Determinants of financial attitude and preparedness of information technology professionals in Bengaluru city

Abstract

Employees' attitudes towards financial planning and management and deriving benefits from proper management planning lead satisfaction among them. Their personal and job satisfaction is an important factor for their active involvement and their decision to contribute to innovation. The study examined the main underlying factors determining the financial attitude and financial preparedness of Information Technology (IT) professionals in Bengaluru city. Bengaluru is one of the largest tech hubs in India having 1.5 million employees in the IT/ITES, out of nearly four million employees across India. In order to achieve the objective of the study, primary data were collected from 792 respondents in 2018 using stratified sampling method. Questionnaire was designed to identify the key factors of financial attitude and financial preparedness. For reducing the number of variables from large data set and to find the main underlying financial attitude and financial preparedness, factor analysis was carried out. The study found that the two main components such as financial perspective and financial propensity determined the financial attitude and the factors grouping under three main components such as financial control, financial competence and financial philosophy contributing the financial preparedness of employees in IT sector.