Financial Attitude for Personal Financial Planning: A Study of Commissioned Military Officers

Abstract

Financial Knowledge, Financial Literacy, Financial Attitude and Financial Behaviour are  bound to be deliberated upon while taking up the subject of Financial Planning. In today’s world, finances and the Financial Planning aspects are given due importance as the economic strength of nations has taken a centrestage. Education has always been considered as an empowering tool, however individual beliefs forment specific attitudes which can be judged as an outcome of certain behaviour. This holds good even for Financial Attitude. As per multiple studies, the Financial Attitude for Personal Financial Planning contributes towards overall financial well being. Therefore, a positive Financial Attitude induces Financial Well being of an individual which in turn positively impacts the overall life goals. Military persons are part of society and have life goals and needs just like individuals in other professions of the world. However, since Military is entrusted with the security of a nation, financial well being of soldiers assures combat fit forces.The aim of this research paper is to ascertain the financial attitude of serving Commissioned Officers of Indian Army with respect to personal financial planning. For the study, 461 serving Commissioned Officers of Indian Army of varying age and length of service constituted the sample.  A structured questionnaire was developed to collect Primary data from the respondents. Detailed analysis has been carried out for the collected data using various tools and techniques in Microsoft Excel. The study has brought out that the Commissioned Officers of Indian Army have a positive attitude towards Personal Financial Planning. This is a highly positive sign for the individuals, the Organisation i.e. Indian Army and obviously the Nation.