Analysis of Financial Planning and Tax-saving...

Analysis of Financial Planning and Tax-saving strategies opted by Bangalore’s Workforce

Author Name : Sanketh Shetty, Ramya H.P

DOI: https://doi.org/10.56025/IJARESM.2024.1209240519

ABSTRACT The study aims to analyze financial planning and tax-saving strategies among salaried employees in Bangalore. It investigates how employees manage their finances, with a particular focus on tax-saving instruments and the impact of financial literacy on their choices. The purpose of the research is to understand the awareness and behavior of salaried individuals regarding tax-saving opportunities and financial planning practices. The methodology employed is empirical and descriptive. Primary data was gathered using structured questionnaires from a sample of 193 salaried employees. Statistical tools, including descriptive statistics, chi square tests, and ANOVA, were utilized to analyze the data. The findings reveal that while tax-saving plays a significant role in the financial planning of Bangalore's salaried workforce, there are knowledge gaps concerning tax-saving instruments. The perception of the new tax regime is generally unfavorable. Additionally, challenges in financial planning, such as a lack of awareness and the complexity of financial products, hinder employees from optimizing their tax-saving potential. The study concludes that improving financial literacy and providing better access to financial advisory services could help address these challenges and enhance the financial well-being of Bangalore's salaried employees.