A Study on Personal Financial Planning Among Individuals: A Literature Review

Financial planning is essential for all individuals, regardless of gender, age, educational qualifications, income brackets, socio-cultural factors, or family dynamics. Financial knowledge and awareness significantly influence daily monetary decisions, equipping individuals and investors to handle finances effectively and make informed choices. The prosperity and advancement of communities or individuals largely depend on their financial stability. Finance serves as a critical indicator of living standards and acts as a measure of a nation’s economic progress. It is necessary for individuals to understand the diverse sources of financial investments and their significance. Financial literacy gives familiarity with various financial instruments such as bank deposits, postal savings, mutual fund investments, stock markets, and precious metals like gold. Women, as a vital segment of society, contribute actively to every sphere from managing household responsibilities to fulfilling their professional duties. When given numerous financial options in the market, it is crucial for investors to strategize and allocate their finances. Financial planning has emerged for ensuring individual financial security. However, it is evident that women must have the same authority as men in financial decision-making. But many women in India face financial, psychological, physical, and cultural barriers that hinder their ability to acquire financial literacy.