




































INDIAN JOURNAL OF FINANCE AND BANKING 12(1) (2022), 1-8 

1 

 

                       FINANCE AND BANKING 

                                                                  IJFB VOL 12 NO 1 (2022) P-ISSN 2574-6081  E-ISSN 2574-609X 
                                                  

        Available online at https://www.cribfb.com 

                                                                                                                                           Journal homepage: https://www.cribfb.com/journal/index.php/ijfb 
                                                                                                                                                                                                   Published by CRIBFB, USA 

DEPICT THE ROLE OF FACTORS AFFECTING BEHAVIOR OF 

INVESTORS TOWARD SETTING THE INVESTMENT AVENUES 

AND CHOOSING THE BEST INVESTMENT PLATFORM: AN 

EMPIRICAL ANALYSIS         

 
 Suraj Sharma (a)1       Ashish Tripathi (b)   

 

(a) Assistant Professor and Research Scholar, IPS Academy, IBMR, Sanwer, Indore, VIT University- Bhopal, Madhya Pradesh, India; E-mail: 

surajsharmapgdm@gmail.com 
(b) Professor and Dean, VITBS, VIT University- Bhopal, Madhya Pradesh, India; E-mail: ashish.tripathi@vitbhopal.ac.in.ac.in 

 

 
A R T I C L E I N F O 
 

 

Article History: 
 

Received: 18th October 2022 

Accepted: 10th December 2022 

Online Publication: 16th December 2022 

 
Keywords: 

 

Factors Influence, Investors Behavior,  

Financial Investment Opportunities/  

Avenues, Investment Platform,  

Financial Behavior & Attitude 

 

 
JEL Classification Codes: 

 

G2, G4, G5, D1, M5, R3 
 

 
 

 
  

 
A B S T R A C T 
 
The present study depicts the role of various factors affecting the behavior of investors towards set 

investment platforms and their priorities in choosing the best investment avenues. Its first aim is to get 

fully acquainted with various factors: Demographics and other influencing factors affecting investors' 

behavior towards choosing investment avenues. The second aim is to find the best investment platform 
in the Indian financial system. The third one perceives investors' perceptions and behavior while 

choosing their best investment priority and selecting the best investment platform. And fourth measures 

the relationship between various factors and investment avenues. The study mainly concerns and focuses 

on generating new epistemology (knowledge) in financial investment decisions with the effect of 

influencing factors for choosing the best investments, simultaneously getting a conceptual framework 

with Financial Behavior & Attitude glimpse. This study hypothesizes the demographic factors affecting 

behavior or not and measures relationships between other investment influencing factors & investment 

avenues. The study has conducted an empirical analysis based on observation, personal experience, and 
data collection through generated questionnaire links shared with the target audience. The target 

audience is housewives, daily wage earners, working professionals, government employees, and 

businessmen, with a sample size of 160. The data analysis and measurement are based on Percentage 

Analysis, T-test, and ANOVA.  

 
 

© 2022 by the authors. Licensee CRIBFB, USA. This article is an open-access article distributed 

under the terms and conditions of the Creative Commons Attribution (CC BY) license 

(http://creativecommons.org/licenses/by/4.0/).                           

 

INTRODUCTION 

Investor behavior is dependent on the income level of individual investors. The income factor is one of the most important 

factors affecting investors' behavior toward selecting investment priority. Investment decisions are based on the uncertainty 

of the future state (Raaij, 2016). Although, the study elaborates fully on an acquaintance of factors affecting the behavior of 

investors toward the selection of investment avenues. Investors can be any individual, such as a Housewife, Daily Wage 

Earner, Working Professional/Service class, Business Profession of Self Own Business/ Ventures, Government Employee, 

etc. Before making an understanding of financial factors affecting the behavior of investors: firstly, we can know about a 

conceptual glimpse of behavioral finance and then go for getting knowledge about investment factors. This paper provides 

the framework of investment behavior and the theory of investment to maximization of profit (Jorgenson, 1967). 

In the world of era representation, the latest and one of the essential tasks is to make decisions for an investment 

of funds in the right direction as per our desire for getting favorable returns with lesser risk. These things come from the 

individual human mind, those who want to take risks and return; this is called an investor. Investor Behavior is rational and 

irrational for making certain decisions for investing. Rational investor psychology favors financial knowledge, while 

irrational investor logic has opposed rational investors' minds. 

Behavioral finance is one of the most recent and emerging financial branches. To inculcate knowledge of the human 

                                                      
1Corresponding Author: ORCID ID: https://orcid.org/0000-0001-8342-7242 
© 2022 by the authors. Hosting by CRIBFB. Peer review under responsibility of CRIBFB, USA.  

https://doi.org/10.46281/ijfb.v12i1.1864 

 
To cite this article: Sharma, S., & Tripathi, A. (2022). DEPICT THE ROLE OF FACTORS AFFECTING BEHAVIOR OF INVESTORS TOWARD 

SETTING THE INVESTMENT AVENUES AND CHOOSING THE BEST INVESTMENT PLATFORM: AN EMPIRICAL ANALYSIS. Indian Journal 

of Finance and Banking, 12(1), 1-8. https://doi.org/10.46281/ijfb.v12i1.1864 

https://orcid.org/0000-0001-8342-7242
http://creativecommons.org/licenses/by/4.0/)
http://creativecommons.org/licenses/by/4.0/)
https://doi.org/10.46281/ijfb.v12i1.1864
https://orcid.org/0000-0001-9480-0057


Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

2 

mind and physiological traits of investor behavior for opt desire investment opportunities. Behavioral finance theories 

presented the study of the human mind, social science discipline as anthropology, human psychology & sociology and 

encouraged empirical research on investor’s behaviors (Singh & Yadav, 2016). Behavioral Finance: In the Indian context, 

the traditional behavior of investors was rational. However, at present, investors' behavior is rational and irrational. Financial 

education spreads various investment avenues. Behavioral finance is a finance of the human mind or expresses the 

psychological decision to select the best investment platform to perform financial deeds. It has also covered physiological 

decisions, overconfidence, under and reaction, herd behavior, mental Accounting, prospect, regret, anchoring, disjunction 

effect, magical thinking, culture, and social contagion. 

Behavioral finance research is a new paradigm to check the mental ability of investor behavior. Many influencing 

factors affect investors' behavior and perception (Singh & Yadav, 2016). Behavior finance is trying to solve problems related 

to choosing optimum solutions for investing funds via mental ability, thinking, psychology, and individual behavior. It has 

traced the epistemology of investment decisions rather than understanding investment avenues. Behavioral finance is based 

on human psychology and human knowledge for making concerning decisions for handling financial activities. Financial 

behavior has given opportunities for financial literacy (Marcolin & Abraham, 2006).  

Varieties of factors affect investors' behavior in opting for investment platforms. The investor's behavior is 

influenced by various factors towards investment decisions in banking, insurance companies, post offices, NBFCs, and the 

financial market (Al-Tamimi, 2009). Some significant factors are influencing the behavior of investors as of now, risk and 

return, while other factors come from advice & recommendations as well as market growth and economic indication for 

choosing the best investment avenues for making profits and future financial growth. Finally, financial factors help the 

behavior of investors to make a favorable decision toward the selection of the best investment avenues. Investment decisions 

ignite the best investment platform, but investors' buying behavior is affected by factors, and investment aims to determine 

return and simultaneously face risk (Dhar, 2017). This study part of behavior finances the psychological and sociological 

factors affecting investment decisions (Uslu Divanoglu & Bagci, 2018). 

 

The objective of the study 

 To observe factors affecting the behavior of investors to set the investment avenues.  

 To find out the best investment platform chosen by investors.  

 To get investors' perception towards selecting the best investment priority and investment platform. 

 To measure the relationship between the demographic factor and investment avenues. 

 

LITERATURE REVIEW 

Research is a scientific investigation based on past and present studies and also imparts knowledge from those studies that 

have already been conducted. A literature review is a basket of historical and modern studies to get new ideas for the present 

investigation. There are some essential reviews based on this research:  

HC (2020) observed the analysis and impact of financial literacy on the investment decisions of Sharia Bank 

customers in Indonesia. The research methodology is based on Validity & Reliability Test, Cronbach Alpha, Correlation, 

and multiple regressions. The study has found the positive impact of financial investment decisions on financial knowledge, 

financial behavior, financial awareness, and financial attitude. The hypothesis tested significant differences between all, 

such as FK, FB, FA, and FAT. The gap was recommended that the Bank needs to emerge a wide variety of financial products 

& services. Moreover, for making awareness about financial opportunities among all public outreach & implementing 

educational programs directly or indirectly via online websites, print media, etc.  

Raut (2020) focused on the past behavior of investors towards investment decisions & financial literacy. Data were 

analyzed based on AMOS 20.0 using two-step SEM (Structural Equation Modeling). The study found two external 

variables: first financial literacy and second, past behavior of investors. Moreover, found a significant effect on all predictive 

variables and investors highly influenced by social pressures via financial literacy. In the past, behavior showed no 

significant impact on investors' behaviors of, investment decisions & intentions. The study found a gap between investment 

opportunities and investors' behavior toward making decisions for the best investment avenues. Future studies need to 

elaborate on financial patterns to make people understand financial opportunities.  

Alaaraj and Bakri (2020) focused mainly on the effect of financial literacy in South Lebanon. Descriptive statistics 

were identified, and proposed hypotheses were tested using Pearson correlation and multi-regression analysis. The result is 

highly recommended that future study is based on designing financial patterns for other regions and on numerous factors 

affecting investors' behavior towards making investment decisions and expanding the knowledge amongst all age groups.    

Rodrigues et al. (2019) measured the financial education of individual investors toward used financial products. A 

quiz game was developed for the analysis of financial situations according to banking websites. This study compared bank 

clients' basic and advanced financial knowledge and skills. In essential financial literacy, skill is higher and satisfactory but 

less in the context of bank clients' advanced financial knowledge—moreover, investors' prediction towards less concern 

about investment and risk. The result was a suggested gap in this research is a contribution to building understanding about 

advanced financial skills and knowledge. Also, future research should be highly classified on investment awareness and 

recommended for complex financial products and risk patterns on different factor levels. 

Jana et al. (2019) identified social and demographic variables on financial literacy and its impact on the use of 

financial services. The research methodology used Correlation, logit regression, KMO & Bartlett's test, and Hosmer & Leme 

show test. The study found that financial literacy significantly impacted people of West Bengal's use of financial services. 

Moreover, measured occupation, income, educational qualification, and marital status significantly positively impacted the 



Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

3 

financial literacy level of unorganized sectors. Moreover, another aspect of the study, financial services, was likely 

influenced by domicile, income, and financial literacy factors. This study recommendation for upcoming and future research 

makes the initiative to advance financial knowledge, make financial policy to build concepts in the financial domain, and 

continue to focus on improving financial literacy and financial inclusion.  

Jain (2018) investigated the role of financial literacy of working women in Jaipur city and also measured their 

understanding of financial products and services offered by the financial institutions & sector. Research methodology is 

based on simple charts and graphs and percentage analysis of factors. The study found that the financial literacy levels of 

working women were affected by a lack of financial knowledge, attitude, and behavior. As a result, that highly recommended 

financial literacy for all.  

Arianti (2018) the study found that financial literacy, financial behavior, and investment decisions are based on the 

income level of investors. Research methodology based on the quantitative analysis used in descriptive statistics analysis, 

data quality test,  classical assumption test, multiple linear regression analysis, F- test, t-test, and correlation determination 

with the help of SPSS software. This study found no significant effect of financial literacy level on financial investment 

decisions. At the same time, financial literacy has a significant effect on investors' income behavior towards making 

investment decisions. The study also indicates that the student's financial knowledge and awareness about financial products 

were low. This study highly recommended financial literacy not only for students but also for every individual. Hence, 

future studies should be based on spreading financial awareness and knowledge as well as the behavior of investors towards 

investment will be positive and make understanding accordingly. 

Firli (2017) focused on the conceptual framework of financial literacy in the context of financial knowledge, skill, 

behavior, awareness, and attitude. The research methodology used the conceptual framework of financial literacy in the 

contents of tables and charts. The study found the knowledge of factors that influenced the behavior of investors toward 

investment decisions and also elaborated on the role of financial literacy in Indonesia. This study is highly recommended in 

the future, financial education for all. Hence, the future study needs to be a detailed structural overview of financial literacy 

and will identify factors affecting the behavior of investors as well as find investment avenues for investing. 

 

MATERIALS AND METHODS 
Hypothesis 

H1: There is no significant difference between the perception of males and females towards FD, Insurance, Post Office, 

and Real estate  

H2: There is no significant difference between the perception by age factor towards FD, Insurance, Post Office, and Real 

estate  

H3: There is no significant difference between the perception by education-based factors towards FD, Insurance, Post 

Office, and Real estate  

H4: There is no significant difference between the perception by occupational basis towards FD, Insurance, Post Office, 

and Real estate  

H5: There is no significant difference between the perception by income factor towards FD, Insurance, Post Office, and 

Real estate  

H6: There is no significant difference between the perception by marital status towards FD, Insurance, Post Office, and 

Real estate  

H7: There is a significant positive relationship between gender factor and FD influencing factor 

H8: There is a significant positive relationship between gender factor and Insurance influencing factor  

H9: There is a significant positive relationship between gender factors and Post Office influencing factor 

H10: There is a significant positive relationship between gender factor and Real Estate influencing factor 

 

Research Methodology 

The research is based on empirical or experience methods. The data has been collected through the basis of a questionnaire 

with the perception of investors or target audience as housewives, business professionals, working professionals, daily wage 

earners, and government employees towards the factors influencing the behavior of investors towards the selection of 

investment avenues. The research design and findings are mentioned below: 

        

 Data Sample: The research data has been collected randomly by assigning the target audience through email, WhatsApp 

link share, and personal interviews. The data has been collected in descriptive and demographical objective based.  

 

Sample Size: 160 responses were made by the target population. 

 

Sample Unit: The data have been found in urban and rural areas with particular reference to Indore City. 

 

Data Collection: In this research, valuable data has been made based on the primary data collection method; data 

collection is necessary to accomplish study objectives.  

 

RESULTS 

The central part of the research methodology is based on representing facts and figures to accomplish the research objectives. 

The study firstly represents the percentage analysis used as demographic factors such as gender, age, education qualification, 



Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

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annual income, occupation, and marital status in Table 1 and simultaneously in Table 2 representing the factors affecting 

behaviors of investors and choosing the best investment priorities by investors to invest in, financial platforms. As per 

investors' perception, the first investment priority is FD, real estate, life insurance, post office, and all others presenting in 

T2.  

 

Table 1. Percentage Analysis based on Demographic Factor 

 
Factor Variable  Percentage  

Gender  Male  50% 

 Female  50% 
Age Between 23-35 55% 

 Between 36-50 33.75% 

 Between 51-60 10% 
 Above 60 1.25% 

Education Qualification  Primary and Middle School 7.5% 

 10+2 Secondary 11.25% 
 Graduation  36.25% 

 Post-Graduation and Doctorate  45% 

Annual Income  Below 1 Lakh 30% 
 1 Lack – 2.5 Lakh 26.25% 

 2.5 Lack – 5 Lakh 26.25% 

 Above 5 Lakh 17.5% 
Occupation  Housewife 15% 

 Business Professional/ Self Employed   21.25% 

 Working Professional  52.5% 
 Daily Wage Earner  5% 

 Government Job  6.25% 

Marital Status Married  65% 
 Unmarried  35% 

 Other  0% 

 

Table 2. Factors Affecting the Behavior of Investors towards Investment Decisions 

 
Investment 

Priority 

Investment Avenues Influencing Factors on the behavior of Investors   Investment Platform  

1 Fixed  Deposit (i) Fixed-rate of return factor 

(ii) Safety factor 
(iii) Can be used to avail loan 

(iv) Tax benefit factor 

(v) Available of premature withdrawal factor 
(vi) The convenience of opening bank FD with a saving account 

(vii) Flexible in tenures  

Banking  

2 Life Insurance  (i) Money back guarantee factor 
(ii)  Satisfactory returns factor 

(iii) Coverage risk factor 

(iv) company goodwill factor  

(v) The credibility of the agent factor 

Insurance Companies  

3 Real Estate (i) Cash flows from rentals factor 

(ii)  Easy to avail  loan facility factor 
(iii) Lower  risk factor 

(iv) Best interest rate factor 

Banking and NBFC 

4.  Post-Offices Savings  (i) Avail loan facility 
(ii) Premature closure factor 

(iii) Satisfactory return factor 

(iv) Tax benefits factor 
(v) Easy to manageable factor 

(vi) Local accessibility factor 

(vii) Employee response factor 

Post Offices  

5. Gold  (i) Future gold demand in the family factor 

(ii)  Safety for future factor 

(iii) Friend advise and recommendation factor 
(iv) Current market economic indicator factor 

(v) Goodwill. 

Banking  

6. Mutual Fund  (i) High promotion by mutual fund services providers,  
(ii) High return,  

(iii) Low risk in the securities market, 

(iv) Market goodwill,  
(v) Transparency,  

(vi) Liquidity,  

(vii) Volatility and also help for tax benefits. 

Financial Market  

7.  PDF (i) Money back guarantee,  

(ii) Satisfactory returns, 

(iii)  High return. 

Banking  

8. Share, FOREX, and 

Commodity Market 

(i) Financial ratio basis,  

(ii) Recent financial performance,  
(iii) Divided earned by years,  

Financial Market  



Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

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(iv) Management of company policy,  
(v) Structure of the board of directors,  

(vi) Daily report stock exchange gainers and losers,  

(vii) Competence of personalities that have a major share in the company,  
(viii) Recommendation by expert and well-known stock brokers ownership 

structure of the company,  

(ix) Friend advice 
(x) Predominant family culture in the share market. 

10. Other  Savings priority 

etc.  

(i) Maintain short-term cash flow,  

(ii) Helpful for contingent liability, required for future requirements,  
(iii) Fulfill basic requirements.  

(iv) Investors also prefer other options as per their investment growth and 

earnings. 
 

Financial Market  

 

Table 3. One-Sample Test 

 
One-Sample Test 

  
T df Sig. (2-tailed) Mean Difference 95% Confidence Interval of the 

Difference 

Lower Upper 
Gender 37.829 159 .000 1.500 1.42 1.58 

Age 27.557 159 .000 1.575 1.46 1.69 

Education Qualification 44.188 159 .000 3.188 3.05 3.33 
Annual Income 27.018 159 .000 2.313 2.14 2.48 

Occupation 33.596 159 .000 2.663 2.51 2.82 

Marital  Status 35.690 159 .000 1.350 1.28 1.42 

           
Report 

 Gender Age Education Qualification Annual Income Occupation Marital  Status 

Mean 1.50 1.58 3.19 2.31 2.66 1.35 

N 160 160 160 160 160 160 
Std. Deviation .502 .723 .912 1.083 1.002 .478 

 

Table 3 represents the H1, H2, H3, H4, H5, and H6; there is a significant difference between the perception of 

gender, age group, education qualification, annual income, occupation, and marital status factors and investment avenues; 

therefore, the null hypothesis has rejected and accept the alternative hypothesis. Moreover, there is a significant difference 

between the perceptions of demographic factors affecting the behavior of investors towards Fixed Deposits, Real estate, 

Life Insurance, Post Office, etc.  

Moreover, finally, gender, age, education qualification, income, occupation, and marital status are highly affected 

by selected investment avenues such as fixed deposits, real estate, life insurance, and post office deposits. One of the study's 

objectives has been accomplished towards investors' perceptions with the effect of demographic factors are positive and 

significant. All factors have highly influenced the behavior of investors toward selecting investment opportunities.  

 

Table 4. Gender and Factors on Fixed Deposit 

 
ANOVA: Representing H7 

 Sum of Squares df Mean Square F Sig. 

1. Fixed Deposit [Fixed Rate of 

Return] 

Between Groups 1.225 1 1.225 1.687 .196 

Within Groups 114.750 158 .726   
Total 115.975 159    

1. Fixed Deposit/ RD [Safety] Between Groups .625 1 .625 .843 .360 

Within Groups 117.150 158 .741   
Total 117.775 159    

1. Fixed Deposit/ RD [Can be used 

to avail loan ] 

Between Groups .625 1 .625 .946 .332 

Within Groups 104.350 158 .660   
Total 104.975 159    

1. Fixed Deposit/ RD [Tax Account ] Between Groups .625 1 .625 1.036 .310 

Within Groups 95.350 158 .603   
Total 95.975 159    

1. Fixed Deposit/ RD [Availability 
of premature withdrawal] 

Between Groups .400 1 .400 .687 .408 
Within Groups 92.000 158 .582   

Total 92.400 159    

 

Table 4 indicates that the H7 there is a significant positive relationship between gender factor and FD influencing 

factor are accepted. The highly influencing factors towards the selection of fixed deposits are the availability of premature 

withdrawal, safety, can be used to avail loan, and lesser influencing factors are tax account and rate of return.  

 

 



Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

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Table 5. Gender and Factors on Real Estate 

 
ANOVA: Representing H8 

 Sum of Squares Df Mean Square F Sig. 

2. Real Estate(If bought second 
house) [Cash flow from rentals] 

Between Groups .225 1 .225 .587 .445 
Within Groups 60.550 158 .383   

Total 60.775 159    

2. Real Estate(If bought second 
house) [Easy Loan ] 

Between Groups .025 1 .025 .051 .821 
Within Groups 76.750 158 .486   

Total 76.775 159    

2. Real Estate(If bought second 
house) [Less Risk ] 

Between Groups .025 1 .025 .042 .837 
Within Groups 92.950 158 .588   

Total 92.975 159    

2. Real Estate(If bought second 
house) [Interest Rate] 

Between Groups .625 1 .625 1.131 .289 
Within Groups 87.350 158 .553   

Total 87.975 159    

 

            Table 5 shows that the H8 is accepted that it is genuinely a significant positive relationship between gender factors 

and real estate influencing factors that affected the behavior of investors towards the selection of Real Estate Investment 

Avenue. The highly influencing factors are the avail easy loan and fewer risk factors simultaneously, cash flow from rental 

and interest rate affected the behavior of investors towards the selection of real estate investment avenue. 

 

Table 6. Gender and Factors on Life Insurance  
 

                 ANOVA: Representing H9 
 Sum of Squares Df Mean Square F Sig. 
3. Life Insurance  [Money back guarantee] Between Groups .100 1 .100 .249 .619 

Within Groups 63.500 158 .402   

Total 63.600 159    
3. Life Insurance  [Satisfactory returns] Between Groups .225 1 .225 .541 .463 

Within Groups 65.750 158 .416   

Total 65.975 159    
3. Life Insurance  [Risk coverage] Between Groups 2.500 1 2.500 3.926 .049 

Within Groups 100.600 158 .637   

Total 103.100 159    
3. Life Insurance  [Company goodwill] Between Groups 1.225 1 1.225 2.542 .113 

Within Groups 76.150 158 .482   

Total 77.375 159    
3. Life Insurance  [Credibility of agent ] Between Groups .900 1 .900 1.935 .166 

Within Groups 73.500 158 .465   

Total 74.400 159    

 

            Table 6 shows that the H9 is accepted that it is genuinely a significant positive relationship between gender factors 

and life insurance influencing factors that affected the behavior of investors towards the selection of life insurance Investment 

Avenue. The highly influencing factors are a money-back guarantee and a satisfactory return. However, the lesser influencing 

factors are the credibility of an agent, company goodwill, and risk coverage factors affecting the behavior of investors 

towards the selection of post office Investment Avenue.   
 

Table 7. Gender and Factors on Post Office Deposit 

 
 

ANOVA: Representing H10 
  

Sum of Squares 

Df Mean Square F Sig. 

4. Other post office schemes  

[Loan Facility ] 

Between Groups .900 1 .900 1.762 .186 

Within Groups 80.700 158 .511   

Total 81.600 159    
4. Other post office schemes  

[Premature closure] 

Between Groups 1.225 1 1.225 2.231 .137 

Within Groups 86.750 158 .549   

Total 87.975 159    
4. Other post office schemes  

[Satisfactory returns] 

Between Groups .625 1 .625 1.238 .267 

Within Groups 79.750 158 .505   

Total 80.375 159    
4. Other post office schemes  [Tax 

benefit] 

Between Groups .025 1 .025 .059 .808 

Within Groups 66.950 158 .424   

Total 66.975 159    
4. Other post office schemes  [Easy 

manageability ] 

Between Groups .000 1 .000 .000 1.000 

Within Groups 79.100 158 .501   

Total 79.100 159    

 

Table 7 shows that the H10 is accepted that it is genuinely a significant positive relationship between gender factors 

and post office influencing factors that affected the behavior of investors towards the selection of post office Investment 

Avenue. The high influencing factors are essay to manageability and tax benefits. However, lesser influencing factors are 



Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 

 

7 

satisfactory return, loan facility, and premature closer factors that affected the behavior of investors towards the selection 

of post office Investment Avenue.   

 

CONCLUSIONS 

The study concludes that behavioral investment factors influence investment in Fixed Deposits, Real Estate, Life Insurance, 

and Post office saving. The study first represents the conceptual framework of behavioral finance and investment decisions 

with influencing factors. Secondly, showing the percentage analysis done based on occupational level regarding working 

professionals is more exciting towards investment. Third, the study found the factors influencing the behavior of investors 

toward positive relations between investment avenues and demographic factors. The future study needs to focus on the other 

investment avenues, such as the share market, gold, and FOREX, and opt for new financial investment opportunities with 

technical and financial investment patterns and design models for investment factors for future investment decisions. The 

study will be working on financial investment opportunities and spreading awareness about financial products and services 

towards expanding financial literacy in the modern era.   

 

PATENTS 
We now declare that all the above research is accurate to the best of our ability without plagiarism.   

 
 

Author Contributions: Conceptualization, S.S. and A.T.; Methodology, S.S. and A.T.; Software, S.S.; Validation, S.S. and A.T.; Formal Analysis, S.S. 

and A.T.; Investigation, S.S. and A.T.; Resources, S.S. and A.T.; Data Curation, S.S. and A.T.; Writing – Original Draft Preparation, A.K. and R.K.C.; 
Writing – Review & Editing, S.S. and A.T.; Visualization, S.S. and A.T.; Supervision, A.T.; Project Administration, A.T.; Funding Acquisition, S.S. and 

A.T. Authors have read and agreed to the published version of the manuscript. 

Institutional Review Board Statement: Ethical review and approval were waived for this study because the research does not deal with vulnerable groups 
or sensitive issues. 

Funding: The authors received no direct funding for this research. 

Acknowledgments: Not applicable. 
Informed Consent Statement: Not applicable. 

Data Availability Statement: The data presented in this study are publicly available, and all the sources are mentioned in the manuscript. 

Conflicts of Interest: The authors declare no conflict of interest. 

 

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