Impact of Covid-19 on Personal Financial Planning: An empirical study of different professions

Abstract

Every individual have lot of goals and dreams in their life. Achievement of these goals depends on proper financial planning. It also helps to achieve biggest dreams with little income in hand. Life is not smooth. Several unexpected events will be faced in our life. These events badly affect our financials. People with no or less emphasis on financial planning face several difficulties. Covid-19 is such an incident took place in our life. Several people got affected by this pandemic including loss of income or decrease of income. People with good financial plan could able to survive and the remaining people struggled hard. In this article an attempt has been made to investigate impact of Covid-19 on financial planning of various respondents belongs to different professions in Visakhapatnam city of Andhrapradesh. Present study focused on three aspects. Firstly the impact of Covid-19 on income level of the respondents, secondly opinion about the quantum of reserve funds to be maintained post Covid-19 and the last one is post Covid-19 risk perception on investments of the respondents. Simultaneous Test Procedure (STP) proposed by K.R.Gabriel (1966) was applied to compare the impact of covid-19 on financial planning of various respondents belonging to different professions in Visakhapatnam.