An Analytical Study Of Mental Budgeting And Management To Analyze The Effects On Behavior And Financial Decisions In Indian Families

Abstract

Various studies have been conducted to observe the influence of general decision making process on individual’s cognitive, mental and the behavioral limitation, and there is no monetary option for the financial decisions. Most probably it can be considered that individual monetary choices have some psychological effects, and the Indian households are also not untouched with this fact. The analytical study considered in this paper has quickly set aside such a section of mental budgeting system and has extends the concern that examined the presence of mental management effects on the households financial decision process. This analytics additionally constructs mental budgeting as a second-order request development using a progressive process variable model. The PLS-SEM (Partial Least Square Structural Equation Model) has been utilized to explore and then validate the concerned scales. This investigation has been concluded with 452 responses composed using a survey study technique through an organized survey given to Indian households units. The study basically examines the impact of mental budgeting on the monetary choices of Indian families. This study basically examines the impact of mental budgeting on the financial decision process of family units. Additionally this study expands the information on financial behavior among the researchers of individual finance and consumer behavior including the financial service providers.