PERSONAL FINANCE AND CONSUMER STUDIES

Paper Code: 
CHSC 315
Credits: 
4
Contact Hours: 
60.00
Max. Marks: 
100.00
Objective: 

This course will enable the students to –

  1. Understand the changing socio-economic environment and consumer behaviour.
  2. Strengthen the financial management practices of the students for wise consumer behaviour.
  3. Understand the types of markets, changing concepts of markets, changes in socio-economic environment, and marketing strategies from consumer’s perspective.
  4. Have an overview of the consumer problems, consumer movement and consumer protection

Course Outcomes (COs):

Learning outcomes

(at course level)

Learning and teaching strategies

Assessment

Strategies

  
 

The students will be able to –

 

CO94: Debate upon income, saving and investment management in the changing socio-economic environment.

CO95:Deconstruct the various investment avenues to manage the personal finances

CO96:Assess the role of consumer in the economy, consumer problems, education and empowerment.

CO97:Evaluate the various issues related to consumer protection, legislative measures and redressal mechanisms.

 

Approach in teaching:

Interactive Lectures, Discussion, Reading assignments, Team teaching

 

Learning activities for the students:

Self learning assignments, Seminar presentation

Class test, Semester end examinations, Quiz, Assignments, Presentation, Individual and group projects

  

 

12.00
Unit I: 
Introduction to family financial system
  • Family wants-elements of wants, Factors affecting and characteristics, Classification of wants
  • Family Finance management
  •  Family Finance Management: Records to aid the process

 

12.00
Unit II: 
Family Income and Expenditure
  • Family income, credit and budgets
  • Factors influencing expenditure pattern
  • Family savings and investments- need principles, channels of investment, tax implications
  • Consumer credit- need, sources, credit cards, Housing finance
  • Personal finance management – tax implications, calculation of personal income tax, wealth tax, inheritance & gift tax

 

12.00
Unit III: 
Consumer in India
  • Definition of a consumer
  • Role of consumers in the economy
  • National Income, Per Capita Income, Household wise distribution of income
  • Changing nature of the business world –e-commerce, e-business
  • Role and responsibilities of the Home Maker as a Consumer

 

 

12.00
Unit IV: 
Consumer Problems and Consumer Education
  • Types of consumer problems – products and service related, deceptive, institution and market related, policy related, investment and infrastructure related.
  • Causes and solutions to consumer problems
  • Consumer education- objectives and strategies
  • Empowerment of consumers through education and awareness
  •  Consumer behaviour- factors affecting, models
  • Role of family in decision making
  • Guidelines for wise buying practices

 

12.00
Unit V: 
Consumer Protection
  • Consumer protection and movement in India
  • Consumer rights and responsibilities
  • Consumer organizations – origin, functioning, role and types.
  • Consumer cooperatives – role, history and growth in India, PDS Kendriya Bhandars.
  • Basic legislative framework for consumer protection in India, Consumer Protection Act 1986 COPRA, Alternative redressal mechanisms, Mediation centres
  • Standardization and quality control measures: ISI, FPO, AGMARK, ISO, Eco mark,Wool mark, Silk mark, Cotton mark, Handloom mark, BEE star labelling and others
  • Buying aids- labels, packaging, advertising, buying guides

 

 

Essential Readings: 
  • Khanna S.R., Hanspal S., Kapoor S. &Awasthi H.K., 2007Consumer Affairs, Unitversities Press IndiaPvt. Ltd.
  • Sawhney, H.K. & Mital, M.,2007, Family Finance & Consumer Studies, Elite Publishing House Pvt.Ltd.

 

 

References: 
  • Kapoor S (2018). Consumer Protection. Galgotia Publishing Company, New Delhi.
  • Seetharaman, P. and Sethi, M.,2001, Consumerism: Strength and Tactics:CBS Publications New Delhi

REFERENCE JOURNALS:

  • Journal of Consumer Affairs
  • Journal of Consumer Protection and Food Safety
  • The Journal of Consumer Affairs          
  • International Journal of Business Economics and Management Research

ERESOURCES:

 

Academic Year: 
2023-2024
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