Between needs and wants: A study of middle-class budgeting trade off.

Sikhakolli Hema Sundar; Jeff M Baby; Demo Samuvel; Navya S B

Between needs and wants: A study of middle-class budgeting trade off.

Author(s)	Mr. Sikhakolli Hema Sundar, Mr. Jeff M Baby, Mr. Demo Samuvel, Ms. Navya S B
Country	India
Abstract	This study explores the financial literacy and behavior of middle-class individuals, highlighting the challenges they face in managing their finances and achieving financial stability. Through in-depth interviews, we uncover common themes and patterns in their financial decision-making processes, revealing a need for targeted financial education and support. The findings inform policies and interventions aimed at promoting financial well-being and empowering middle-class individuals to secure their financial futures. It evaluates the impact of a financial management training program on low-income individuals, assessing changes in their financial knowledge across five key areas: predatory lending, benefits, banking, savings and investing, and credit management. Analyzing pre- and post-training test data from 163 participants, the research identifies knowledge gaps and improvements, informing the development of targeted financial education initiatives to support low- income individuals in achieving financial stability. In spite of the fact that individuals have significantly more money than they did decades ago, the level of information on how to manage that money has not kept pace, according to financial experts (Maura Fogarty, 2012). Everyone must take responsibility for planning and managing their finances and put these skills into practice. This is necessary to establish a household budget and save, invest, and plan for retirement. This research examines the concept of financial management, the necessity of financial management, how each individual can manage and plan their finances, and financial management knowledge in India. This writing aims to raise people's awareness of the significance of planning and managing their finances, as well as to educate readers on how to plan and manage their finances for their betterment today and in the future, which indirectly contributes to the development of the nation.
Keywords	Budgeting, Middle-class families, financial practice
Field	Business Administration
Published In	Volume 8, Issue 5, September-October 2026
Published On	2026-09-30

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Between needs and wants: A study of middle-class budgeting trade off.

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