Certificate: View Certificate
Published Paper PDF: View PDF
Confirmation Letter: View
DOI: https://doi.org/10.63345/ijrmp.v13.i7.5
Sonal Jain
Research Scholar
Department of Commerce
Maharaja Agrasen Himalayan Garhwal University
Uttarakhand, India
Dr. Ajit Singh
Research Guide
Department of Commerce
Maharaja Agrasen Himalayan Garhwal University
Uttarakhand, India
Abstract— Gold has long been regarded as a secure investment option in India due to its cultural significance, wealth preservation capability, and ability to hedge against inflation and economic uncertainty. Among household investors, married women play a pivotal role in financial planning and gold acquisition, yet limited empirical research has explored how their perception of investment risk influences gold investment behaviour. This study examines the relationship between risk perception and gold investment patterns among married women by identifying the factors that shape their investment preferences and decision-making processes. A quantitative research design was adopted using a structured questionnaire administered to married women selected through convenient sampling. The study evaluates the influence of demographic characteristics, financial literacy, income, investment objectives, and perceived investment risk on the choice of various gold investment avenues, including jewellery, coins, bars, digital gold, gold exchange-traded funds, and sovereign gold bonds. Descriptive statistics, correlation analysis, and multiple regression techniques were employed to analyse the data and test the proposed relationships. The findings indicate that lower perceived risk, higher financial literacy, and greater awareness of modern investment products are positively associated with diversified gold investment behaviour. Traditional forms of gold investment continue to dominate, although interest in digital and financial gold products is gradually increasing among financially informed respondents. The study contributes to the literature on behavioural finance and household investment by providing insights into the investment behaviour of married women and offers practical implications for financial institutions, policymakers, and financial literacy initiatives aimed at promoting informed investment decisions.
Keywords— Risk Perception; Gold Investment; Married Women; Investment Behaviour; Financial Literacy; Household Finance; Behavioral Finance
References
- Agarwal, S., Amromin, G., Ben-David, I., Chomsisengphet, S., & Evanoff, D. D. (2009). Learning to cope: Voluntary financial education and loan performance during a housing crisis. American Economic Review, 99(2), 495–500.
- Barber, B. M., & Odean, T. (2001). Boys will be boys: Gender, overconfidence, and common stock investment. Quarterly Journal of Economics, 116(1), 261–292. https://doi.org/10.1162/003355301556400
- Bucher-Koenen, T., Lusardi, A., Alessie, R., & Van Rooij, M. (2021). Fearless woman: Financial literacy and stock market participation. NBER Working Paper No. 28723. https://www.nber.org/papers/w28723
- Croson, R., & Gneezy, U. (2009). Gender differences in preferences. Journal of Economic Literature, 47(2), 448–474. https://doi.org/10.1257/jel.47.2.448
- Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263–291. https://doi.org/10.2307/1914185
- Lusardi, A., & Mitchell, O. S. (2014). The economic importance of financial literacy: Theory and evidence. Journal of Economic Literature, 52(1), 5–44. https://doi.org/10.1257/jel.52.1.5
- Mishra, P., Mohanty, B. B., et al. (2010). Household demand for gold and its investment behaviour in India. (Referenced in Indian gold investment literature; available through institutional repositories and Indian economic studies.)
- Sahay, A., & Mukherjee, P. (2016). Gold as women’s wealth (Stree Dhan) and household financial security in India. In studies on gender, finance, and household assets. (Referenced in Indian gender and household finance literature.)
- Weber, E. U., Blais, A. R., & Betz, N. E. (2002). A domain-specific risk-attitude scale: Measuring risk perceptions and risk behaviors. Journal of Behavioral Decision Making, 15(4), 263–290. https://doi.org/10.1002/bdm.414
- World Gold Council. (2023). Gold Demand Trends: Full Year 2023. World Gold Council. https://www.gold.org/goldhub/research/gold-demand-trends-full-year-2023.