1

A study on the percept|on of |nvestors towards sma|| sav|ng schemes

AbstractlL ls very much necessary for lnsLlLuLlons offerlng lnvesLmenL lnsLrumenLs Lo sLudy abouL
Lhe percepLlon of lnvesLors Lowards varlous lnvesLmenL lnsLrumenLs because lL lnfluences Lhe savlng
behavlour of lnvesLors Pence Lhls sLudy aLLempLs Lo measure Lhe naLure of percepLlon of lnvesLors
uslng a flvepolnL scale 1o have a beLLer undersLandlng lnvesLors are segmenLed lnLo Lhree groups
based on Lhelr percepLlon by uslng clusLer analysls 1he sLudy has used correspondence analysls chl
square LesL analysls of varlance and dlscrlmlnanL analysls Lo undersLand Lhe lmpacL of percepLlon on
savlng behavlour of lnvesLors and Lhe facLors whlch deLermlne Lhe percepLlon of lnvesLors Lowards
savlng lnsLrumenLs
key words ercepLlon of lnvesLor Small savlng schemes ercepLual facLors SegmenLaLlon of
lnvesLors ueLermlnanLs of percepLlon
Art|c|e 1ype8eporL
Authors kaslllngam 8!ayabal C
ub Date07/01/2009
ub||cat|on
name aradlgm ubllsher lnsLlLuLe of ManagemenL 1echnology Audlence Academlc lormaL
Magazlne/!ournal Sub[ecL 8uslness general CopyrlghL CC?8lCP1 2009 lnsLlLuLe of ManagemenL
1echnology lSSn 09718907
Issue
uaLe !ulyuec 2009 Source volume 13 Source lssue 2
Geograph|cCeographlc Scope lndla Ceographlc Code 9lnul lndla
Accesslon number238426380
Iu|| 1ext
Introduct|on
ercepLlon of lnvesLors abouL savlng schemes wlll have a slgnlflcanL lmpacL on Lhe savlng behavlour
of people lor example people who have poslLlve percepLlon abouL Lhe scheme ln whlch Lhey have
lnvesLed wlll conLlnue Lo lnvesL ln Lhe same scheme very ofLen Lhey wlll sLarL lnvesLlng on oLher
schemes from Lhe same lnsLlLuLlons eople wlLh poslLlve percepLlon mlghL Lell good Lhlngs abouL
Lhe schemes Lo oLher people ln facL Lhey mlghL acL as unpald publlclLy agenLs Pence lL ls necessary
Lo sLudy abouL Lhe naLure of percepLlon LhaL exlsLs among lnvesLors abouL savlng schemes and
lnsLlLuLlons offerlng such lnsLrumenLs
kev|ew of L|terature
karLhlkeyan (2001) has conducLed research on Small lnvesLors ercepLlon on osL Cfflce Savlng
Schemes and found LhaL Lhere was slgnlflcanL dlfference among Lhe four age groups ln Lhe level of
awareness for klsan vlkas aLra (kv) naLlonal Savlngs Schemes (nSS) and ueposlL Scheme for
8eLlred Lmployees (uS8L) and Lhe overall score conflrmed LhaL Lhe level of awareness among
lnvesLors ln Lhe old age group was hlgher Lhan ln Lhose of Lhe young age group no dlfference was
observed beLween male and female lnvesLors excepL for Lhe nSS and kv CuL of Lhe facLors
analysed necesslLy of llfe and Lax beneflLs were Lhe Lwo ma[or ones LhaL lnfluence Lhe lnvesLors
boLh ln semlurban and urban areas Ma[orlLy (733 per cenL) of lnvesLors of boLh semlurban and
urban areas were very much wllllng Lo lnvesL ln small savlngs schemes ln fuLure provlded Lhey have
more for savlngs
2

Cavlnl and ALhma (1999) found LhaL soclal conslderaLlons Lax beneflLs and provlslon for old age
were Lhe reasons clLed for savlng ln urban areas whereas Lo provlde for old age was Lhe maln
reason ln rural areas Among Lhe posL offlce schemes lndlra vlkas aLra (lv) kv and osL Cfflce
8ecurrlng ueposlL AccounL (C8u) were Lhe mosL popular ln boLh urban and rural areas
Somasundaram (1998) has found LhaL bank deposlLs and chlL funds were Lhe besL known modes of
savlngs among lnvesLors and Lhe leasL known modes were unlL 1rusL of lndla (u1l) schemes and
planLaLlon schemes ALLlLudes of lnvesLors were hlghly poslLlve and showed Lhelr lnLenLlon Lo save
for beLLer fuLure nearly LwoLhlrds of Lhe lnvesLors were saLlsfled wlLh Lhelr savlngs 8oLh lncome
and expenses of a famlly lnfluenced Lhe level of saLlsfacLlon over savlngs A large proporLlon of
lnvesLors were concerned abouL Lhelr chlldrens wellbelng Among Lhe dlssaLlsfled lnvesLors
ma[orlLy were of Lhe oplnlon LhaL cosL of llvlng was Loo hlgh 1he mosL common mode of lnvesLmenL
was bank deposlLs Powever a shlfL was noLlced from bank deposlLs Lo oLher forms of lnvesLmenL
AlmosL all Lhe lnvesLors had lnvesLed ln gold and sllver Among several parameLers ln lnvesLlng
safeLy of money was consldered Lo be Lhe mosL lmporLanL elemenL nexL Lhe lnvesLors expecLed
regular reLurn from Lhelr lnvesLmenLs
naLlonal Councll of Applled Lconomlc 8esearch (nCAL8) (1961) urban Savlng Survey noLlced LhaL
lrrespecLlve of occupaLlon followed and educaLlonal level and age aLLalned households ln each
group LhoughL savlng for Lhe fuLure was deslrable lL was found LhaL deslre Lo make provlslon for
emergencles was a very lmporLanL moLlve for savlng and lmporLance was glven nexL Lo savlng for
old age Among moLlves for savlng provlslon for emergencles old age and purchase of house occur
wlLh same frequencles ln all occupaLlonal and educaLlonal groups 1he proporLlon of households
expresslng a preference for flnanclal asseLs lncreases wlLh Lhe level of educaLlon 1he preference for
flnanclal asseLs especlally bank accounLs and small savlngs whlle rlslng markedly wlLh educaLlon
does noL seem Lo lncrease wlLh lncome excepL aL Lhe lowesL end of lncome dlsLrlbuLlon 1hus lL
would appear LhaL efforLs musL be Laken Lo popularlze flnanclal forms of savlngs parLlcularly among
Lhe less educaLed members of upperlncome group roflLablllLy seems Lo be Lhe mosL lmporLanL
moLlve for deLermlnlng savlng preference SafeLy ls anoLher slgnlflcanL conslderaLlon for mosL
people and llquldlLy ranked Lhlrd
SecurlLles and Lxchange 8oard of lndla (SL8l) and nCAL8 (2000) Survey of lndlan lnvesLors has
reporLed LhaL safeLy and llquldlLy were Lhe prlmary conslderaLlons whlch deLermlned Lhe cholce of
an asseL 8anked by an ascendlng order of rlsk percepLlon flxed deposlL accounLs ln bank were
consldered very safe followed by gold unlLs of u1luS64 flxed deposlLs of nongovernmenL
companles muLual funds equlLy shares and debenLures Pouseholds preference for lnsLrumenLs ln
whlch Lhey commonly lnvesLed maLched Lhe rlsk percepLlon 8ank deposlLs whlch had an appeal
across all lncome classes and Laxsavlng schemes were preferred by mlddlelncome and hlgher
lncome groups 1here was a correlaLlon beLween Lhe lncome levels and lnvesLmenLs of households
ln markeLrelaLed securlLles
1amllkodl (1983) has sLaLed LhaL small savlngs schemes have a psychologlcal appeal and lL provldes
an opporLunlLy for ordlnary men women and even chlldren Lo park Lhelr savlngs lL reaches a large
number of people and covers a wlde range of areas She also suggesLed LhaL efforLs should be Laken
Lo slmpllfy Lhe procedure of small savlngs schemes Lo sulL Lhe needs of llllLeraLe and soclally
downLrodden people lurLher she suggesLed an lncrease ln Lhe raLe of lnLeresL of small savlngs
schemes Lo meeL Lhe challenges of commerclal banks
!ayaraman (1987) has sLaLed LhaL lnsLead of lssulng speclal bonds for unearLhlng black money Lhe
CovernmenL of lndla can encourage lnvesLmenL of black money ln varlous small savlngs schemes Pe
furLher sLressed Lhe need Lo drafL Lhe asslsLance of volunLary agencles aL Lhe school and college level
for furLher moblllzaLlon of savlngs
Arangasaml (1992) has observed LhaL more and more dependence on moblllzaLlon of resources
Lhrough small savlngs wlll ensure and promoLe selfrellance Pe concluded LhaL Lhe CenLral
3

governmenL should glve proper asslsLance and encouragemenL Lo Lhe small savlngs agencles whlch
wlll be useful noL only ln moblllzaLlon of funds buL also for Lhe economlc developmenL
1he sLudy by Mukhl (1989) has revealed LhaL nSC has been one of Lhe mosL popular Lax savlngs
lnsLrumenLs ln Lhls counLry Pe has sLaLed LhaL conLracLors and oLhers who have Lo provlde securlLy
whlle blddlng for conLracLs flnd lL exLremely convenlenL Lo buy nSC and pledge Lhese Lo Lhe
approprlaLe auLhorlLles whlle earnlng 12 per cenL per annum on Lhe pledged securlLles Pe also
sLaLed LhaL Lhe ma[or aLLracLlon of nSC ls lLs slmpllclLy Lven Lhe average lnvesLor does noL have Lo
scraLch hls head Lo undersLand Lhe scheme
,ethodo|ogy
1he prlmary daLa have been collecLed by conducLlng survey among Leachers worklng ln governmenL
colleges and unlverslLles ln 1amll nadu uslng a wellsLrucLured quesLlonnalre 1he populaLlon slze
was 11867 and Lhe sample slze of 614 was arrlved aL by uslng formula n Zsup2 * p * q * n/
esup2 * (n1) + Zsup2 * p * q (koLharl 2004) where n ls Lhe mlnlmum sample slze requlred 1he
614 sample respondenLs were selecLed by uslng mulLlsLage random sampllng 1he quesLlonnalres
were dlsLrlbuLed Lo all 614 selecLed respondenLs ln person by Lhe researcher AfLer repeaLed
persuaslon only 386 fllled ln quesLlonnalres were recelved lor Lhe purpose of flnal analysls 332
quesLlonnalres were used afLer re[ecLlng some of Lhe quesLlonnalres whlch were noL compleLed
properly 1he nonresponse raLe and re[ecLlon raLe LoLally amounLs Lo 10 per cenL 1he margln of
error for Lhe presenL sample slze of 332 ls 1434 per cenL 1he conLenL valldlLy of Lhe quesLlonnalre
was verlfled by panel valldaLlon and crlLerlon valldlLy and consLrucL valldlLy have been LesLed uslng
correlaLlon analysls 1he rellablllLy of Lhe survey lnsLrumenL was LesLed uslng Cronbach alpha
meLhod 1he alpha value ls 07763 PoLlllns 1squared value ls 1179 l value ls 11374 and Lhe
slgnlflcanL value ls 00000 1hls means LhaL Lhe sLaLemenLs are rellable aL more Lhan 99 percenLage
level of confldence
erceptua| Iactors
1o undersLand Lhe percepLlon of lnvesLors abouL Lhe small savlng schemes LwenLyLhree sLaLemenLs
were ldenLlfled Lach sLaLemenL descrlbes one aspecL of percepLlon 1he oplnlons of lnvesLors were
collecLed ln LlkerL flvepolnL scale SLudylng all Lhe LwenLyLhree percepLlons would have been
Ledlous and ln facL noL necessary also So facLor analysls was used Lo reduce varlables lnLo smaller
number of manageable varlables by explorlng common dlmenslons avallable among Lhe varlables
1he varlables whlch had common response and hlgh correlaLlon were grouped under a common
facLor varlables whlch dld noL have any slgnlflcanL effecL were suppressed 1he reduced facLors
should be dlsLlncL from each oLher
llrsL Lhe sulLablllLy of daLa for Lhe purpose of facLor analysls was LesLed uslng Lwo analyses namely
kMC LesL and 8arLleLLs LesL of spherlclLy 1he kalserMeyerClkln Measure of sampllng adequacy ls a
sLaLlsLlc whlch lndlcaLes Lhe proporLlon of varlance ln Lhe varlables whlch mlghL be caused by new
facLors Plgh values generally lndlcaLe LhaL a facLor analysls may be useful wlLh Lhe daLa lf Lhe value
ls less Lhan 030 Lhe resulLs of Lhe facLor analysls probably wlll noL be very useful
1able 1 shows LhaL Lhe kMC value ls 0791 whlch slgnlfles LhaL Lhe facLor analysls ls useful wlLh Lhe
daLa 1he chlsquare value for 8arLleLLs LesL of spherlclLy ls 249104 and Lhe slgnlflcanL value ls 0000
whlch ls slgnlflcanL aL more Lhan 99 per cenL level of confldence 1hls means LhaL Lhe daLa are very
much sulLable for facLor analysls
1he nexL sLep ln Lhe process ls Lo declde abouL Lhe number of facLors Lo be derlved 1he rule of
Lhumb ls applled Lo choose Lhe number of facLors for whlch Llgen values wlLh greaLer Lhan unlLy ls
Laken by uslng rlnclpal componenL Analysls meLhod 1he componenL maLrlx so formed ls furLher
roLaLed orLhogonally uslng varlmax roLaLlon algorlLhm
4

8y performlng facLor analysls LwenLyLhree varlables are reduced lnLo seven componenL facLors
oLherwlse called percepLual facLors (1able 2) Lach componenL facLor lncludes some sLaLemenLs
whlch are oLherwlse called varlables Lach componenL represenLs percepLlon of lnvesLors abouL one
parLlcular aspecL of lnvesLmenL varlable llke lnvesLmenL lnsLlLuLlons and sLaLemenLs under each
facLor explalns Lhe feaLure of such percepLual facLor 1he seven percepLual facLors whlch have Llgen
values more Lhan unlLy alone are Laken for conslderaLlon 1he seven percepLual facLors represenL
around 33 per cenL of LoLal varlance whlch ls very slgnlflcanL and Lhe remalnlng varlance ls explalned
by oLher facLors 1he flrsL percepLual facLor explalns more Lhan 9 per cenL of LoLal varlance and oLher
slx percepLual facLors accounLs for Lhe remalnlng 46 per cenL of varlance
Deve|opment
1he llsL of seven componenL facLors along wlLh Lhelr labels and varlables (sLaLemenLs along wlLh
loadlng) lncluded under Lhese facLors are llsLed below ercenLage of people agreelng wlLh each
percepLual facLor and percenLage of people who do noL agree wlLh lL are glven ln Lhe 1able 3
Conven|ent Setup
1hls ls Lhe predomlnanL percepLual facLor whlch descrlbes 9 per cenL of LoLal varlance 1able 4 glves
lnformaLlon abouL Lhe sLaLemenLs lncluded under Lhls componenL facLor of percepLlon along wlLh
Lhelr loadlngs 1he Lable shows LhaL Lhls facLor of percepLlon conLalns varlables relaLed Lo agenLs
role ln moblllzlng Lhe savlngs whlch has Lhe hlghesL loadlngs 1he oLher varlables lncluded under Lhls
facLor are relaLed Lo sufflclency of number of agenLs and role of posL offlces ln moblllzlng savlngs of
people As all Lhe varlables lncluded under Lhls componenL facLor of percepLlon are relaLed Lo
provldlng convenlence Lo Lhe lnvesLor Lhls facLor can be called as convenlenL seLup lnvesLors
prefer Lo have convenlenL arrangemenLs Lo make lnvesLmenLs 1hey also conslder convenlence as
Lhe mosL lmporLanL crlLerlon whlle evaluaLlng any lnvesLmenL 1he convenlence may be requlred
whlle maklng lnvesLmenL and also aL Lhe Llme of geLLlng regular reLurn and caplLal redempLlon aL Lhe
end Lvery lnvesLor wlll have some klnd of percepLlon abouL lnsLlLuLlonal seL up dependlng on whaL
klnd of convenlence and lnconvenlence Lhey have en[oyed durlng Lhelr lnvesLmenL acLlvlLles
Around 73 per cenL of lnvesLors are saLlsfled wlLh Lhe number of agenLs avallable Lo provlde servlce
Lo Lhem and Lhey also expressed Lhelr saLlsfacLlon abouL Lhe servlces provlded by posL offlces as a
small savlng collecLlon channel (1able 3) 1he salarled class lnvesLors are saLlsfled wlLh Lhe exlsLlng
seLup avallable for small savlng schemes lf Lhe collecLlon on small savlngs has Lo be lncreased lL
has Lo be Laken Lo oLher secLlons of lnvesLors by provldlng convenlenL servlce Lo Lhem Cnly a small
percenLage of people have negaLlve percepLlon abouL arrangemenLs avallable Lo moblllze small
savlng schemes
opu||st Schemes
1he second componenL facLor also explalns abouL 9 per cenL of LoLal varlance 1he flrsL Lwo
sLaLemenLs (varlables) lncluded under Lhls componenL facLor are relaLed Lo rlvaLe rovldenL lund
(l) whlch ls useful Lo Lhe unorganlzed secLor 1he oLher sLaLemenLs Lalk abouL dlfferenL small
savlng schemes and Lhe purpose of Lhe governmenL offerlng Lhose schemes (1able 3) 1he
governmenL ls offerlng savlng schemes noL only Lo moblllze fund for lLs developmenL acLlvlLles buL
also Lo proLecL Lhe lnLeresL of small lnvesLors from belng cheaLed away by unscrupulous people
Some of Lhe schemes llke C8u and osL Cfflce 1lme ueposlL (C1u) are really meanL Lo help small
lnvesLors l ls a provldenL fund scheme meanL for unorganlzed people 1he governmenL ls glvlng
aLLracLlve lnLeresL and Lax lncenLlve malnly Lo help Lhe lnvesLlng publlc 1he sLaLemenLs relaLed Lo
Lhese percepLlons are grouped under one facLor and LhaL facLor can be called popullsL schemes
More Lhan 61 per cenL of people are ln agreemenL wlLh Lhe percepLual facLor LhaL Lhe governmenL ls
offerlng small savlngs schemes Lo help small lnvesLors Cnly around 3 per cenL of people do noL
agree wlLh Lhls percepLual facLor (1able 3)
3

Government A|d
1he Lhlrd percepLual facLor ls abouL lnvesLors expecLaLlon from Lhe governmenL eople wlLh Lhls
aLLlLude expecL everyLhlng from Lhe governmenL 1hey wanL Lhe governmenL Lo offer savlng
schemes 1hey also wanL Lhe governmenL Lo glve advances agalnsL Lhese schemes lf Lhe lnvesLor
wanLs money more urgenLly 1hese people look for governmenL ald ln every respecL of Lhelr acLlons
(1able 6)
Around 13 per cenL of people are noL ln agreemenL wlLh Lhe ldea of posL offlce glvlng advance
agalnsL small savlng securlLles More Lhan half of Lhe people are non commlLLal abouL Lhe role of
governmenL ln offerlng savlng schemes and loan agalnsL Lhose schemes (1able 3)
Nat|ona||st|c
1he nexL percepLual facLor ls abouL paLrloLlc feellng of lnvesLors Lvery lndlan has cerLaln amounL of
paLrloLlc feellng and some people really wanL Lo conLrlbuLe someLhlng Lowards Lhe developmenL of
Lhelr naLlon eople wlLh Lhls klnd of percepLlon Lhlnk LhaL all lnvesLors should park Lhelr funds only
on naLlonal savlng lnsLrumenLs 1hey also have a poslLlve oplnlon abouL Lhe savlng hablL of lndlan
clLlzens 1he varlables loaded under Lhls componenL facLor Lalk abouL varlous aspecLs of Lhls
percepLual facLor (1able 7)
1able 3 shows LhaL around 43 per cenL of people have poslLlve naLlonallsLlc aLLlLude More Lhan 33
per cenL of people are nelLher favourable nor unfavourable Lo Lhe ldea of uslng Lhe posLman for
colleLlng posLal deposlL Cnly 10 per cenL of people are noL ln agreemenL wlLh Lhe oplnlon LhaL all
lndlans do have good savlng hablL (1able 3)
Not Necessary
An aLLlLude of noL necessary ls anoLher percepLual facLor lnvesLors who have caplLallsLlc Lhlnklng
have Lhe oplnlon LhaL Lhe governmenL need noL offer any lnvesLmenL schemes 1he people wlLh Lhls
klnd of aLLlLude Lhlnk LhaL posL offlce ls a place meanL for effecLlng communlcaLlon (1able 8) eople
wlLh Lhls klnd of percepLlon Lhlnk LhaL bank ls a beLLer place of lnvesLmenL Lhan posL offlces 1hey
also feel LhaL some of Lhe schemes have aLLracLlve feaLures and such schemes can be conLlnued buL
should be managed by prlvaLe people
Cnly 13 per cenL of Lhe people have Lhe vlew LhaL Lhe governmenL need noL offer any savlng
schemes Around 41 per cenL of Lhe people are noL agreelng for ldea of prlvaLlzlng Lhe small savlngs
schemes (1able 3)
Awareness
1he nexL componenL facLor ls abouL Lhe awareness level of lnvesLors on small savlngs schemes 1he
sLaLemenLs ln 1able 9 explaln LhaL Lhe people wlLh Lhls klnd of percepLlon feel LhaL Lhe awareness
level of small savlng schemes ln parLlcular and lnvesLmenL lnsLrumenLs ln general are very llLLle
among Lhe publlc 1he lnvesLors feel LhaL awareness ls Lhe mosL lmporLanL facLor whlch deLermlnes
Lhe savlng paLLern of any lndlvldual 1he publlc also sLaLe LhaL Lhe duLy of Lhe governmenL ls noL only
Lo offer aLLracLlve schemes buL also Lo make Lhe people aware of Lhose schemes by glvlng
adverLlsemenL
Around 27 per cenL of people feel LhaL Lhe awareness level abouL small savlng lnsLrumenLs ln
parLlcular and savlng lnsLrumenLs ln general ls very less 1hey also have Lhe vlew LhaL governmenL
spendlng on adverLlsemenL Lo popularlze Lhose small savlng lnsLrumenLs ls also very less Cnly 76
per cenL of people are saLlsfled wlLh Lhelr level of awareness More number of people (63 per cenL)
are noL worrled Loo much abouL Lhelr level of awareness (1able 3)
Sav|ngs and Deve|opment
1hls aLLlLude has Lwo feaLures and explalns around 6 per cenL of varlance 1he Lwo sLaLemenLs
lncluded under Lhls facLor explaln LhaL Lhe people wlLh Lhls klnd of percepLlon feel LhaL household
6

savlng ls essenLlal for Lhe developmenL of naLlon 1o lmprove Lhe level of savlng of households more
number of aLLracLlve schemes musL be lnLroduced (1able 10)
Around 77 per cenL of people feel LhaL savlng ls essenLlal for lndlvlduals and lmporLanL for Lhe
developmenL of Lhe naLlon Cnly 2 per cenL of people have negaLlve oplnlon (1able 3)
Segmentat|on of Investors
lnvesLors can be classlfled lnLo Lhree caLegorles based on Lhe percepLlon Lhey have on small savlngs
schemes and lnsLlLuLlonal arrangemenLs avallable for Lhose schemes 1hey are classlfled lnLo Lhree
segmenLs because Lhe dlfference among Lhe coefflclenLs ls slgnlflcanL only ln Lhree cases on Lhe
hlerarchlcal clusLer lor Lhe purpose of classlflcaLlon of lnvesLors kMeans clusLer ls used 1able 11
shows Lhe mean values of all Lhe percepLual facLors for Lhe Lhree flnal clusLers 1he mean values of
percepLual facLors explaln Lhe aLLrlbuLes of each clusLer lor lnsLance Lhe mean value of Lhe
percepLual facLor savlngs and developmenL for Lhe flrsL clusLer ls 408 and Lhe mean value of
percepLual facLor awareness for Lhe same clusLer ls 313 1hls means LhaL Lhe flrsLclusLer people
have hlgh poslLlve percepLlon on Lhe necesslLy of savlngs and lLs lmporLance for naLlonal
developmenL and Lhey have only llmlLed agreemenL on Lhe oplnlon fovourlng more adverLlsemenL
by Lhe governmenL Lo lncrease Lhe awareness level of lnvesLors lL ls also noLed from Lhe Lable LhaL
no parLlcular percepLual facLor ls heavlly loaded on any parLlcular clusLer segmenL 1he rank of Lhe
clusLers on every percepLual facLor ls also glven ln Lhe Lable 1he descrlpLlon of Lhe characLerlsLlcs of
all Lhe Lhree clusLers or segmenLs along wlLh Lhe label ls glven below
n|gh os|t|ve ercept|on
1he flrsL clusLer has hlgh mean value ln all Lhe percepLual facLors 1hls clusLer ls ranked flrsL ln all Lhe
seven percepLual facLors 1he average score of Lhls clusLer ls 370 1hls means LhaL people under Lhls
segmenL sLrongly agree wlLh Lhe exlsLence of such aLLlLude wlLh Lhem Slnce Lhls segmenL has hlgh
poslLlve aLLlLude abouL Lhe varlous aspecLs of small savlng schemes Lhls group can be deslgnaLed as
hlghly poslLlve percepLlon lnvesLors 1he mean value for savlng and developmenL percepLual facLor ls
408 1hls shows LhaL Lhls segmenL of people has hlgh poslLlve percepLlon abouL Lhe requlremenL of
savlngs for Lhe lndlvldual and Lo Lhe naLlon
os|t|ve ercept|on
1he second clusLer can be deslgnaLed as poslLlve percepLlon clusLer because lL has secured ll rank ln
Lhe percepLual facLors of convenlenL seLup popullsL schemes governmenL ald naLlonallsLlc and
savlng and developmenL and lll rank ln Lhe facLors noL necessary and awareness 1hls segmenL of
people ls ln agreemenL wlLh Lhe exlsLence of convenlenL seLup popullsL schemes governmenL ald
naLlonallsLlc and savlngs and developmenL percepLlons because Lhelr mean score ls more Lhan Lhree
ln Lhose percepLual facLors 1he average mean score of Lhls segmenL ls 333 whlch means people
under Lhls segmenL are [usL above neuLral ln Lhelr percepLlon
Negat|ve ercept|on
1he mean values ln Lhe Lhlrd clusLer for four percepLual facLors are around Lhree and for Lhe oLher
Lhree percepLual facLors less Lhan Lhree 1he average score of all Lhe percepLual facLors ls less Lhan
Lhree 1hls means LhaL Lhls segmenL of people do noL have poslLlve percepLlon 1hls segmenL of
people secured rank ll ln Lhe percepLual facLors of noL necessary and awareness 1hese Lwo
percepLual facLors are negaLlve ln naLure So Lhls segmenL can be chrlsLened as negaLlve percepLlon
clusLer
1able 11 shows LhaL Lhe Lhree clusLers dlffer ln mean value of all Lhe seven percepLual facLors 1he
analysls of varlance lndlcaLes (1able 12) LhaL Lhe dlfferences LhaL exlsL among Lhe Lhree clusLers ln
Lhe mean values of seven percepLual facLors are slgnlflcanL 1he slgnlflcanL value for slx percepLual
facLors ls 0000 and for awareness lL ls 0003 1hls lndlcaLes LhaL Lhe mean values of all Lhe seven
percepLual facLors are slgnlflcanLly dlfferenL among Lhe Lhree clusLers 1hls also means LhaL all Lhe
7

seven percepLual facLors are lnfluenclng slgnlflcanLly ln dlvldlng people lnLo Lhree segmenLs based
on Lhelr percepLlons
1able 13 lndlcaLes LhaL around 148 lnvesLors ouL of 332 are ln clusLer l whlch ls Lhe hlgh poslLlve
percepLlon group and 230 ouL of 332 lnvesLors are ln Lhe poslLlve percepLlon group 1hls means LhaL
around 27 per cenL of lnvesLors are ln Lhe hlgh poslLlve percepLlon segmenL and 43 per cenL ln Lhe
poslLlve percepLlon group 1he negaLlve percepLlon lnvesLors accounL only for 28 per cenL of Lhe
populaLlon
1est|ng su|tab|||ty of segments
1able 14 conLalns Wllks Lambda Lhe l sLaLlsLlc lLs degrees of freedom and slgnlflcance level Wllks
Lambda ls Lhe raLlo of Lhe wlLhlngroups sum of squares Lo Lhe LoLal sum of squares Wllks Lambda
ln Lhls case ranges from 06 Lo 09 1he Wllks Lambda for awareness percepLual facLor ls 0981 whlch
ls very hlgh 1he mean values of awareness among Lhree clusLers are 313 296 and 301 1hls
means LhaL Lhe Lhree clusLers do noL dlffer very much on awareness 1he dlfference on noL
necessary percepLual facLor ls hlghly slgnlflcanL 1he slgnlflcance value for Lhe varlablllLy ls 0000 for
slx percepLual facLors excepL awareness whlch ls 0003 1hls lndlcaLes LhaL Lhe dlfferences among
clusLers on all percepLual facLors are slgnlflcanL
1he dlscrlmlnanL dlagram (llgure 1) shows LhaL all Lhe Lhree clusLers are dlsLlncLlve clusLers havlng
dlfferenL group cenLrolds and dlfferenL mean values 1he clusLer members are allgned separaLely
from oLher group members 1hls LesLlfles LhaL Lhe clusLer segmenLaLlon ls correcL
1able 13 glves deLalls abouL degree of success of Lhe classlflcaLlon on Lhe basls of percepLual facLors
1he number and percenLage of cases correcLly classlfled and mlsclasslfled are dlsplayed ln Lhe Lable
Pere 144 cases or 973 per cenL lnvesLors of hlgh poslLlve segmenL are correcLly classlfled and only
four cases are lncluded ln Lhe poslLlve clusLer lrom Lhls lL can be clearly lnferred LhaL Lhe
segmenLaLlon of lnvesLors based on percepLual facLors ls correcL by more Lhan 949 per cenL
1wo dlscrlmlnanL funcLlons can be formed when Lhere are Lhree clusLers (1able 16) 1he Llgen value
ls hlgh for boLh Lhe funcLlons whlch lndlcaLes LhaL Lhere ls a good varlablllLy beLween Lhe Lwo
funcLlons 1he canonlcal correlaLlon measures Lhe assoclaLlon beLween Lhe Lwo funcLlons and seven
percepLual facLors 1he coefflclenL of canonlcal correlaLlon ls hlgh for boLh Lhe funcLlons 1hls
lndlcaLes LhaL Lhere ls a sLrong relaLlonshlp beLween Lhe Lwo funcLlons and Lhe seven percepLual
facLors 1he Wllks Lambda for Lwo funcLlons are 0193 and 0484 1hls lndlcaLes LhaL Lhe group
means are dlfferenL 1he slgnlflcance value for boLh Lhe funcLlons ls 0000 1he low Wllks Lambda
and very low slgnlflcanL value lndlcaLes LhaL boLh Lhe funcLlons are slgnlflcanL and boLh Lhe funcLlons
are useful Lo descrlbe Lhe characLerlsLlcs of Lhe populaLlon
1he sLrucLure maLrlx (1able 17) conLalns wlLhln group correlaLlons of each predlcLor varlable wlLh
Lhe canonlcal funcLlon 1hls maLrlx provldes anoLher way of sLudylng Lhe usefulness of each varlable
ln Lhe dlscrlmlnanL funcLlon lor each varlable an asLerlsk lndlcaLes lLs largesL absoluLe correlaLlon
wlLh one of Lhe canonlcal funcLlons WlLh each funcLlon Lhese marked varlables are Lhen ordered by
Lhe slze of Lhe correlaLlon 1he sLrongesL correlaLlons for Lhe flrsL slx percepLual facLors occur wlLh
funcLlon 1 1he varlable noL necessary has lLs sLrongesL correlaLlon wlLh funcLlon 2 noL necessary
ls Lhe only percepLual facLor avallable ln funcLlon 2 1hls means LhaL noL necessary ls a dlsLlncLlvely
dlfferenL percepLual facLor So Lhe Lwo funcLlons may be Z10436 x naLlonallsLlc + 0430 x
ConvenlenL SeLup + 0409 x Savlngs and uevelopmenL + 0407 x CovernmenL Ald + 0311 x opullsL
Schemes + 0091 x Awareness and Z2 0713 x noL necessary 8oLh Lhese Lwo funcLlons are
slgnlflcanL dlscrlmlnanL funcLlons whlch wlll explaln Lhe characLerlsLlcs of Lhe lnvesLors
Impact of ercept|on
8

Pere Lhe lmpacL of percepLlon ls analysed by ldenLlfylng lLs assoclaLlon wlLh lnvesLmenL on Lhe
range of small savlng schemes 1he chlsquare LesL shows LhaL Lhere exlsLs a slgnlflcanL assoclaLlon
beLween Lhese Lwo
kange of sma|| sav|ng |nvestment
1here are seven small savlng schemes and people mlghL lnvesL ln one or more Lhan one schemes
1he lnvesLors are classlfled lnLo concenLraLed exLended and dlverslfled based on Lhe number of
schemes ln whlch Lhey have lnvesLed 1o flnd ouL Lhe assoclaLlon beLween percepLlon and
lnvesLmenL on Lhe range of small savlng schemes Lhe correspondence analysls ls used 1he
correspondence dlagram (llgure 2) lllusLraLes LhaL people wlLh negaLlve percepLlon wlll lnvesL on
only one or Lwo schemes and when Lhe percepLlon changes Lowards poslLlve dlrecLlon Lhey Lend Lo
lnvesL on many schemes eople wlLh hlgh poslLlve percepLlon mlghL lnvesL on flve Lo seven
schemes 1hls means LhaL boLh percepLlon and range of lnvesLmenL are movlng ln Lhe same
dlrecLlon 1he chlsquare value for Lhls assoclaLlon ls 29793 and lLs slgnlflcance ls 0000 1hls
lndlcaLes LhaL range of lnvesLmenL and percepLlon have slgnlflcanL assoclaLlon
k|sk8ear|ng Capac|ty
8ased on Lhe rlsk bearlng capaclLy Lhe lnvesLors are classlfled lnLo Lhree caLegorles namely rlskfree
caLegory moderaLe rlsk Lakers and hlgh rlsk Lakers 1he opLlmal scallng dlagram (llgure 3) shows
LhaL lnvesLors who have negaLlve percepLlon abouL small savlng schemes are hlgh rlsk Lakers and
lnvesLors who are noL wllllng Lo Lake rlsk have hlgh poslLlve percepLlon abouL small savlng schemes
because small savlng schemes do noL have any rlsk
Determ|nants of ercept|on
lrom Lhe analysls presenLed so far lL ls clear LhaL lnvesLors percepLlon has an lmpacL on lnvesLmenL
paLLern of people now lL ls necessary Lo know Lhe facLors whlch deLermlne Lhe percepLlon of
lnvesLors
Age and Work Lxper|ence
Age ls a demographlc varlable and lLs lmpacL on percepLlon of people ls LesLed uslng chlsquare LesL
1he chlsquare value for Lhe assoclaLlon ls 11749 and lLs slgnlflcance ls 0019 1hls lndlcaLes LhaL
Lhere exlsLs an assoclaLlon beLween age and percepLlon 1o flnd ouL whlch age caLegory people have
assoclaLlon wlLh whaL klnd of percepLlon correspondence analysls ls used llgure 4 lllusLraLes LhaL
people below Lhe age of forLy years have negaLlve percepLlon abouL small savlng schemes because
youngsLers would llke Lo Lake rlsk whlch ls noL Lhere ln small savlng schemes When Lhey grow up
Lhey change Lhe aLLlLude and Lhey develop hlgh poslLlve aLLlLude aL Lhe age of forLynlne and
afLerwards Lhelr percepLlon level geLs sLablllzed 1hls lndlcaLes LhaL Lhe assoclaLlon ls noL only
slgnlflcanL buL meanlngful
1he opLlmal scallng dlagram (llgure 3) shows LhaL people wlLh an experlence of more Lhan LhlrLy
years have poslLlve percepLlon 1hls ls also llke an assoclaLlon ldenLlfled for age eople wlLh more
Lhan LhlrLy years of experlence mlghL be on Lhe verge of reLlremenL eople who walL for reLlremenL
mlghL be lnLeresLed ln deposlLlng Lhelr money wlLh governmenLsponsored schemes llke small savlng
schemes So Lhere ls a good chance of havlng poslLlve percepLlon 1hls relaLlonshlp ls very close and
Lhe level of slgnlflcance ln Lhe chlsquare LesL ls 0003
Investment Lxper|ence
lnvesLmenL experlence ls calculaLed based on Lhe year on whlch lnvesLors have sLarLed lnvesLlng ln
small savlng schemes 1o analyse Lhe assoclaLlon beLween years of experlence and percepLlon chl
square LesL ls carrled ouL and correspondence analysls ls also used Chlsquare value for Lhe
assoclaLlon ls 16288 and lLs slgnlflcance ls 0012 1hls lndlcaLes LhaL Lhere exlsLs a slgnlflcanL
assoclaLlon beLween experlence and percepLlon 1he correspondence analysls dlagram (llgure 6)
lllusLraLes LhaL people wlLh one Lo flve years of experlence have negaLlve percepLlon and people
9

wlLh slx Lo elghL years of experlence have hlgh poslLlve percepLlon and people wlLh experlence
above nlne years have poslLlve percepLlon 1hls assoclaLlon reveals LhaL people wlLh less experlence
have negaLlve percepLlon and afLer flve years of experlence Lhey sLarL Lo develop poslLlve percepLlon
and reaches lLs peak wlLhln anoLher four years and Lhen Lhe level of percepLlon geLs sLablllzed 1hls
lmpacL mlghL be due Lo age effecL because Lhls assoclaLlon ls llke LhaL of whaL ls sLaLed for age
1ax deduct|on
1he assoclaLlon beLween Lax deducLlon and percepLlon ls slgnlflcanL as per chlsquare LesL (Lhe chl
square value ls 14688 and lLs slgnlflcance ls 0023) 1he opLlmal scallng dlagram (llgure 7) slgnlfles
LhaL people who have less Lax deducLlon have hlgh poslLlve percepLlon and people who have Lax
deducLlon beLween 8s1000 and 8s2300 per monLh are wlLh poslLlve clusLer segmenL and people
who have hlgh Lax deducLlon per monLh ln Lhe salary have negaLlve percepLlon eople who pay
more Lax mlghL feel LhaL lnvesLmenLs ln small savlng schemes are noL effecLlve Lo reduce Lhelr Lax
burden and consequenLly have negaLlve percepLlon Pence Lhere exlsLs an lnverse relaLlonshlp
beLween percepLlon and Lax paymenL
llgure 8 shows Lhe overall relaLlonshlp beLween percepLlon of lnvesLors and oLher varlables 1he
percepLlon of lnvesLors ls lnfluenced by age experlence and level of Lax deducLlon 1he percepLlon
of lnvesLors has an lmpacL on Lhelr range of small savlng lnvesLmenL and rlskbearlng capaclLy
D|scr|m|nant Iunct|on
lrom Lhe correspondence analysls lL ls clear LhaL age experlence and Lax paymenL have lnfluence
on Lhe percepLlon of an lndlvldual lnvesLor 8y uslng dlscrlmlnanL analysls Lhe exLenL of lnfluence of
Lhese Lhree varlables on Lhe percepLlon of lnvesLors can be deLermlned ulscrlmlnanL analysls glves
Lwo dlscrlmlnanL funcLlons Lo sLudy Lhe level of percepLlon of lnvesLors 1hough Lwo funcLlons are ln
exlsLence one funcLlon ls a redundanL funcLlon here because all Lhe Lhree varlables are hlghly
loaded ln Lhe flrsL funcLlon lLself 1he dlscrlmlnanL funcLlon whlch can be formed from Lhe sLrucLure
maLrlx ls Z1 0908 * Lxperlence + 0791 * 1ax deducLlon + 0634 * Age (1able 18)
1hough all Lhe Lhree varlables are lmporLanL lL ls necessary Lo know whlch ls Lhe dlscrlmlnaLlng
varlable LhaL decldes Lhe naLure of percepLlon of lndlvldual lnvesLor 1hls can be ldenLlfled by uslng
sLepwlse dlscrlmlnanL analysls 1he dlscrlmlnanL analysls shows LhaL experlence ls Lhe only one
dlscrlmlnanL facLor (1able 19)
ln Lhe sLepwlse dlscrlmlnanL analysls flrsL all Lhe Lhree varlables wlll noL be lncluded for Lhe analysls
and ln Lhe flrsL sLep experlence ls Laken for analysls and Lhe oLher Lwo varlables are noL lncluded for
Lhe analysls 1he analysls ls over wlLh Lhe flrsL sLep lLself 1hls means LhaL experlence ls Lhe only
dlscrlmlnaLlng varlable (1able 20)
Conc|us|on
lrom Lhe analysls presenLed here lL ls clear LhaL percepLlon of lnvesLors has an lmpacL on Lhelr rlsk
bearlng capaclLy and range of lnvesLmenL lL ls also sLaLed LhaL percepLlon ls lnfluenced by age
experlence and Lax paymenL and lL has an assoclaLlon wlLh savlng moLlves and behavlour of
lndlvlduals ulscrlmlnanL analysls shows LhaL experlence ls Lhe dlscrlmlnaLlng facLor and lL ls also Lo
be remembered LhaL lf people geL good servlce and good reLurn durlng Lhelr lnvesLmenL Lenure
Lhey wlll have poslLlve percepLlon oLherwlse negaLlve percepLlon wlll perslsL
keferences
AnLonldes C and nL van uer Sar (1990) lndlvldual expecLaLlons rlsk percepLlon and preferences
ln relaLlon Lo lnvesLmenL declslonmaklng !ournal of Lconomlc sychology 11(2) pp 22743
Arangasaml A (1992) A sLudy of small savlngs schemes ln 1amll nadu wlLh speclal reference Lo
Madras ulsLrlcL durlng 198182 Lo 199091 unpubllshed Lhesls unlverslLy of Madras 1amllnadu
lndla
10

8askaran 8 (1997) MarkeLlng SLraLegles for naLlonal Savlngs Scheme ln 1amll nadu unpubllshed
Lhesls Madural kamara[ unlverslLy Madural lndla
Cavlnl AugusLlne L and rashanLh ALhma (1999) Small Savlng Schemes of osL Cfflce need Lo 8e
known More SouLhern LconomlsL 37(20) lebruary 13 pp 1314
!ayaraman 8 (1987) A sLudy of small savlngs schemes ln norLh ArcoL ulsLrlcL 197686
unpubllshed Lhesls unlverslLy of Madras 1amllnadu lndla
karLhlkeyan 8 (2001) Small lnvesLors ercepLlon on osL Cfflce Small Savlngs Schemes
unpubllshed Lhesls Madras unlverslLy 1amllnadu lndla
koLharl C8 (2004) 8esearch MeLhodology MeLhods and Lechnlques new uelhl new Age
lnLernaLlonal ubllshers 2nd LdlLlon
Mukhl Mu (1989) nSCs A savlng grace 8uslness World 619 uecember 1989 pp 107120
nCAL8 (1961) Savlngs ln lndla new uelhl SL8lnCAL8 (2000) Survey of lndlan lnvesLor
Mumbal
Somasundaram vk (1998) A SLudy on Savlngs and lnvesLmenL aLLern of Salarled Class ln
ColmbaLore dlsLrlcL unpubllshed Lhesls 8haraLhlyar unlverslLy ColmbaLore 1amllnadu
1amllkodl A (1983) Small Savlngs Schemes ln 1amll nadu A 1rend SLudy (197080)
unpubllshed Lhesls unlverslLy of Madras 1amllnadu
8 kaslllngam AsslsLanL rofessor Alagappa lnsLlLuLe of ManagemenL karalkudl 1amll nadu lndla
Lmall kaslmeena[gmallcom
C !ayabal 8eader Alagappa lnsLlLuLe of ManagemenL karalkudl 1amll nadu lndla Lmall
g[bal[redlffmallcom

1able 1 kMC 1esL
kalserMeyerClkln Measure of 0791
Sampllng Adequacy
8arLleLLs Approx ChlSquare 2491041
1esL of df 233
SpherlclLy Slg 0000
1able 2 LlsL of percepLual facLors wlLh percenLage of
varlance explalned
lacLors Llgen varlance CumulaLlve value Lxplalned varlance
ConvenlenL SeLup 4331 9406 9406
opullsL Schemes 1923 9402 18808
CovernmenL Ald 1468 8126 26934
naLlonallsLlc 1446 7911 34843
noL necessary 1394 7812 42637
Awareness 1033 6927 49384
Savlngs and 1019 6192 33776
uevelopmenL
11

1able 3 lrequency for ercepLual lacLors
lacLors Agree neuLral
ConvenlenL SeLup 416 734 119 216
opullsL Schemes 340 616 196 333
CovernmenL Ald 192 348 289 324
naLlonallsLlc 248 449 249 431
noL necessary 73 132 234 46
Awareness 130 272 360 632
Savlngs and uevelopmenL 423 77 112 203
lacLors ulsagree
ConvenlenL SeLup 17 31
opullsL Schemes 16 29
CovernmenL Ald 71 129
naLlonallsLlc 33 100
noL necessary 223 408
Awareness 42 76
Savlngs and uevelopmenL 13 27
1able 4 lacLor loadlngs for convenlenL seLup
lacLors Loadlngs
AgenLs play a vlLal role ln moblllzlng Lhe 0701
savlngs of people
8eLLermenL of servlces may aLLracL more 0694
lnvesLors Lowards Lhe schemes
no of agenLs are sufflclenL Lo provlde 0338
servlce Lo lnvesLors
osL offlces play an effecLlve role ln 0317
moblllzlng small savlngs parLlcularly
from Lhe mlddle and poor classes ln Lhe
rural areas
1able 3 lacLor loadlngs for popullsL schemes
lacLors Loadlngs
l ls really helplng Lhe unorganlzed 0742
secLor
osLal savlng really helps Lhe small 0734
lnvesLor
CovernmenL ls glvlng hlgh lnLeresL Lo 0393
12

small savlng Lhan bank lnLeresL only Lo
help Lhe small lnvesLor
osL offlce employees are cusLomer 0437
frlendly Lo Lhe lnvesLors
1able 6 lacLor loadlngs for CovernmenL Alu
lacLors Loadlngs
osL offlces may glve advances agalnsL 0670
small savlng cerLlflcaLe
All small savlng schemes are 0370
governmenLsponsored schemes
l know all Lhe feaLures of small savlng 0334
schemes
1able 7 lacLor loadlng for naLlonal lnLeresL
lacLors Loadlngs
osLman can be used for collecLlon of 0722
posLal deposlL
All lndlans should puL money ln 0688
producLlve savlng lnsLrumenLs
All lndlans do have good savlng hablL 0667
1able 8 lacLor loadlng for noL necessary facLor
lacLors Loadlngs
CovernmenL need noL offer any savlng 0733
schemes
8ank ls a beLLer place of lnvesLmenL Lhan 0666
posL offlce
Small savlngs should be prlvaLlzed Lo geL 0317
more reLurn
1able 9 lacLor loadlng for awareness facLor
lacLors Loadlngs
CovernmenL ls noL spendlng adequaLe 0736
money for adverLlsemenL on small
savlngs
Awareness level of small savlngs 0734
schemes among publlc ls very less
1able 10 lacLor loadlng for savlngs and developmenL
lacLors Loadlngs
13

Pousehold savlngs help Lhe economlc 0763
developmenL of Lhe counLry
8ange of producLs(schemes) ln small 0302
savlngs musL be lncreased
1able 11 lnvesLors SegmenLaLlon

ClusLer SegmenLs
ercepLlons 1 8ank 2 8ank 3 8ank
ConvenlenL SeLup 394 l 383 ll 310 lll
opullsL Schemes 379 l 339 ll 319 lll
CovernmenL Ald 362 l 329 ll 277 lll
naLlonallsLlc 374 l 333 ll 270 lll
noL necessary 361 l 220 lll 266 ll
Awareness 313 l 296 lll 301 ll
Savlng and uevelopmenL 408 l 390 ll 320 lll
Average 370 333 293
1able 12 AnCvA
ConvenlenL SeLup 122117 0000
opullsL Schemes 46711 0000
CovernmenL Ald 73098 0000
naLlonallsLlc 109139 0000
noL necessary 324828 0000
Awareness 3362 0003
Savlng and uevelopmenL 93438 0000
1able 13 number of cases ln each clusLer
ClusLer 1 148000 27
SegmenLs 2 230000 43
3 134000 28
valld 332000
1able 14 Wllks Lambda for erpeLual lacLors
ercepLlons Wllks l df1 df2 SlgLambda
ConvenlenL 0692 122117 2 349 0000
SeLupopullsL 0833 46711 2 349 0000
Schemes
CovernmenL 0783 73098 2 349 0000
AldnaLlonallsLlc 0713 109139 2 349 0000
14

noL 0438 324828 2 349 0000
necessary
Awareness 0981 3362 2 349 0003
Savlng and 0742 93438 2 349 0000
uevelopmenL
1able 13 CorrecLness of ClasslflcaLlon
redlcLed Croup Membershlp
Plgh oslLlve negaLlve
ercepLlon oslLlve ClusLer ClusLer 1oLal
SegmenLaLlon ClusLer
CounL Plgh oslLlve ClusLer 144 4 0 148
oslLlve ClusLer 7 234 9 230
negaLlve ClusLer 2 6 146 134
Plgh oslLlve ClusLer 973 27 0 1000
oslLlve ClusLer 28 936 36 1000
negaLlve ClusLer 13 39 948 1000
949 of orlglnal grouped cases correcLly classlfled
1able 16 Llgen values for ulscrlmlnanL luncLlons
luncLlon Llgen of CumulaLlve Canonlcal
value varlance CorrelaLlon
1 1478 381 381 0772
2 1064 419 1000 0718
luncLlon Wllks Chl dof Slg
Lambda square
1 0193 891201 14 0000
2 0484 393783 6 0000
1able 17 SLrucLure MaLrlx

luncLlon

1 2
naLlonallsLlc 0436 * 0331
ConvenlenL SeLup 0430 * 0402
Savlng and uevelopmenL 0409 * 0307
CovernmenL Ald 0407 * 0164
opullsL Schemes 0311 * 0161
13

Awareness 0091 * 0084
noL necessary 0639 0713 *
1able 18 SLrucLure MaLrlx

luncLlon
1 2
Lxperlence 0908 * 0419
1ax ueducLlon 0791 * 0339
Age 0634 * 0332
1able 19 varlables ln Lhe Analysls
SLep 1olerance l Lo 8emove
1 Lxperlence 1000 4219
1able 20 varlables noL ln Lhe Analysls
SLep 1olerance Mln l Lo LnLer Wllks
1olerance Lambda
0 Age 1000 1000 2088 0991
Lxperlence 1000 1000 4219 0983
1ax ueducLlon 1000 1000 3393 0986
1 Age 0494 0494 0004 0983
1ax ueducLlon 0739 0739 1646 0976
Cale CopyrlghL
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