A one-day session on Personal Financial Planning was conducted by the Department of Commerce and Management, Amrita Vishwa Vidyapeetham, Mysuru campus, for housewives, business persons, retired professionals, etc., on July 13, 2018. The session was provided by Dr. Ravi Kulkarni, Assistant Professor & Research Coordinator, and Ms. Sunayana N, Assistant Professor & Chairperson of the department.

Session one emphasized the necessity and significance of personal financial planning even for people who are not working such as housewives, retired officials, unemployed youth and graduating students. The session highlighted various kinds of saving schemes and investments available for this sector. The focus was mainly on precautions to be taken while investing in any type of saving and investment schemes. The session narrated the steps for planning routine financial activities and the significance of personal financial planning. In the present day scenario, there is a fluctuating inflation in the country along with a volatile capital market which has created an apprehension in the minds of the common man about investing in risky avenues such as stock market, derivatives and mutual funds. The session, with the help of suitable illustrations, demonstrated how with a little care, proper investments can be made even in volatile markets and risky investment avenues.

The second part of the session concentrated on retirement schemes and post-retirement financial planning for the participants. Ms. Sunayana, Asst. Professor & Chairperson, Dept. of Management and Commerce, listed a number of retirement benefits schemes available both in private and public sector financial institutions. A detailed comparison of these two sectors was displayed with respect to benefits received, patterns of premium payments, years of contribution and risk associated. The participants raised questions on the reliability of private sector post-retirement benefit schemes. The doubts were clarified and some important guidelines were provided for investing in private sector financial institutions. Participants were also enlightened about various schemes which can provide a cushion over the effect of inflation on long term investments, especially retirement benefit schemes.

Most of the participants were retired officials and were under the impression that financial planning is no longer relevant for them. The session focused on making them understand that financial planning is most required for the post-retirement period as the sources of income are fewer and consumption pattern of money has changed, eg., medical expenses, expenses for convenience, etc. The retirees should also protect their savings from effects of inflation. The session provided participants with an elaborate scheme which can be adopted for financial planning after retirement. A brief framework of financial institutions dealing with investments in mutual funds and other financial instruments was explained and clarifications were provided. Finally, the inquisitive participants showed great enthusiasm for investing in the stock market through mutual funds in the Systematic Investment Plan (SIP) scheme to meet their future requirements.