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.