Money Management among the Individual Working Personnel in India – A Study with Special Reference to Coimbatore District

Now a day’s, money management financial literacy becomes a foremost challenge faced by most of the developed and developing countries globally. The reviews evidenced that the monetary management level of the individual in India is low. This made the researcher to study the behavioural pattern of the monetary management. As enough research has been carried out by various researchers in this aspect, the researcher considered Coimbatore city which is listed as one of the smart city in India for her study. Coimbatore is known for the place of industrialized, blended of unique culture, no comprehensive study was carried out to study the various aspects of monetary management among the employees.


Money management
Money management is the method of forecasting and tracking the use of capital/money by an individual or group. In the concept of personal finance, the money management comprises budgeting the cost, the spending habit, how they save and investing.
Money management plays an important roleinreducing unnecessaryexpenses which would not increase theworthof aperson's living standards.
Proper monetary management willlower the risk on running deficit of money and also allows individuals to attain their long-term financial goals.
Money plays a major role in all of our lives. Now a days many people occupy their energy and time on earning more money.At the same time,it is important to know the art of money spending which helps them to plan, budget and save, promise for long term benefit.So learning about the money management is considered as a foremost steps to achieve the financial goal.

Money Management
Preparation of monthly budget habit, day to day money management decisions, Maintenance of income & expenditure record, saving habit, spending pattern of the excess money, the mode of spending pattern after meeting out all the expenses.

Respondents and place of research
The researcher has selected the employees' working in Coimbatore city.

2.HYPOTHESIS
Based on the variables selected for this study, the following hypotheses were formulated.

H01:
Male and Female respondents do not have an average same opinion on the constructs level of awareness on saving/investment avenues, financial attitude, financial literacy, risk assessment.
H02: Married and unmarried do not have an average same opinion on the constructs level of awareness on saving/investment avenues, financial attitude, financial literacy, risk assessment.
H03: Nuclear and Joint family of the respondents do not have an average same opinion on the constructs level of awareness on saving/investment avenues, financial attitude, financial literacy, risk assessment.

H04:
Head and member of the family do not have an average same opinion on the constructs level of awareness on saving/investment avenues, financial attitude, financial literacy, risk assessment.

REVIEWS OF LITERATURE
Financial literacy is ((Noctor et al. 1992; Australia and New Zealand Banking Group, 2008) defined as 'The ability to make informed judgments and to take effective decisions regarding the use and management of money'. (Huston, 2010) Financial literacy is proficiency in money management, involving both the application of knowledge and the understanding. (GemaZamarro, 2015), the research concludes that food insecurity happens not only due to insufficient income but also because of deficient financial ability.
Households are likely with lower levels of education. Financial literacy is very important for the households to cope up with their limited resources and helps them to manage their money in a better way which guides them to keep away from food insecurity. Heterogeneity occurs if households manage differently with changes in the food price (Caracciolo&Santeramo, 2013; D'Souza &Jolliffe, 2012; Santeramo and Khan, 2015).
The global financial literacy (Puneet 2012), survey conducted in many countries shows that due to lack of discussion within the families on the money management results in low financial knowledge within the people. Superior levels of financial literacy are linked with daily financial management skills (Hilgert et al. 2003), retirement planning (Lusardi & Mitchell, 2007) The Joblessness is a strong analyst of food insecurity. But a household that has a higher degree of financial literacy holds savings that protect them from the volatility and food insecurity. It is evident that many of them failed to smooth the consumption throughout the month (Hastings & Washington 2010), providing extra income would not reduce food insecurity.
The research (Mohamad FazliSabri et al. 2008) concludes that employees are put into financial trouble due to lack of budgeting, poor spending and insufficient idea about money management and it has been suggested that financial education is more important implication at the workplace and Banks, credit unions had more chance to nurture their business. So, they desired to educate the next generation people about the ways to handle money (Closing the Gap, 2008).
Without proper information or guidance (Bodnar, 2005) majority of young adults is required to learn how to manage their money and they are not aware of how to balance their cheque books or manage their credit card expenditures.
Nowadays, the entire countries struggle for economic prosperity and it is hard especially for the young people who have never learned how to budget or plan to attain financial security . More women are taught about money management from their parents. Generally, women possess less knowledge on personal finance topics, in spite of proper education and experience which had an impact on the financial literacy of women (Chen, 2002). The global financial literacy, the survey was conducted among 25000 respondents in 28 countries and it was concluded that because of the lack of discussion within the families on money management they have less financial knowledge

METHODOLOGY
Descriptive research type is chosen for this study and the research data was collected with the use of a questionnaire

Sample size
The sample size is 536.

Simple Percentage Analysis
The selected sector respondents are taken for the study based on the demographic factors such as age, gender, the stream of education; income, nature of the job, etc are measured in the analysis.
Percentage analysis = Number of respondents / Total Number of Respondents x 100

Z -Test (Test based on Normal Distribution)
The two groups such as gender and marital status, etc, are compared to their mean values and Z -Test is applied based on the test value of the normal distribution.

I. Demographic Profile
To generalize the opinion given by the respondents on the social, economic and demographic profile, the data are to be analysed on the basis of the respondent's personal profile and to know the personal profile of the respondents under the study; the following frequency distribution is constructed. Table7  of the respondent, after meeting out all the expenses the excess money will be invested in the capital market and (96%) of the respondents, the excess money will not be invested in share capital respectively.

d)Lend it to friends or relatives: -
It is observed from the Table 7.1.2. that, (32%) of the respondents, after meeting out all the expenses the excess money will be lending to their friends and relatives and (68%) of the respondents will not lend the excess money to their friends or relatives.

e) Invest it in gold and jewellery: -
It is found from the Table 7.1.2. that, (14%) of the respondents, after meeting out all the expenses the excess money will be invested in gold and jewellery and (86%) of the respondents will not invest their excess money in gold and jewellery.

f) Paying off loan borrowed: -
From the

g) Level of confidence in managing the financial needs
From the

Z -TEST (TEST BASED ON NORMAL DISTRIBUTION)
The two groups such as gender and marital status, etc, are to be compared to their mean values and Z -Test is applied based on the test value the normal distribution. In this study, based on respondent's gender, marital status, etc. the data is classified into two groups and they are compared on the basis of their mean values, Z Test is applied.

Gender on Constructs
The opinion of the gender on the constructs such as level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment is compared.

H01:
Male and Female respondents do not have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment.

H1:
Male and Female respondents have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, and risk assessment.  Table 7.2.1. it is understood that for the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy and risk assessment, the calculated significance values are greater than 0.05 (not Significant) and It is concluded that the opinion between male and female respondents do not differ significantly. Hence null hypothesis is accepted.

7.2.2.Marital Status on Constructs
The opinion of the marital status of the respondents on the constructs such as level of awareness on various saving/investment avenues financial attitude, financial literacy, risk assessment is compared.

Type of Family on Constructs
The opinion of the different type of Family of the respondents on the constructs such as level of awareness on various saving/investment avenues, financial attitude, financial literacy, and risk assessment is compared.

H03 :
Nuclear and Joint family of the respondents do not have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment.

H3 :
Nuclear and Joint family of the respondents have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment. concluded that the opinion between nuclear and joint family of the respondents do not differ significantly. Therefore, the null hypothesis is accepted.
Hence, from the above constructs financial attitude (Mean value = 109.8182) and financial literacy (Mean value = 63.6364), the nuclear family had a higher opinion than joint family.

Status in the Family
The opinion of Head and member of the family on the constructs such as level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment is compared.

H04 :
Head and member of the family do not have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment.

H4 :
Head and member of the family have an average same opinion on the constructs level of awareness on various saving/investment avenues, financial attitude, financial literacy, risk assessment.

DISCUSSIONS AND LIMITATIONS
From the analysis, it is found that the maximum of the respondents does not prepare a monthly budget and Income saving habit is also low as ratified by the research (Mohamad FazliSabri et al. 2008) concluded that employees are put into financial trouble due to lack of budgeting, poor spending and insufficient idea about money management and it was suggested that financial education is more important implication in the workplace. Banks and credit unions had a more chance to nurture their business. So, they desired to educate the next generation that how to handle money (Closing the Gap, 2008) and a survey was conducted in different areas such as managing money, planning ahead, making choices and getting help.
The result shows that many people failed to plan in advance and hence they took financial risks without knowing it. Younger people are less financially capable than elders, Financial Service Authority (FSA) (2013).
Nowadays, all countries are struggling for economic prosperity and it is particularly hard for young people, never learned how to budget; plan to attain financial security. . Though,  there was no safety for the young people with inadequate personal savings, most of the young people seen the credit as a source of money and faced a tough situation, which added to their existing debts and ended in bankruptcy court. Most of the students do not have any formal education about money management prior to the graduate from high school. In 2001 Sixteen percent of students (ages sixteen to twenty -two) understood that avoiding money troubles was mostly a matter of fortune. Since personal finance becomes more difficult and people have access to credit at a younger age, it is obvious for them to learn about the techniques to manage one's money that evolves as life skills as reading, writing, and basic math. Thus, the understanding of personal finance helps youth to avoid making privacy mistakes.
This study identified that Level of awareness on various saving/investment avenues of financial products, financial attitude, financial literacy and risk assessment among the gender, age, salary, and respondents belong to the different sector is not similar. It is known from the study, Bhushan&YajuluMedury (2013) the result suggested that the level of financial literacy diverges radically from respondents based on various demographics and socioeconomic factors and also gets affected by their gender, education qualification, income level, the nature of employment and place of work.
Pallavi Seth et al. (2010) financial literacy is influenced by educational level, age, and income. High-income respondents hold high financial literacy than lower income respondents. (Finke & Huston 2003) Gender difference in financial attitudes, higher levels of willingness to take the financial risk was associated with higher net worth for both genders. Unsurprisingly, a higher level of education is usually associated with a better understanding of credit reports and credit scores (Lyons et al. 2007) and a higher degree of financial knowledge in general (Bernheim, 1998;Meier and Sprenger, 2008). In addition to formal education, individual cognitive abilities also play an important role. Delavande et al. (2008) estimate a model where the financial knowledge score depends on the cognitive ability and other controls. As expected, ability increases the accuracy of responses to financial tests, because of the education. People developed their own attitudes by observing significant people attitudes in their lives (Bandura, 1977). Hence, there was a difference in financial attitudes by gender, related to gendered financial socialization.

CONCLUSION
From the analysis, it can be concluded that the overall financial literacy level of the respondents is low. While collecting the questionnaire from the respondent, the respondent felt that they were failing to update the knowledge about various saving/investment avenues and they are in need of training or awareness programs to convert their earnings into worthy. Most of the people are not maintaining the monthly budget; not recording their cash flow and results in lack of confidence in managing their financial needs. The individual does not have sufficient knowledge about the various types of financial product. Hence, only good knowledge and better financial planning will lead to choose a better investment plan. This can be done by providing a strong financial education in secondary and higher secondary levels of the