Gender Divergences in Personal Financial Planning Amidst College Teachers in Nepal

Abstract

Personal financial planning is a formal procedure of defining life targets and administering funds appropriately. Financial literacy on personal financial planning being low in Nepal and formal training in this domain is still in its infancy resulting in a scarcity of studies in this field, the study sought to elucidate the personal financial planning process practiced by college teachers in Nepal and to ascertain any divergences between males and females.

The purpose of the study was to acquire insight into gender divergences in income distribution, investment motivations and preferred investment channels among college teachers in Nepal. The researcher also aimed to investigate whether college teachers in Nepal adhere to a systematic financial planning procedure and how this practice varies by gender. The research was carried out in the Bagmati province of Nepal, with a sample size of 500 respondents selected based on a convenient sampling method to attain the objectives of the study. The response rate was 77% (n = 385) which is considered to be acceptable for a research study. Using simple descriptive statistical measures, it was found that male and female college teachers in Nepal differ in their thought processes of planning on financial investments, it implies that the targeted strategies and instruments would also be different. Similarly, the literacy and awareness programs should also be designed taking into consideration the differences in the thought processes of male and female college teachers in Nepal.