Personal Finance and Consumer Studies (Theory)

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

·         To familiarize the student with the changing socio-economic environment and

consumer behavior.

·         To strengthen the financial management practices of the students for wise consumer

behavior.

·         To develop an understanding of the types of markets, changing concepts of markets,

changes in socio-economic environment, and marketing strategies from consumer’s

perspective.

·         To have an overview of the consumer problems, consumer movement and consumer

protection                                                                                                                        

12.00
Unit I: 
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: 
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

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

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

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: 
  1. Khanna S.R., Hanspal S., Kapoor S. &Awasthi H.K., 2007Consumer Affairs, Universities Press IndiaPvt. Ltd.
  2.  Sawhney, H.K. & Mital, M.,2007, Family Finance & Consumer Studies, Elite Publishing House Pvt.Ltd.
  3.  Seetharaman, P. and Sethi, M.,2001, Consumerism: Strength and Tactics:CBS Publications New Delhi

                             

 

Academic Year: 
2019-2020
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