CHAPTER–VI
Findings and
Suggestions
FINDINGS AND SUGGESSTIONS
6.1. SIGNIFICANCE OF THE STUDY
Today, over 1 billion women participate in the global workforce. More and
more women are becoming the heads of their households, earning more than their
husbands, rising faster and further in the workforce, and starting entrepreneurial
ventures. Much work has been done to identify the demographic trends underlying
the growth in wealth creation experienced by women over the past two decades.
However, very few studies have attempted to connect the dots, in a proprietary
manner, between the very powerful demographic trends in our society and the
impact these trends are having on the investing habits and desires of women
investors.
The financial services sector had tended to overlook the needs of women in
the past. It is becoming increasingly important that the industry target women as
individuals with their own financial needs. A growing number of leading-edge
financial institutions have been taking steps to develop products and services,
aimed at almost half of the world's adult population - women.
As more and more women are becoming financial decision makers and
getting financial clout. It has been estimated that by 2020, half of the U.S. wealth
would be in the hands of women and two-thirds by 2030. The trend is similar in
other parts of the world (US Securities Exchange Commission Report 2010).
Almost one third of women are financially independent and 23% of them earn
more than men (UN statistics 2010). The advent of the call centers and
outsourcing units have drawn up a large section of qualified women graduates and
housewives, thereby increasing the number of working women. This has resulted
in their needs for savings and investment services. However, different women
have different needs, each of which need to be taken care of specifically by the
investment managers.
6.2. RESEARCH PROBLEM
The research process began with a question “is investment behavior of
women same as men?’ in a general way. After the initial review of literature, it is
found that some earlier researchers are under opinion that women behave
differently than men when it comes to the matter of investment. This prompted the
researcher to conduct an initial survey of working women in the state of Andhra
Pradesh in India and also brainstorming session with personal financial planners
which revealed that there are numerous internal and external factors affecting
working women’s investment decision making. This entire process led this
researcher to formulate the final research problem as “to what extent various
internal and external factors are affecting women investment behavior?”
6.3 RESEARCH OBJECTIVES
Based on the research problem and research gap, the following objectives
are framed to guide the research process.
1. To gain insight about investment behaviour among working women with
special focus on equity oriented securities
2. To assess the existing investment practices towards equity oriented
securities among working women.
3. To identify various internal and external variables affecting investment
decision of working women on equity oriented securities.
4. To classify all the identified variables into different factors and name them
in accordance with their underlying nature and dimensions.
5. To ascertain the extent to which these factors affect the equity investment
decision of working.
6.4. RESEARCH METHODOLOGY
In all 19 key variables are identified after thorough review of literature and
Brain Storming Sessions with Personal Financial Planners.
A well constructed structured questionnaire is designed and it is divided
into two parts namely part-A and part-B. In part-A, a set of three 5 point
dichotomous statements are used to measure each of the variable listed above as it
is not possible to measure them directly. Summated scale values of each variable
are taken in turn for further data analysis. Interval scale is used in part-A with an
objective of collecting metric data that helps the researcher to perform various
parametric tests in later stages of the research. Part-B of the questionnaire consists
of questions related to the demographic and other information for the purpose of
preparing profile of the respondents.
The well premeditated objectives of the empirical investigation required a
reasonably large and representative sample of the targeted respondent population.
It is fairly well known from the available facets of the residents of India, that only
certain segments of the population are of direct interest from the view point of the
‘objectives of the present study’. As such the focus for collection of data has been
on the subjectively but relevant segments of the population. The ‘targeted relevant
population segment’ comprises of those respondent investors who:
(i) Possess reasonable level of income, are educated and well employed or
engaged in economic activities such as professionals, entrepreneurs, etc.
(ii) Are well aware of their social/economic needs and of the investment
scenario; and
(iii) Have availability of investible funds and are presently engaged in
investment activity.
After considering the above points, the sample size is subjectively decided
as 500 respondents.
The questionnaire is sent to the e-mail IDs of respondents and also posted
on the wall of Social Networking Website “Facebook”.
6.5. DATA ANALYSIS
As per the research objectives listed in the previous section, the first
activity to be performed is to formulate different groups of variables based on their
underlying dimensions. For performing this activity Factor Analysis is chosen.
6.5.1 Frame Work of the Model
Based on the concept of theory of planned behavior and the study of Philmore
Alleyne &Tracey Broome (2010), the following model is designed for conducting
the research.
Figure-6.1- Proposed Model
The proposed model says that actual behavior of an individual is preceded
by Investment Intention which is caused by the above mentioned four factors.
6.5.2. Validation of the Model
Multiple regression provides means of objectively assessing the degree and
character of relationship between dependent and independent variables by forming
the variate of independent variables and then examining the magnitude, sign and
statistical significance of the regression coefficient for each independent variable.
Hence Multiple Regression Analysis is selected to estimate and validate this
model.
6.6. ATTAINMENT OF RESEARCH OBJECTIVES
To attain the first three research objectives, an extensive review of literature
is done. To assess the practical and current situation, numbers of brainstorming
sessions were conducted with Personal Financial Planners.
To attain the fourth research objective of classifying all the internal and external
variables that are affecting investment decision based on their underlying
dimensions, Exploratory Factor Analysis is used and the variables are grouped
four Factors as follows.
Personality Beliefs Influence of
Society Self Control & Demography
Financial Liberty
Attitude Family Decision Making Awareness Belief Occupation Self Discipline Knowledge Perception Media Age Freedom Learning & Motivation
Risk Capability
Value
Professional Advice
Income
Technology
To attain the fifth objective of calculating impact of each Variable on the
Investment Decision of Working Women, Multiple Regression Analysis is
performed and the following results are found.
• With the inclusion of all Independent Variable, the prediction
capacity (R Square) of the Model has increased from 44.2% to
69.6%. It means, 69.6% of total variance of Intention to Invest
explained by these four Independent Variables and the remaining
variance of 30.6% is unexplained.
• With the inclusion of each Independent Variable, the prediction
capacity (R Square) has increased by considerable percentage and
hence the inclusion of each Independent Variable is justified.
• Adjusted R Square value is also continuously increasing which is
also an indicator for the justification of inclusion of all Independent
Variables.
The following observations were found on the individual influence of each of the
Independent Variable.
• Each unit of change in Personality will cause a change in the Intention to
Invest by 0.465
• Each unit of change in Influence of Society will cause a change in the
Intention to Invest by 0.377 Unit.
• Each unit of change in Demography & Control will cause a change in the
Intention to Invest by 0.32 Unit.
• Each unit of change in Financial Liberty will cause a change in the
Intention to Invest by 0.397 Unit.
6.7 FINDINGS OF THE RESEARCH
This research has unearthed very important findings which are of great use
to various corners of society. The findings are as follows:
1. High proportion of working women is participating in household investment decision.
Women seem to be coming out of the mental block that investment decision
is not meant for them. Very good proportions i.e. 51.2% of the respondents
are very frequently participating in household investment decision. Another
17% of the respondents are always participating in household investment
decision. Majority of them are above 40 years of age. This is in line with
earlier researchers’ observation on the age of the respondents who actively
participate in household investment decisions. The growing confidence of
managing money and earning capacity of working women can be attributed
to this high rate of participation in household investment decision.
2. Equity Investors are relatively younger
Those working women who are investing on Equity Oriented Securities are
relatively young in age. Their average age is at 35 years compared to 41
years of those who are not investing on Equity Oriented Securities. It is true
that the return on Equity Investment is completely dependent on Stock
Market Conditions and generally, Equity Investment requires longer
investment time horizon. When women are getting older slowly they are
withdrawing from Equity Investment. This is in line with the earlier
findings of previous research.
3. Women are entering into equity market through Mutual Funds and
Insurance
A majority of women investors who have made investment on equity have
entered the market either through either Mutual Fund schemes or Insurance
products. 48.1% and 28.27% of women equity investors have entered the
equity market through Mutual Funds and Insurance products (Unit Linked
Insurance Plan). Only 19.83% of women equity investors have entered the
market by investing directly on equity shares. This is in consistency with
the findings of earlier researchers.
Lack of time or knowledge or both might be the reason for their entry
through Mutual Fund schemes and Insurance products. Those women
investors who are getting guidance either from family members or others
might be investing directly on shares.
4. Majority of working women perceive that Equity Investment suits them
A very good sign is that more than two thirds of working women i.e.67.3%
of working women perceives that equity investment suit them in achieving
their financial objectives irrespective of their actual investment on equity
oriented securities. It is also found that mainly due to the lack of knowledge
of managing equity investment, the non equity women investors are staying
away from the market. It is a welcoming sign that once these working
women are able to gain the knowledge on managing equity investment,
they are also expected to join the club of equity investors.
This is inconsistent with the conclusion of some of the older researchers
who found that women investors are risk averse and as equity investment
is associated with an element of risk, they gave a blanket conclusion that all
women investors do not perceive that equity is not suitable to them. But,
this finding is in consistency with the later researchers who found that there
is a positive change in perception among women investors towards equity
investment. This can largely be attributed to the increased level of
awareness among women investors.
5. Majority of women investors are making equity investment to create wealth
An interesting finding is that though a good proportion of women are
investing on equity oriented securities, they are not using them for the
events that are certain in their life like retirement, children education or
marriage. Majority of them are using to create wealth for better life in
future. 37.55% of women investors are making equity investment to create
wealth in future and 28.69% of women investors are investing for their
secured post retirement life. Only 16.03% and 15.18% of women investors
are investing on equity for their children education and marriage purpose.
Very negligible percentage of women equity investors i.e., 2.53% are
investing on equity with a motive of Income-Tax exemption.
6. Income and Risk are not the prime factors deciding equity investment
Contrary to the general perception, Income and Risk bearing capacity are
the prime factors due to which certain women investors are staying away
from equity investment. Women equity investors and non equity investors
are in all income categories. At the same time, there is not much difference
in the risk bearing capacity of both women equity investors and non equity
investors. In fact, it is found that the proportion of non equity investors is
slightly higher than that of equity investors in terms of risk bearing
capacity. 48.28% of non equity investors have a capacity to bear a loss up
to 25% of their investment and on the other hand, 45.56% of equity
investors are able to bear a risk of losing 25% of their investment. Hence,
this is in contradiction to the findings of earlier researchers. Probably,
raising earning capacity of women and as in most of the cases, women are
not the primary earners of the family; they are able to have a high
proportion of risk bearing capacity.
7. Occupation has a major influence on the equity investment decision of women.
Another interesting finding is that the nature of organization in which
women investors are working and their occupation are having a major
influence on their equity investment decision. It is found that around 44%
of women investors are working in the companies that are listed in stock
markets. Probably, as the listed companies generally offer equity shares to
their employees under Employee Stock Option Plans (ESOPs), the women
investors are getting better awareness about equity shares and this in turn is
motivating them to invest on the shares of other companies. At the same
time it is also found that majority of investors (42 out of 59) from teaching
profession are seem to be staying away from equity investment and a good
proportion (43 out of 66) of women having their own business are investing
on equity. Hence it is found that occupation is a major factor in influencing
equity investment.
8. Misuse of Derivative Products by women investors
It is heartening to found that women investors are using equity derivatives
also as part of their investment planning. This is in consistence with the
recent finding of National Council of Applied Economic Research
(NCAER), India. At the same time it is unfortunate to found that a very
high percentage (81.82) of women investors who are using equity
derivatives misusing them for the purpose of wealth generation but not for
risk minimization. This might be due to lack of knowledge on derivative
products and misguidance by the stock brokers.
9. Majority of women investors are choosing online investment
It is found that out those women investors who are investing in equity
shares a good percentage of women (i.e., 60.44% ) are trading on equity
shares by online medium. This is in consistence with the findings of earlier
researchers on this issue. As women are better educated and most of the
stock brokers are operating with user friendly internet technology, women
investors are using this online medium. Another reason for women to
choose online medium could be their job.
10. Mutual Fund Investors are not aware of Risk Minimization
Techniques of MF Schemes
This study finds that a significantly very high proportion of investors
i.e. 91.05% investing on equity oriented mutual fund schemes are not aware
of various risk minimsation techniques like Stop-Loss Trigger, Systematic
Transfer Plan and Switch Plan. One of the reasons could be printing of
these options on separate papers but not on the application paper by the
Mutual Fund Asset Management companies. Another could be improper
service by the Mutual Fund Advisors as they may not be trying to educate
the women equity investors.
6.8 SUGGESTIONS
The researcher comes out with the following suggestions.
1. Devotion of required amount of time
Compared with men, working women spend relatively larger amount of
time on domestic activities. As a result, they are not able to spend enough
amount of time on planning their investments. But, women are expected to
live longer than men. As a result, they have to be well prepared in terms of
securing their post retirement life.
As per the findings, majority of the working have an aspiration to create
wealth by investing on equity oriented securities, it is inevitable for them to
spend enough time on evaluating their investment strategies. Hence, they
have to learn the art of work-life balancing in order to spare certain amount
of time on their investment planning. Initially, they can start investing on
Mutual funds and Pension Funds, which require relatively lesser time to
analyze and once they are able to understand the nitty-gritty’s of equity
markets, slowly they can invest directly on equity shares.
2. Increased Awareness and Knowledge
The most cited reason by the working women who are not investing on
equity oriented securities is lack of awareness and knowledge. If working
women do not focus on financial literacy, it will be very difficult to them to
manage their investments. It is acceptable to take advices from
professionals, friends and family members. But, too much dependency on
other is not a welcoming sign.
These days, voluminous material on equity oriented securities and
investment strategies are available on internet, and in print media. Certain
business channels are also regularly telecasting programmes on investment
strategies. Working women can make use of these facilities. In nation like
India, stock exchanges are offering certification courses which are very
useful to investors and do those courses and become better investors.
3. Focusing more on Risk Minimisation techniques
One of the misconception that women are having is equity investment
involves a high amount of risk and other assets like gold and real estate
(what they actually mean is housing) are not. Here, women have to
understand that, when they purchase a house or gold, at the time of
purchase, their intention was not sell them but to utilize them. Hence, most
of them do not track their prices. But otherwise, they are also prone to price
volatility.
There are so many risk minimization techniques such as Stop-Loss,
Systematic Withdrawal Plan, Systematic Transfer Plan and Switch Plan
etc., are available. While signing the documents, most of the women
investors are not going throw the documents to know the available risk
minimization techniques. One can make use of internet and mobile
telephony while applying these techniques.
4. Emotional Balance
Any investment which is linked to market forces called demands and
supply is prone to price changes. Women have to understand that equity
shares are not an exception to this rule. If the prices of a share are falling
down, it is common that some of the investors will sell them fearing that
the company whose shares they bought is not doing well.
This is only half truth. There are many other reasons for a fall in the price
of an equity share in the market. Some of the reasons like hike in inflation,
natural calamities, political disturbances etc,. Women investors have to
exhibit their emotional balance under these circumstances. During these
kind of difficult phases of stock market, they have make efferts to know
the reality.
If the fall in the market price of equity share can be attributable to the bad
performance of the concerned company, they can immediately sell those
shares and buy another company shares. If the reasons for the fall are
beyond the capacity of the concerned company and all other company
shares are also falling down, then it is better to them to take professionals
advice to switch their funds from equity market to some other investment
destination till the time comes back to re-enter into equity market.
Women investors have to understand the fact that due to structural
adjustments in the economy called business cycles, fluctuations in the stock
market are common. Hence, while investing they should look for value
investment on equity investment and should be greedy. So they should
never allow their emotions to overtake the investment decisions.
5. Improved commitment and seriousness
Working women have to be much more committed and bit more serious
towards their Equity investment by reviewing the performance of their
investment at regular intervals of time. This helps them in tacking the
investment and attaining investment objective with relative ease.
Equity investment is certainly not a child’s play. Though the price
fluctuations cause excitement and it may look like fun. But in reality, it is a
serious activity. It is the primary duty of the women investor to track her
investment performance on regular basis.
This frequent review of portfolio gives her an opportunity to understand
how different company shares are reacting to changing market conditions.
It is inevitable at times to make some changes in the portfolio by selling
some underperformed company shares and buying other company shares in
order to minimize losses and also to earn the target profit.
But, this whole exercise requires commitment and seriousness from women
investors and only then, they can achieve their investment objective.
6. Professional Advice
In this ever changing dynamic world, thing are becoming very complex and
at times difficult to understand. Equity oriented securities are changing with
lot of dynamism. Every now and then new products are emerging due to
financial engineering.
However good in understanding the world of finance, women can never be
complacent. Professional advisors are well versed with the products. They
are the best persons to depend upon especially, when the markets are
looking volatile or women investors are new to the equity market. It is true
that the services of good advisor may be expensive, but more often, they
give valuable investment advices.
7. Formulation of Personal Financial plans
Certain things in life such as one’s own marriage, children education and
marriage, retirement and death are inevitable. No individual is exception to
it. Some people face this with ease and others with difficulty. The
difference is nothing but personal financial planning.
While making investment on equity shares women must be carious in
matching them with their investment objectives. Generally, equity oriented
securities are meant for long term. When life events are nearing, investment
on equity oriented securities must be adjusted accordingly. Women
investors must keep in mind that the gold rule of personal financial
planning is planning it at early age.
8. Participation in Investor Education Programmes
Financial institutions and market regulators have realized the importance of
educating women investors as they are expected to be matching with men
in terms of number and volume if not sooner, but certainly later. Hence, in
almost every nation, investor education programmes are organized for
investors.
Time has come for women investors to actively participate in those
education programmes. As most of these programmes involve workshops
and hands on practice sessions, participants can get good insight of various
equity oriented securities to help themselves to become organized and well
educated investors.
9. Networking
Knowledge and happiness have one common trait. They both will multiply
when they are shared with others. Working women can construct their own
network in the form of investor clubs and can share their experiences with
others. This will really help them to gain knowledge with help of other’s
experience. One good thing about this networking is without doing
mistakes on own, one can learn from others mistakes.
These days, a physical place is not needed to assemble so as a particular
time to meet. Women investors can create clubs and networks on social
networking sites and can make use of their unique advantages.
10. Using a product for what it meant be
Every product is invented for a specific purpose. It is true that there may be
other ways and purposes for which a product can be used. But, as long as a
product is used for its original purpose, people will be safe and happy. In
this study it is found that a good number of women investors are using
some products for other purposes than what they are meant to be. To cite an
example, some of the women investors are using Insurance products to
enter into equity market.
It is true that the investment products of insurance companies called Unit
Linked Insurance Plans (ULIPs) are offering a blend of insurance coverage
and also investment opportunity to earn good returns. But, the women
investors have to understand that, in most of the cases, the ULIP products
do not offer flexibility in their investment portion and they have a lock-in-
period of generally 5 years with in which, the investor cannot redeem her
funds. Instead, if working women chose to buy a pure term plane of
insurance product from the option of their own and investing the remaining
funds on Mutual Fund schemes will offer better flexibility, higher amount
of risk coverage and better return on investment.
It is also found in this study that women investors are using equity
derivatives more for returns than to minimize the risk. Some of them are in
fact, are using equity derivatives for speculation activates. Women
investors have to understand the fact that equity derivatives were invented
to minimize risk. They may be offering a return. But, as their life is limited
to generally few months, it is highly riskier in using them for speculation
purpose. Hence, working women are suggested in using equity derivatives
for their right cause.
11. Virtual Investment Games
In the past, if has to learn the tricks of dealing with various equity oriented
securities, the only possible way was nothing but to learn them by actually
investing funds on them. This kind of trial and error method poses an
inherent threat in the form of loss on investment.
With the advent of high-technology, both new and experienced investors
can choose another platform to try their equity investment strategies
without losing any money. The new platform is virtual investment websites.
To inculcate the investment culture and educate the investor, these days
numerous virtual investment platforms are allowing the investors to try
their investment strategies without actually deploying any funds. They are
even giving a variety of tips to the users in order to educate them women
investors; especially new equity investors will get lot of advantage out of
these websites.
12. Family members support
It is true that every human being lives with a family in a society. The
impact of family members on decision making is unquestionable. Working
women should be encouraged by her family members in household
investment decisions. Among all the reasons for not investing on equity
shares, family members’ discouragement ranked second.
The world has witnessed that women are no way inferior to men in any
way. As suggest by literature, hedge funds that are managed by women
have generated higher returns than those funds that are managed by men. It
is also found in the literature, that women tend to adopt value investment
strategy which is always less risky.
13. More focus by financial institutions
Risk minimization techniques on main application form, thematic fund,
women fund managers, more interactive programmes and newsletters.
Time has come for the financial institutions across the globe to recognize
the financial power and acumen of women investors. They are now in a
large size of number which no financial institution can dare to neglect.
Hence, encouraging working women to inculcate investment culture is no
longer a social responsibility of financial institutions but it has reached a
level of business compulsion for them.
Lack of knowledge and fear of risk are two among the most popular
reasons mentioned by working women for not able to invest on equity
market. With additional efforts financial institutions can set aside these
issues. Financial institutions have to reach out to working women in various
ways to educate them. They can reach them by sending newsletters that
contain equity information as well as some lessons on trading. With the
help of internet, the financial institutions can do this job in a cost effective
way by sending emails to them.
Financial institutions have to set up more investor service and education
centers and also have to organize investor education programmes or
workshops specially designed for working women with a greater frequency.
It is true that, equity investment is prone to market risk. At the same time it
is also true that a range of risk minimization techniques are available to
investors if not to eliminate the risk, but certainly to minimize it. Though
almost every financial institution is printing the available risk minimization
techniques, they are not printed on the main application form but are
printed separately.
As working women are relatively busier than men due to additional load of
domestic work, it is observed by most researchers that working women are
not reading all the pages of the documents and they are reading only the
main page where they have to give their details and signing the documents,
without reading the risk minimization techniques which are printed on
some other pages. As a result, the very purpose of printing those
techniques is defeated. Hence, financial institutions have to start printing
those techniques on the main application form itself.
Most of the financial services, especially Mutual Fund companies are
already offering various thematic funds to suit to the requirements of
different class of investors. Unfortunately, many of those institutions are
not offering any thematic fund, specifically targeting working women. The
literature reviewed in this study suggests that women investors are looking
for value investment products instead of high return and high risk products.
Hence, financial institutions can launch new thematic schemes and products
specifically targeting working women and preferably managed by women
fund managers for its success.
14. Increased role of Media in promotion of equity culture
The role of media in one’s life is inseparable across the globe. Apart from
creating awareness among public on certain issues, media plays an active
role in educating them. Another important feature of media is it creates
hype and sets the ground well for many issues like politics, movies &
entertainment, sports events and business products. The success of many
politicians, sport and entertainment personalities can largely be attributed to
media.
Most of the women investors surveyed in this study stated that, they came
to know various equity investment products for the first time, only through
media. Hence, both financial institutions and Governments have to take the
help of media in much better way in order to improve the equity culture
among working women.
Media also has to take voluntary responsibility in promoting the cause of
taking equity investment culture to the next level. It has to showcase
investor awareness and education programmes for all investors in general
and women investors in specific with a higher frequency.
15. Support by Government
As indicated in Chapter-I of this study, investment in general and equity
investment in particular contribute to a nation’s economic development in
many ways. Hence, Governments of many nations are encouraging their
citizen to invest their funds on equity oriented securities by offering them
income tax exemption. The Goverments are calling them as Equity Linked
Saving Schemes (ELSS).
It is found in this study that, a good number of working women are
investing on these ElSS products to avail income tax exemption.
Governments are currently keeping a limit of investment to offer income
tax exemption. As a result, though a large number of working women are
capable of investing more than that prescribed level of investment, since
they do get any additional exemption for investing additional money, they
are not making investments on these products. Given this response from
working women to these schemes, the existing slabs for investment on
these ELSS products can be raised for encouraging working women to
invest more and also to get to more exemption of income tax. It is true that
Governments may be losing some revenue of income tax, but to the
multiplier effect of investments, they will generate more returns in the long
run.
It is found in this study that more women are having entrepreneurial
aspirations with innovative business ideas these days. In fact, the growth
rate of women entrepreneurs in the last decade is unprecedented. In
advanced nations like USA, where equity culture exists in a big way for
long period, the women aspirants are able to mobile necessary capital with
relative ease than in nations like India, where equity culture is not so big.
Hence, Governments in the nations where equity culture is not big, can
create separate venture capital fund exclusively meant for promoting
women entrepreneurship by providing them easy access to capital, which
will be contributed by working women. The literature mentioned in this
study is stating that, success rate of women entrepreneurs is higher than that
off men. Even during the recent global economic recession, it was found
that women entrepreneurs have survived better than men by adopting better
measures like cost cutting. So, the working women who are contributing to
this fund can earn a better rate or return.
And finally, there is no better way of empowering an investor than
improving their financial literacy. In nation like India, financial literacy is a
not of academic even at the level of secondary education. Hence,
Government must take initiation to introduce a course on financial literacy
to better educate its future investors.
6.9 SCOPE FOR FUTURE RESEARCH
The future researchers may consider the following suggestions while
conducting research
1. One can take a large sample size as it is possible to obtain responses from
larger sample due to internet access
2. One may consider all women irrespective of age and working conditions as
some of the women are actively involved in investment as they are
possessing good amount of financial resources by virtue of ancestral
property and other means of earning money.
3. The new researchers may try and explore new variable that are affecting
women investment decision as the world is ever changing and new variable
are sure to emerge.
4. With the help of social networking websites, one can put an end to
geographical constraint as it is possible to get responses across the globe to
generalize the findings in much better way.
5. Those statistical packages which are having provision for multivariate
normality can be used for better results in establishing normality
assumption.