FINANCIAL PLANNING OF SALARIED EMPLOYEES

Abstract

Financial planning of every individual are very important in today’s world. Every salaried employee needs to prepare financial planning for their future goals. Salaried employees who are paying taxes need to be aware of the various financial planning program available in the investment market to enhance their future financial planning and save their tax on the other hand. This research explores the diverse factors influencing financial planning behaviors and the common challenges faced by salaried employees. The primary data was collected through a structured questionnaire among 125 salaried employees in Chennai city, and analyzed using IBM SPSS software. Various statistical tools like Frequency analysis, Friedman Test and One way ANOVA were used to analyse the primary data. The study found that there is no significant difference among the salary level and the challenges faced by the salaried employees. This study suggest that awareness and Tax Saving strategies like Equity-linked savings schemes and National savings certificate need to be increased. In financial planning, regular adjustments need to be made accordingly.