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 4 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 5 (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 6 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. 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Retrieved from https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=0CAQQw7AJahcKEwjoxdWujvz7AhUAAAAAHQAAAAAQAw&url=https%3A%2F%2Fwww.nber.org%2Fsystem%2Ffiles%2Fchapters%2Fc1235%2Fc1235.pdf&psig=AOvVaw0wc__Czkm68npVdr_4D8fw&ust=1671210488068406 https://ro.uow.edu.au/commpapers/223/ Sharma & Tripathi, Indian Journal of Finance and Banking 12(1) (2022), 1-8 8 https://amity.edu/UserFiles/admaa/195Paper%209.pdf Uslu Divanoglu, S., & Bagci, H. (2018). Determining the Factors Affecting Individual Investors’ Behaviours. International Journal of Organizational Leadership, 7(3), 284-299. http://dx.doi.org/10.33844/ijol.2018.60407 Publisher’s Note: CRIBFB stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. © 2022 by the authors. Licensee CRIBFB, USA. 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