Role of Financial Planning in Building Personal Wealth Among Individuals in Kasaragod

Abstract

Financial planning plays an important role in wealth generation and financial security. It helps individuals to manage their income, investments, and savings in order to improve their financial wellbeing. This study was carried out using primary and secondary sources of data. Primary data obtained were analysed using percentage analysis in order to determine the extent of financial planning and investment preferences of the respondents. It was found that the majority of respondents have knowledge about investment plans such as mutual funds, the stock market and gold. However, they lack knowledge about government-sponsored saving schemes. The majority of respondents save less than a quarter of their income with low risk involved. Respondents seldom use credit cards. Financial planning leads to wealth generation and financial wellness of individuals. Family members who save some amount of money, make prudent investments, and monitor their financial progress regularly have better chances of benefiting from the same. This study recommended the creation of public awareness and making people prudent investors through giving them information on how to invest.