 

3.  Education qualification Intermediate  - - 

Graduate  19 16.52 

Post Graduate 62 53.91 

Professionals  34 29.56 

4.  Occupation  Private 

employee 

79 68.69 

Public 

employee 

28 24.34 

Self employed 2 1.73 

Others  - - 

5.  Monthly income  Below 20,000 12 10.43 

20,001-30,000 68 59.13 

30,001-40,000 29 25.21 

40,001-50,000 6 5.21 

Above 50,000 - - 

Source: Primary Data 

 

As per the total population, the sample (n=115, 74%) was 67.82% (n=78) male and 32.17% 

(n=37) female, with 61.73% (n= 71) majority of respondents were under the age of 31-40 years, similarly 

27.82 %(n=32) were aged between 41-50 years, 6.05% (n=7) of them were above 50 years and 4.34% 

(n=5) were up to the age of 30 years. Likewise 16.52% (n=19) has a degree, 53.91% (n=62) ere post-

graduates and 29.56% (n=34) are professionals; 68.69% (n=79) the majority were private employees, 



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24.34% (n=28) were public employees and 1.73% (n=2) were self-employed. Along with majority of 

the respondents reported with monthly income 59.13% (n=68) earned 20,001-30,000, 25.31% (n=29) 

yields 30,001-40,000, 10.43% (n=12) earned below 20,000 and 5.21% (n=6) earned 40,001-50,000. 

Among the total sample (n=115), 16.52% (n=19) were aggressive investors, 31.30% (n=36) were 

conservative investors, 45.21% (n=52) were balanced investors and 6.95% (n=8) were speculative 

investors.  

 

Table 3. Tabular representation of had income level still remains same in first and second wave of 

COVID-19? 

 

Investors response  No of respondents  Valid Percent  

Yes  36 31.30 

No  79 68.69 

Total  115  

Source: Primary Data 

 

The above table no 3 explains the frequency distribution of the sample investors respondents on 

the basis of the income level of the investors in between 1st and 2nd wave effect of COVID-19. This 

shows the analysis of the present study where during pandemic situation; there is a lot of variation in the 

income of the respondents forming a mean of (68.69) percent with a sample of 79 respondents among 

115 respondents.   

 

Table 4. Tabular representation of is there any change in portfolio Re-entry of COVID-19? 

 

Investors response  No of respondents  Valid Percent  

Yes  86 74.78 

No  29 25.21 

Total  115  

Source: Primary Data 

 

The above table exhibits the change in constructing the portfolio of the sample investors’ 

respondents with the re-emerged of COVID-19. With the help of frequency distribution it is clearly 

shows the result that among 115 sample respondents, majority of the sample that is 76 respondents where 

forming a mean of (74.58) percent are agreed that there is a change in their portfolio with the second 

wave of Covid-19. This pandemic not only creates a huge financial and health crisis, but also a severe 

impact on the income of the individuals that influence their savings in constructing the portfolio.  

 

Table 5. Tabular representation of percentage of income saves during second wave of COVID-19. 

 

Percentage  No of respondent  Valid Percent  

11%-15%                                                                                                         79 68.69 

16%-20% 22 19.13 

21%-25% 14 12.17 

26%-30% - - 

Total  115  

Source: Primary Data 

 

In the above table, it is observed about the percentage of the income of the investors saving for 

various investment avenues. The percentage of the savings is divided into four levels that are from 11% 

to 15%, 16% to 20%, 21% to 25%, and 26% to 30%. The above table no 5 conclude that nearly 79 

sample investors respondents are saving in between 10% to 15% forming a mean of( 68.69) percent, 22 



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respondents are saving 16% to 20% with a valid percent of (19.13) and the remaining are saving 21% to 

25% of their savings and forming a mean of (12.17) percent in constructing their portfolio.  

 

Table 6. Tabular representation of investment avenues weighted aspect during second wave of 

pandemic-II. 

 

 Source: Primary Data 

 

The main aim of any investors is to constructing their investment portfolio with maximum profit 

with a minimum risk. The above table shows the analysis of the investors in investing various investment 

avenues based on the various weighted aspects from their portfolio. It is observed that among 115 sample 

investors respondents, 34 respondents are looking for the regular returns with a valid mean of (29.56) 

percent, 26 respondents are investing for future security purpose forming a mean of (22.60) percent, 22 

respondents are concentrated on the market liquidity of (19.13) valid percent, and the remaining sample 

respondents are for other aspects like children carrier, retirement planning, insurance and tax benefits.     

 

Table 7. Tabular representation of preference of investment avenues pre COVID 19 

 

Investment avenues  No of respondents  Valid Percent  

Bank deposits  19 16.52 

Post office 17 14.78 

Mutual Funds 36 31.30 

Equity 31 26.95 

Gold  8 6.95 

Insurance  4 3.47 

Total  115  

Source: Primary Data 

 

Table 8. Tabular representation of preference of investment avenues second wave of COVID 19 

 

Investment avenues  No of respondents  Valid Percent  

Bank deposits  8 6.95 

Post office 7 6.08 

Mutual Funds 38 33.04 

Equity 34 29.56 

Gold  12 10.43 

Insurance  16 13.91 

Total  115  

Source: Primary Data 

 

The table no 7 & 8 shows the frequency distribution of the sample investor respondents about 

the preference of the investment avenues in pre and second wave of COVID-19. With the above analysis 

it is an evident that there is a variation in the preference of the investors with a 9.57 (16.52-6.95) in case 

of a bank deposits, 8.7 (14.78-6.08) variation for the post office savings. And it is also observed that a 

Weighted aspects  No of respondents  Valid Percent  

Regular returns  34 29.56 

Future security  26 22.60 

Liquidity  22 19.13 

Children carrier  17 14.78 

Retirement  2 1.73 

Insurance  12 10.43 

Tax benefits 3 2.60 

Total  115  



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positive variation in some investment avenues like for Mutual fund 1.74, Equity market 2.61, 3.48 for 

Gold and 10.44 for insurance. The outbreak of covid-19 for the income factor is not influencing the 

preference in gold and equity (Khan et al., 2020). This drastic change in investment avenues for the 

present study sample respondents are due to a huge financial and health crisis during Covid-19. On the 

basis of this pandemic, most of the investors showed interest in investing in pharmaceutical sector 

through equity market and health crisis shift the portfolio of the present study investors in Insurance.  

 

Table 9. Descriptive Statistics 

 

Investment 

Avenues  

N Std. 

Deviation 

Std. 

Error 

 95% Confidence 

Interval for 

Mean 

Minimum Maximum 

Lower 

Bound 

Upper 

Bound 

Bank deposits 8 1.00 .000 .000 1.00 1.00 1 1 

Post office 11 1.00 .000 .000 1.00 1.00 1 1 

Mutual funds 46 1.00 .000 .000 1.00 1.00 1 1 

Equity 31 1.55 .506 .091 1.36 1.73 1 2 

Gold 5 2.00 .000 .000 2.00 2.00 2 2 

Insurance 14 3.00 .000 .000 3.00 3.00 3 3 

Total 115 1.43 .703 .066 1.31 1.56 1 3 

Weighted aspects  

Regular returns 34 1.00 .000 .000 1.00 1.00 1 1 

Future security 26 1.00 .000 .000 1.00 1.00 1 1 

Liquidity 22 1.14 .351 .075 .98 1.29 1 2 

Children carrier 17 2.00 .000 .000 2.00 2.00 2 2 

Retirement 2 2.00 .000 .000 2.00 2.00 2 2 

Insurance 11 3.00 .000 .000 3.00 3.00 3 3 

Tax benefits 3 3.00 .000 .000 3.00 3.00 3 3 

Total 115 1.43 .703 .066 1.31 1.56 1 3 

Savings in pre and second wave of COVID-19 

11%-15% 79 1.392 .175 .000 -1.82 -.97 1 1 

16%-20% 22 1.392 .175 .000 .97 1.82 1 2 

21%-25% 14 3.165 .210 .000 2.65 3.62 1 1 

Total  115 5.949 .56 .000 1.8 4.47 1 1 

Change in portfolio  

YES 36 1.00 .000 .000 1.00 1.00 1 1 

NO 79 1.63 .771 .087 1.46 1.81 1 3 

Total 115 1.43 .703 .066 1.31 1.56 1 3 

Note:α- **: p < 0.05(2 tailed); S: significant; ns: not significant level of significance at 5% 

Source: Primary Data 

 

The present study made an attempt with a sample of 115 investors. The variable investment 

avenues scores ranges from (1.00 to 1.00) with a mean of 1.00 (bank deposits, post office and mutual 

fund) with a standard deviation of (0.000), Equity scores range from (1.00 to 3.00) with a mean of (1.55) 

standard deviation of (0.506), and others Gold and Insurance scores ranges from (2.00 to 3.00) with a 

mean of (2.00, 3.00) and a standard (0.000). The analysis clearly explains the impact of double dip of 



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COVID-19 in the preferences of investors to invest based on the savings of the sample investors 

respondents. 

The table explains about the descriptive analysis of the investors’ savings during second wave 

of COVID-19, where the various weighted aspects of the investment avenues score range from (1.00 to 

3.00). The weighted aspect of regular return, future security score a mean range of (1.00) with a standard 

deviation of (0.000), liquidity aspect ranges from (1.00 to 2.00) with a mean (1.14) and a standard 

deviation of (0.351), children carrier, retirement score range from (2.00 to 3.00) with a mean of (2.00) 

and standard deviation of (0.000), and the other aspects ranges to (3.00) with a mean of (3.00) and 

standard deviation of (0.000). 

Following to this it depicted the analysis of savings of the investors in pre and second wave of 

covid-19 were, for 11%-15% and 16%20% mean score range of (1.00 to 1.00)  and (1.00 to 2.00) with 

a mean of (1.392) and a standard deviation of (.175) and  21%-25% mean score ranges from (1.00 to 

1.000) with a mean of (3.165) and a standard deviation of (.210), the descriptive analysis of the investors’ 

savings habits with the impact second wave COVID-19, where mean score ranges from (1.00 to 3.00), 

with a standard deviation of (0.000) and (0.771).  

 

Table 10. Results of the Homogeneity of variance test 

 
 Hypothesis statement  Levene 

Statistic 

df1 df2 Sig. 

H1A Second wave of COVID-19 has an impact on the 

preference of the investors in investment 
9.924 2 112 .000 

H2A COVID-19 second wave  has an impact on the 

weighted aspects of the investors in investment 
12.964 6 108 .000 

H3A The savings of the investors differs in constructing 

portfolio in first and second  wave of COVID-19 
149.858 1 113 .000 

Note: H1A- statement of hypothesis 1, H2A-statement of hypothesis 2, H3A- statement of hypothesis 

3, LS- Levene Statistics for homogeneity test, df- degree of freedom1, , sig- result of the test with the 

significant values.   
 

To know the assumption that the variance was homogenous, a high priority level of the 

homogeneity test was conducted with the help of Levene’ Statistic. 

 

Hypothesis 1:  Analyzing to H1A stated that second wave of COVID-19 has an impact on the preference 

of the investors in investment. The F-values and significant value for the Levene’ test were (F (2,112) = 

9.924), (p= 0.000) (H1A). With this analysis it is clearly mentioned that the significance values are less 

than 0.05, thus the finding reject the null hypothesis.  

 

Hypothesis 2: Followed with this hypothesis, H2A associated that COVID-19 second wave has an 

impact on the weighted aspects of the investors in investment and the result revealed that F-value and 

significance value for the Levene’s test were (F (6,108) =12.964), (p= 0.000). Hence the results 

illustrated that the significance values are less than 0.05, thus the results suggests that reject the null 

hypothesis.  

 

Hypothesis 3: Concerning the hypothesis, H3A reveals that the savings of the investors differs in 

constructing portfolio in between first and second wave of  COVID-19 and the result stated that the F-

values and significance values for the Levene’ test were (F (1,113) = 149.858), (p=0.000). Therefore, it 

is an evident that the significance values are less than 0.005, will reject the null hypothesis.     

 

 

 

 



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Table 11. Pearson correlation constructs (n=115) 

 
 Preference during second 

wave of  covid 19 

Weighted aspects in 

investment avenues 

Savings in first and 

second wave of covid 19 

Preference during 

second wave of  

covid 19 

1.000 .918 .832 

Weighted aspects 

in investment 

avenues 

 1.000 .908 

Savings in first and 

second wave of  

covid 19 

  1.000 

Note: **: p < 0.05(2 tailed); S: significant; ns: not significant. 

 

To determine the consistency of the interrelationship between selected variable such as 

investment avenue preference during second wave of Covid-19, weighted aspects in Investment Avenue 

and savings in between first and second wave of Covid-19 Pearson’s correlation analysis was used. The 

present study was accurate, with a coefficient varying from (0.832 to 0.918) for variables. It represents 

the degree of relationship between the preferences of various investment avenues, savings in 

constructing the portfolio. With the help of the correlation coefficient statistic shows that preference on 

various investments avenue had a positive correlation with weighted aspects of investments (r=0.918, 

,p<0.05) and a positive relation with savings (r=0.832,p<0.05) and the finding were confirmed ( K., 

2021), benefits and savings are the main factor and had a moderate positive influence on preference of 

various investment avenue (r=0.908, p<0.05) at  5% significance level. 

 

Table 12. Result of Analysis of Variance (ANOVA) 

 
 Sum of 

Squares 

df Mean 

Square 

F Sig. 

Preference during 

second wave of  

COVID 19 

Between Groups 134.006 2 67.003 127.789 .000 

Unweighted  119.096 1 119.096 227.142 .000 

Linear term Weighted  133.460 1 133.460 254.538 .000 

Deviation  .546 1 .546 1.041 .000 

Within Groups 58.724 112 .524   

Total 192.730 114    

Weighted aspects  Between Groups  9.906 1 9.906 24.149 .000 

Unweighted  9.906 1 9.906 24.149 .000 

Linear term Weighted  9.906 1 9.906 24.149 .000 

Deviation  6.732 1 6.732       12.647   .000 

Within Groups 46.354 113 .410   

Total 56.261 114    

Savings in first 

and second wave 

of COVID 19 

Between Groups 53.670 6 8.945 372.865 .000 

Unweighted  27.271 1 27.271 1136.765 .000 

Linear term Weighted  46.371 1 46.371 1932.942 .000 

Deviation  7.299 5 1.460 60.850 .000 

Within Groups 2.591 108 .024   

Total 56.261 114    

Note: *.The mean difference is significant at the 0.05 level, df- degree of freedom, MS-mean of Sum of 

square, F-statistical test.  

 

This section shows the F-Test (Analysis of variance) for 115 sample investors respondents based 

on the preferred of the investment avenues which influence sample investors to invest. Three variables 



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were designed the interrelationship among the study variable like preference in various investment 

avenues, weighted aspects in investments, and saving.  

 

Results of Hypothesis 1: In the present study H1A, stated that second wave of COVID-19 has 

an impact on the preference of the investors in investment. The F-value and significance value for the 

Analysis of variance test were (F (2,113) = 127.789), (p=0.000), (H1A). With this analysis it is clearly 

mentioned that the significance values are less than 0.05, thus the findings reject the null hypothesis.  

 

Results of Hypothesis 2: With respect to the re entry COVID -19 impact on the preference of 

the investors to investment. Concerning to the hypothesis H2A, associated that COVID-19 second wave 

has an impact on the weighted aspects of the investors in investment. The result clearly stated that 

various aspects of the investor were (n=35, µ= 29.56) are expecting regular return, (n=26, µ= 22.60) are 

securing for future requirements, (n=12, µ=10.43) were looking for the insurance benefits. Due to 

increase in the number of cases in this prolonged crisis, the (IANS, 2020), mandated all general and 

health insurers to start offering Corona Kavach- an indemnity health based plan, Corona Rakshak- a 

fixed health insurance benefit to their customers which covers hospital and medical expenses of COVID-

19 patients. A vast variation observed in the investors’ preference, with the digitalization support from 

the many insurance companies to their clients with better choices and smooth delivery system. Therefore 

it is an evident with the analysis that F-values and significance values of Analysis of variance test were 

(F (1,113) = 24.149), (p=.000) (H2A) thus findings reject the null hypothesis, that there is a significant 

difference in the weighted aspects of the various investments avenues in second hit of COVID-19. 

 

Results of Hypothesis 3: The two variables consider under this paper is income level and the 

savings of the investors in constructing their portfolio during reappear pandemic situation. With this 

same line H3A, stated that the savings of the investors differs in constructing portfolio in between first 

and second wave of COVID-19. The F-value and significance value for the Analysis of variance test 

were (F (6,108) =372.865), (p=0.000), (H3A). The results shows that significance value are less than 

0.05, thus the finding reject the null hypothesis, with respect to income level and the savings of the 

investors in constructing their portfolio separating first and second wave of  Covid-19.  

 

FINDINGS OF THE STUDY 

 The present study has been undertaken with the main objective to find the preference of the investors 

in various investment avenues in double hit of COVID-19 and its impact on their savings and income 

level with respect to the salaried employees.  

 In the pair of pandemic, many of the salaried employees have realized the importance of the money, 

savings and its abundance and begin their financial plans. 

 Analysis of the present study was done with the help of survey method with 115 sample investors’ 

respondents of Telangana and reveals that 67.82 percent are male respondents and 32.17 percent are 

female respondents.  

 The study revealed about the different kind of investors as aggressive, conservative, balanced and 

speculative, where majority of the respondents are balanced investors with a valid percent of 45.21 

percent and second majority are from conservative of 31.30 valid percent.  

 Novel Corona Virus not only caused a huge health damage crisis, economy but also savings habits 

and income levels of the individuals with a valid percent of 68.69 percent and impact in constructing 

their portfolio with a valid percent of 74.78.  

 Investing is a chord and passionate activity with the investors’ necessities and dreams, but is hold 

up with the raise of uncertainty puts their financial plans hard with a huge valid variation.  

 It is analyzed that there is a significant difference in the preference of the investors in various 

investment avenues during second wave of Covid-19. 



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126  

 The paper also revealed about the there is a significant difference in the weighted aspects of the 

investments in pre and second wave of Covid-19, and found many of the investors are willing for 

the insurance policies with the various plans from IRDAI, like Corona Kavach and Corona Rakshak.  

 Finally, lockdown has unlocked the savings and FD’s.   

 

CONCLUSION 

The present study has made a genuine attempt to analyze the preference of the investors in Mutual Fund 

and constructing their portfolio with respect to the salaried employees.  Most probably investors consider 

their savings as a path to meet any obligations, and prefer investing with minimum risk that warrant 

constant and steady returns.  The study concludes that many of the investors prefer for secured and 

regular returns. After the statistical analysis, the investors still prefer to invest in Mutual Fund, equity 

and insurance also. On the other hand the authors revealed about the facts of the COVID-19 impacts on 

various investment avenues, savings and income of the investors that due to cut off in pays and jobless, 

people spending only on the necessity foods, health, education, insurance etc.   Due to this health and 

financial crisis in pandemic situation, investors prefer the safety and health insurances as an important 

factor while investing. It is very essential and completely needed to save from earn, plan for future 

benefits and to endure the spending funds. From COVID-19, the entire world taught a good lesson about 

income and savings that when and where to spend as it is a quite difficult but started habituated. Vaccines 

building hope in the minds of the people to fight against this COVID-19. Finally, with the help of 

ayurvedic medicine by Anandaih from Krishnapatnam AP gives people a deep positive breath for the 

positive COVID-19 patients. 

 

AUTHOR CONTRIBUTIONS 

Conceptualization: P. Madhu Kumar Reddy 

Data Curation: P. Madhu Kumar Reddy 

Formal Analysis: V S Prasad 

Funding Acquisition: P. Madhu Kumar Reddy 

Investigation: P. Madhu Kumar Reddy 

Methodology: P. Madhu Kumar Reddy 

Project Administration: A.Rama Kumar 

Resources: P. Madhu Kumar Reddy 

Software: P. Madhu Kumar Reddy 

Supervision: A.Rama Kumar 

Validation: V S Prasad 

Visualization: A.Rama Kumar 

Writing – Original Draft: V S Prasad 

Writing – Review & Editing: A.Rama Kumar 

 

CONFLICT OF INTEREST STATEMENT 

The authors declare that they have no competing interests.  

 

ACKNOWLEDGEMENT 

All authors contributed equally to the conception and design of the study. 

 

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Copyrights 

Copyright for this article is retained by the author(s), with first publication rights granted to the journal. 

This is an open-access article distributed under the terms and conditions of the Creative Commons 

Attribution license (https://creativecommons.org/licenses/by/4.0). 

 

                                                                  

https://doi.org/10.46281/ijfb.v5i2.1025
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