Over the last decades, the Indian economy has been growing at a rapid pace due to the
liberalization policies adopted by the Government. This growth and the corresponding
expansion of financial markets have opened a plethora of investment opportunities.
However, on the other hand, this growth has faced increased pressure from the
uncertain global environment as well as moderation in investment demand. Hence, in
an emerging economy like India, the growth should be complemented by a broad
based and inclusive economic development. One of the most essential resources that
play as the backbone of such an emerging economic system is the ample availability
of money in the hands of people and its adequate management. According to Oleson
(2004)1, money is "the most widely accepted medium of exchange and has a
paramount place in the ability of an individual to fulfill his/her social and material
needs like planning for children's education, marriage, own retirement, old age
security, etc.". Hira et al. (1989)2 stated, "the ability to manage effectively the
monetary resources would help individuals to achieve financial satisfaction and
financial well-being which would contribute to their life-satisfaction"
