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Registered under MSME Government of India ISSN: 2583-8660

A Study of Students Stock Market Participation

and Awareness
Devansh Priye1, Sumit Sangwan2
1
Student, Mittal School of Business, Lovely Professional University, Jalandhar India.
[email protected]
2
Professor, Mittal School of Business, Lovely Professional University, Jalandhar India.

ABSTRACT

Aim of research is to find out how well-informed and involved students are in the stock market. Students
who have some background in stock market are more probable to have good grasp of personal finance and to
make prudent financial choices in the road, according to the research. Students might get a feeling of agency
and mastery over their own financial destiny by investing in the stock market.
We can, however, state that students should not engage in the stock market without first fully
comprehending the dangers of doing so and then proceed with extreme care and a focus on the long term.
According to the research, college students would be well-served by programs that teach them about money
and the stock market.
Keywords: Awareness, Correlation, Mean, Stock market, Standard deviation, Participation

1. INTRODUCTION

An essential tool for gauging a nation's economic health is stock market. The open market for buying and
selling shares by investors; sometimes referred to as the "economic mirror" or "heartbeat of the economy"
due to its reflection of the state of a country's economy.

It is often believed that investors are the most fundamental and consequential part of the securities market.
Consequently, capturing and retaining their interest in the securities market depends on their education and
expertise.

To fully grasp the many facets, uses, and functions of money and financial services, one must possess a solid
foundation of financial literacy and have access to relevant information. People in today's world need to
know how to manage their money if they want to choose the best payment option and deal with banks. The
stock market, financial literacy, product attitudes, and global procurement have all been the subject of many
global studies. Managing one's money, taking out loans, saving, and investing all need a certain level of
financial literacy.

Less knowledge about personal finance has caused a lot of issues for today's youth. They don't know much
about money, the trends in various markets, or how to make smart investments.

The overarching purpose of this research is to recognize factors which motivate students to take part in
exchange programs and to compare the perspectives of individuals of various sexes and educational
backgrounds on the value of such programs. to pass judgment.

The evolution of financial markets together with changes in demographics, economics, and politics have
raised the profile of financial education in the last few years. Both the sophistication of financial markets and
the frequency of new product introductions are increasing. Numerous businesses, including as online banks,
brokerage houses, and community-based groups, have made a variety of savings and lending products easily
accessible to customers.

If students are prepared to handle their own money, that is the question the poll seeks to answer. Do they
know enough about money and have enough education? Students, who are the intended audience, are
underrepresented in the research on this issue. Nobody can make sound financial judgments if they aren't

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familiar with the financial markets, according to the research.

Since students are exposed to several financial markets on a daily basis, this study should investigate how
they view the strength of the stock market. When students don't know enough about the stock market, it may
effect many things. This study explains why students don't invest in the stock market and how they feel
about it after discussing it. Using a methodology that takes a number of things into account, it investigates
why students don't put their money into the stock market.

2. LITERATURE REVIEW

Pierre Sindambiwe (2014), Financial literacy, views of the stock market, and capital market involvement of
developing stock markets were the primary foci of this study. Financial literacy, perceptions of the stock
market, and capital market involvement were investigated in developing stock markets.

Abida (2012), The researcher has examined the role of investors as the fundamental support of the securities
market. Hence, their education and awareness play a pivotal role in revitalizing and maintaining interest in the
securities market. Stock market understanding is included within the wider idea of financial literacy. The
poll aims to evaluate the attitudes of young individuals about many facets of the stock market, including ideas,
goods, procedures, and institutions. The research findings revealed that the young individuals in the sample
had a limited to moderate level of understanding and consciousness about the stock market. Moreover, there
were no notable disparities seen across the various sample groups in relation to the specific areas examined.

Luigi Guiso, Paola Sapienza, Luigi Zingales (2008), In this study, researchers examined that confidence in
participating in a stock trade is an arbitrary probability that people give to the likelihood of being cheated when
completing a trade. The stock market is an area where the importance of trusting how a financial institution
presents itself to potential clients becomes very clear. Confidence encourages investors to participate in stock
trading with the expectation of profit. It also makes clear why wealthy individuals choose not to participate in
the market even if they can afford the entry fee. There is a difference between the two types of trust. There are
two types of trust: generic and specific. Generalized trust refers to the beliefs that members of one group have
towards members of another group, while interpersonal trust deals with the development of bonds between two
specific actors.

Luigi Guiso and Tullio Jappelli (2005), Researcher in this study looked at "Awareness and Stock Market
Participation" and what factors influence people's level of awareness. They discovered that factors like
education, household resources, as well as long-term bank relations are significantly correlated with people's
level of knowledge about stocks, mutual funds, and investment accounts. Findings from the study highlight the
significance of financial literacy in solving stockholding conundrum and calculating opportunity cost of stock
market participation.
Guiso Luigi and Tullio Jappelli (2005), In this research, researchers have looked at the aggressiveness with
which asset providers advertise their issued products to determine the extent to which people perceive readily
available financial assets. They argue that individual clients' participation in exchanges is hampered by their
lack of knowledge. Thus, people learn about investment opportunities from like-minded people who are
familiar with stocksoften for the reasons above, knowledge drives participation because the more likely you are
to buy a stock, the more likely you are to learn more. Therefore, it can be argued that awareness is an
important factor in whether or not a person invests in the stock market.

3. RESEARCH GAP

 There are surprisingly few studies done in India about stock market knowledge and involvement
compared to other regions of the globe. Prior to this study, no similar research was carried out
among students. Lovely Professional University was the site of the study.
 While a lot of studies have looked at how well-informed the general public is about the stock
market, much less have looked at how involved students are.

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3.1 Research Methodology:

This study's goals were achieved by the use of the descriptive research technique as its methodology. We
went out to students and had them fill out questionnaires as primary sources, which provided the information
needed to accomplish the study's goals.

3.2 The objective of the Study:

 Find out how well-informed a university's students are about investing in the stock market.
 Recognize the extent to which students are knowledgeable about and involved in the stock market.
 To assess how the students' trading and investing habits.

Sources of Data:

 Primary Data

Main purpose of questionnaire is to collect data from those who fill it out. Questions about stock market
knowledge and involvement are included in the Likert scale questionnaire. There are multiple choice and
closed-ended questions on the survey.

3.3 Research Design:

In order to accomplish the aims of this research, the following measures were used. Due to its big student
body and diverse student body, Lovely Professional University has been chosen for this research. We have
first gathered the essential data pertaining to the school. A survey has been carried out, and a sample size has
been selected. Primary data was collected via a survey questionnaire. Every one of the study topics was
taken into account while designing the questionnaire. People enrolled in both undergraduate and graduate
programs filled out the survey.
We used Google Forms to create the survey, and we included a QR code to direct people to it. After that,
data was gathered by randomly sharing the QR code.

Population and Sample Size:

Our sample size is 132 out of a possible 40,000 students enrolled at Lovely Professional University. There is a
good representation of both undergraduate and graduate students in this sample.
Sampling Method: Probability
Convenience sampling
Sampling Unit: Lovely
Professional University
Sampling Frame: Post-graduate and Under-graduate students

Data Collection:

Primary Data: In order to get the main data, we used a survey strategy including questionnaires and QR
codes to gather information from respondents online.
The 20-item survey uses both 5-and 3-point Likert scales for data collection.

Tools for analyzing the data:

Research relies on statistical approaches for data collection, analysis, interpretation, presentation, and
organization.
Methodology Tools Used in Research Are:

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 Average
 Percentage
 SPSS software

4. DATA ANALYSIS AND INTERPRETATION

Q1: What gender do you identify with?

Table 1
Frequency % Cumulative %
Male 92 69.7% 69.7%
Female 38 28.7% 28.7%
Total 130 100% 100%

Frequency
100
80
60
40
20
0
Male Female

Figure 1
Interpretation
Number of female & male respondents having completed the survey is shown in the above figure. Males made
up a much larger proportion of the 130 responders (92) than females (38)
Q2: What is your age?
Table 2
Frequency % Cumulative %
18-22 32 24.2 24.2
22-26 63 48.9 48.9
26-30 32 24.2 24.2
30-34 3 2.7 2.7
Total 130 100 100

Frequency
80
60
63
40
20 32 32
3
0
18-22 22-26 26-30 30-34

Figure 2

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Interpretation

Based on the data shown in the figure, we can deduce that 63 respondents (48.9%) fall into the 22–26 age
bracket, whereas 32 respondents (24.2%) fall between the 18–22 and 26–30 age brackets. The age group of
30-34 has only yielded 3 replies (2.7%) in the survey.
Q3: What comes to mind when you consider investing in stock market?
Table 3
Frequency Percentage Cumulative %
Very Positive 26 20 20
Positive 70 53.5 53.5
Neutral 32 24.5 24.5
Negative 2 2 2
Very Negative 0 0 0
Total 130 100 100

Frequency
80

60

40

20

0
Very negative Negative Neutral Positive Very positive

Figure 3

Interpretation

According to the data shown in the graph, 70 people (or 53.5% of the total) have an optimistic outlook on
investment and the stock market, while 32 people (or 24.5% of the total) have no opinion either way. Only 2
people (or 2%) out of 130 people who took the survey had a bad impression of the stock market and
investing. 26 people (20%) have a very good impression. This leads us to believe that, contrary to the
negative responses, the vast majority of respondents had a positive outlook on investing and the stock
market.
Q4: Are you a Demat account holder?
Table 4
Frequency % Cumulative %
Yes 121 93 93
No 9 7 7
Total 130 100 100

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No Percentage
7%

Yes
93%

Figure 4

Interpretation

Among the 130 people who took the survey, we can see that 93 percent have a Demat account and 7 percent
do not.
Q5. Do you have a Demat account with any particular company?
Table 5
Frequency Percentage Cumulative %
Zerodha 53 41 41
Sherkhan 21 16.4 16.4
Upstox 42 32.2 32.2
Others 15 10.4 10.4
Total 126 100 100

Frequency
53
42

21
15

Zerodha Sherkhan Upstox Others

Figure 5
Interpretation

The data and graphs shown above make it easy to observe that 41% of respondents choose Zerodha for their
Demat account, whereas 32.2% use Upstox, and 16.4% would rather use Sherkhan. Fewer people (10
4%) are holding Demat accounts with other firms.

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Q6: Are large-cap stocks where most of your equity assets are concentrated?
Table 6
Frequency Percentage Cumulative %
Strongly Agree 27 20.8 20.8
Agree 63 48.5 48.5
Neutral 31 23.9 23.9
Disagree 5 3.8 3.8
Strongly Disagree 4 3 3
Total 130 100 100

Frequency
70
60
50
40
30
20
10
0
Strongly agree Disagree Neutral Agree Strongly
disagree

Figure 6

Interpretation

From a total of 130 respondents, 48.5% are in agreement with their equity-based large-cap stock
investments, while 23.9% are agnostic. While 20.8% are in complete agreement, only 3.8% and 3% of
respondents are in complete disagreement about their investment in large-cap equities, respectively. After
carefully weighing all of the potential downsides, the majority of respondents feel confident in their decision
to invest in large-cap companies, as shown by the statistics shown above.
Q7: Do you mostly own small-cap stocks in your equity portfolio?
Table 7
Frequency Percentage Cumulative %
Strongly Agree 24 18.3 18.3
Agree 64 48.8 48.8
Neutral 32 24.4 24.4
Disagree 8 6.1 6.1
Strongly Disagree 3 2.3 2.3
Total 131 100 100

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Frequency
70
60
50
40
30
20
10
0
Strongly Agree Neutral Disagree Strongly
agree disagree

Figure 7

Interpretation
The data in the table and charts show that over half of the respondents (48.8%) are in agreement with the
statement that they invest in small-cap stocks, while nearly a quarter (24.4%) are unsure. Nevertheless, when
asked about their small-cap stock investments, 6.1% and 2.3% of respondents, respectively, strongly disagreed
and strongly disagreed. According to the statistics shown above, the majority of respondents feel confident in
their decision to invest in small-cap stocks, even after taking into account all the potential risks associated with
this kind of investment.
Q8: When it comes to trading stocks, you like intraday trading.?
Table 8
Frequency Percentage Cumulative %
Strongly Agree 27 20.4 20.4
Agree 61 46.2 46.2
Neutral 32 24.2 24.2
Disagree 9 6.8 6.8
Strongly Disagree 3 2.2 2.2
Total 132 100 100

Frequency
70
60
50
40
30
20
10
0
Strongly Agree Neutral Disagree Strongly
agree disagree

Figure 8

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Interpretation

No matter whether you're an intraday trader or not, the following graph shows you the general stock market
preference of the respondents. The data presented in the graph and table show that nearly half of the
respondents (46.2%) are in favor of dealing with intraday stock market trading, while 20.4% are strongly in
favor of it. Another 24.2% are ambivalent, saying they sometimes like it and other times don't. Finally, 6.8%
are against trading or investing in intraday because they fear losing their money. Based on the numbers, it
seems like most people think it's a good idea to trade stocks intraday.
Q9: Do you favor stock market trading over the long term?
Table 9
Frequency Percentage Cumulative %
Strongly Agree 31 24.2 24.2
Agree 64 50 50
Neutral 28 21.8 21.8
Disagree 3 2.3 2.3
Strongly Disagree 2 1.5 1.5
Total 128 100 100

Frequency
70
60
50
40
30
20
10
0
Strongly Agree Neutral Disagree Strongly
agree disagree

Figure 9

Interpretation

Whether respondents choose short-term or long-term stock market trading is shown by their total investment
pattern in the data above. Based on the data presented in the graph and table, it appears that 50% of
respondents are in favor of long-term stock market trading, 24.2% are strongly in favor of it, 21.8% are
ambivalent about it, preferring to trade sometimes and not other times, and 2.3% are completely against it. A
majority of respondents are eager to trade or invest their money in the stock market for the long term,
according to the research.

Q10: How satisfied are you with your current broker?

Table 10

Frequency Percentage Cumulative %

Very positive 30 23 23
Positive 75 57.6 57.6

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Neutral 19 14.6 14.6

Negative 6 4.6 4.6
Very Negative 0 0 0
Total 130 100 100

Frequency
80
70
60
50
40
30
20
10
0
Very positive Positive Neutral Negative Very
negative

Figure 10

Interpretation

As per data for how satisfied people are with your broker and the stock market in general, you may find it in
the statistics above. Table and graph above show that 57.6% of respondents are somewhat satisfied with their
broker's service, 23% are very satisfied, and 14.6% are indifferent, meaning they aren't sure how they feel
about their broker at different times. Taken together, these numbers suggest that the majority of respondents
are happy with their broker and their help with the stock market.
Q11: Are there any stock market-related courses offered by your university?
Table 11
Frequency Percentage Cumulative %
Strongly Agree 23 17.6 17.6
Agree 69 53 53
Neutral 19 14.6 14.6
Disagree 12 9.2 9.2
Strongly Disagree 7 5.3 5.3
Total 130 100 100

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Frequency
80
70
60
50
40
30
20
10
0
Strongly Agree Neutral Disagree Strongly
agree disagree

Figure 11

Interpretation

The data shown above illustrates the stock market education programs offered to respondents by their
respective colleges. According to the data presented in the graph and table, 53% of respondents are in
agreement, 17.6% are very much in agreement, 14.6% are ambivalent because their college has offered stock
market education on occasion and on other occasions not, and 11% are completely opposed to the idea that
their college has offered stock market education. Based on the statistics, it seems that the majority of
respondents agree that their institution offered stock market education programs.
Q12: Do you see mutual funds as your investing platform of choice?
Table 12
Frequency Percentage Cumulative %
Strongly Agree 32 24.4 24.4
Agree 77 58.7 58.7
Neutral 15 11.4 11.4
Disagree 7 5.3 5.3
Strongly Disagree 0 0 0
Total 131 100 100

Frequency
100
80
60
40
20
0
Strongly Agree Neutral Disagree Strongly
agree disagree

Figure 12

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Interpretation

Regardless of whether respondents like investing in mutual funds or not, the data above reveals their total
investment related to mutual funds. According to the data presented in the graph and table, 58.7% of
respondents are in favor of investing in mutual funds, 24.4% are very much in favor, 11.4% are ambivalent
about it, depending on the market situation, and 5.3% are completely against it because they fear losing their
money. The majority of respondents are in agreement that mutual funds are a good place to put their money,
according to the statistics.
Q13: In what ways have your stock investments met your expectations?
Table 13
Frequency Percentage Cumulative %
Delighted 71 54.6 54.6
Satisfied 55 42.3 42.3
Not satisfied at all 4 3 3
Total 130 100 100

Frequency
80
70
60
50
40
30
20
10
0
Delighted Satisfied Not satisfied at
all

Figure 13

Interpretation

Whether or not respondents favor investing in the stock market is shown by the statistics above, which
pertains to equity market investments generally. The statistics above demonstrates that the respondents were
generally satisfied. According to the data shown above, only 3% of respondents are dissatisfied with their
decision to put their money into the stock market, while 54.6% are only somewhat content and 42.3% are
very thrilled. According to the results, people are happier when they invest in the stock market.
Q14: To what extent was the broker firm's customer service satisfactory to you?
Table 14
Frequency Percentage Cumulative %
Excellent 33 25.7 25.7
Very Good 53 41.4 41.4
Good 37 28.9 28.9
Poor 3 2.3 2.3
Very Poor 2 1.5 1.5
Total 128 100 100

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Very
Frequency poor
Poor 2%
2%

Good Excellent
29% 26%

Very Good
41%

Figure 14

Interpretation

The data shown above illustrates the level of satisfaction that respondents have with the customer service
they have gotten from their stock market broker. The data shows that most respondents are happy with their
current broker company and feel safe and satisfied with their services regarding the stock market. Among the
participants, 41.4% have given a very good rating, 25.7% have given an excellent rating, and 28.9% have
given a good rating. This suggests that people aren't always consistent with their ratings, but generally
speaking, people are satisfied with their brokers.
Q15: To what extent would you say that friends and relatives should invest in the stock market?
Table 15

Frequency Percentage Cumulative %

Very Likely 36 28.1 28.1
Likely 87 67.9 67.9
Not Likely 3 2.3 2.3
Very Unlikely 2 1.5 1.5
Total 128 100 100

Frequency
100

80

60

40

20

0
Very Likely Likely Not Likely Very Unlikely

Figure 15

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Interpretation

According to the data shown in the table and graph, 87 people, or 67.9% of the total, would suggest investing
to their friends and relatives. A mere three percent of those who took the survey would never suggest investing
to anybody. Most of those who took the survey are in favor of suggesting investments to those they know and
trust.
The results show that the participants had a decent grasp of personal finance and the stock market. Because
they are taking part in an investment, these individuals feel optimistic about the outcome and are willing to go
the extra mile to promote it.
Q16: Is the level of assistance you received from your broker's customer care department up to your
standards?
Table 16
Frequency Percentage Cumulative %
Significantly exceeded
expectations 49 37.6 37.6
Met expectations 76 58.4 58.4

Did not meet expectations 5 3.8 3.8

Total 130 100 100
Did not meet
expectations,
5 Significantly
exceeded
expectations,
49
Met
expectations,
76

Figure 16

Interpretation

From the data shown in the table and graph, it is clear that 58.4% of the 130 respondents are receiving
service that meets their expectations, while 38.5% are receiving service that exceeds their expectations. Just
3.8% of those who took the survey were disappointed by the service they received.

Based on the data provided, it seems that most respondents are satisfied with the services they get from their
broker.
Q17: For what amount of time have you been making direct stock market investments?
Table 17
Frequency Percentage Cumulative %
<1 month 6 4.6 4.6
1-3 month 30 23.2 23.2
3-6 month 35 27.1 27.1
More than 6 months 58 44.9 44.9
Total 129 100 100

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Frequency
70
60
50
40
30
20
10
0
<1 month 1-3 month 3-6 month More than 6
months

Figure 17
Interpretation
Based on the data shown in the table and graph, it is evident that 44.9% of the 58 respondents had been involved
in the stock market for over six months. Also, 27.1% of people are investing for three to six months, while
23.2% are investing for one to three months. Alternatively, only 4.6% of investors have a time horizon of less
than a month.
From a one-month investment horizon to a six-month one, the graph shows an upward trend. We might so
infer that most respondents would rather put their money into the stock market than engage in trading.
Q18: For what amount of time have you been making direct stock market investments?
Table 18
Frequency Percentage Cumulative %
Strongly Agree 28 21.7 21.7
Agree 73 56.5 56.5
Neutral 22 17 17
Disagree 3 2.3 2.3
Strongly Disagree 3 2.3 2.3
Total 129 100 100

Frequency
80
60
40
20
0
Strongly Agree Neutral Disagree Strongly
Agree Disagree

Figure 18

Interpretation

As can be seen from the data shown above, the vast majority of respondents agree or strongly agree that they

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do thorough study before engaging in stock market investments. The choice to invest in the stock market
remains unresolved for 17% of respondents. Whereas 2.3% of those who took the survey deny ever doing any
kind of study prior to making an investment.
Based on this data, it seems that the majority of the participants have a good understanding of financial
concepts, including basic analysis and charting. The results of this study provide investors confidence in their
investment strategy. Even if some individuals aren't using any strategies at all while picking stocks.
Q19: How probable is it that you would be able to get liquidity and low fixed deposit rates by directing
the stock markets?
Table 19
Frequency Percentage Cumulative %
Very Likely 26 20.1 20.1
Likely 89 68.9 68.9
Not Likely 11 8.5 8.5
Very Unlikely 3 2.3 2.3
Total 129 100 100

Very
Not Likely, Unlikely, 3
11

Very Likely,
26

Likely, 89

Figure 19

Interpretation

There were 130 responders, as seen in the figures above. The data shown above reveals the respondents'
perceptions of the stock markets' ability to provide liquidity and low fixed deposit rates. The following data
shows that 68.9% of people think it's likely that driving the stock markets will lead to low fixed deposit rates
and liquidity, while 20.1% very likely. Another 8.5% are ambivalent, saying they like using these methods to
choose stocks depending on the market situation, but they also say they don't want to invest in them. Finally,
2.3% say they don't agree to use these methods. The majority of respondents agree that fundamental and
technical analysis, as well as the share price value, should be considered when selecting a stock, according to
the statistics.
Q20: When it comes to investing, do you see more opportunities, less risk, or more risk?

Table 20

Frequency Percentage Cumulative %

Mostly an 74 57.8 57.8
Opportunity
Mostly a lower Risk 43 33.5 33.5
Mostly a Higher Risk 11 8.5 8.5

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Total 128 100 100

Mostly
a
Higher
Risk, 11

Mostly a Mostly an
lower Opportunity,
Risk, 43 74

Figure 20

Interpretation

A total of 131 people have provided their replies in the data given above. According to the results shown
above, investors see investment primarily as either a chance for growth or a dangerous gamble. According to
the data shown in the table and graph above, 33.5% of people think that stock investments generally involve
less risk if one is well-informed and uses charts and graphs to their advantage, whereas 57.8% of people
think that Most people think investing is a great way to increase their wealth, while 8.5% think it's too
hazardous and aren't ready to put their money into the stock market. If the numbers are to be believed, most
people would jump at the chance to put their money into the stock market.
Table 21

Descriptive Statistics
N Minimum Maximu Mean Std.
m Deviation
 When thinking of the stock 132 1 4 2.08 .716
market and investing, what
is your perception?
 Your investments in 131 1 5 2.22 .921
equity are largely in Large
Cap Stocks?
 Your investments in 130 1 5 2.26 .885
equity are largely in Small
Cap Stocks?
 You prefer Intraday 131 1 5 2.24 .910
trading in the share
market?
 You prefer long-term 129 1 4 2.03 .770
trading in the share
market?
 What is your satisfaction 130 1 4 1.99 .742
level in your existing
broker company?
 Your college provide any 132 1 5 2.26 .978
educational programmes
related stock market?

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 You prefer to do 132 1 4 1.95 .734

investment in mutual
funds?
 You prefer to do a stock 130 1 5 2.05 .806
selection according to
share price value,
Fundamental and
Technical
analysis (Reading charts)?
Valid N (listwise) 127

To have a better grasp of students' viewpoints on stock market knowledge and engagement, the following
studies were conducted. We used a Likert scale ranging from 1 to 5, where 1 signifies strong agreement and
5 signifies strong disagreement; also, 1 denotes very positive and 5 very negative. The analyses conducted
by the respondents yielded the following results:
STATEMENT 1: With a mean score of 2.08, which represents the data's central tendency, the majority of
respondents had a favorable impression of the stock market and investment. Nevertheless, with a standard
deviation of just 0.716, we can see that there isn't a great deal of dispersion and that the majority of the data
points cluster around the mean.
STATEMENT 2:

With a mean of 2.22 and a standard deviation of 0.921, which shows a low degree of spread, the majority of
the data points are closely related to the mean, indicating that most respondents have a positive opinion
about investing in large-cap stocks. Some respondents have different opinions, as seen in the table above, but
overall, most people are positive.
STATEMENT 3:

In the table above, we can see that not all respondents are in agreement with their small-cap stock
investments. Most respondents had a favorable perspective of their investment in small-cap companies, as
shown by a mean of 2.26. The data points are quite near to the mean, and the degree of dispersion is
minimal, with a standard deviation of 0.885.
STATEMENT 4:

With a mean of 2.24 and a standard deviation of 0.910, suggesting little spread and the majority of data
points close to the mean, it is clear that most respondents favor intraday trading in the stock market. The
above table shows that some respondents do not..
STATEMENT 5:

While the data points are generally close to the mean (2.03) and the standard deviation (0.770) show that
there is little spread, it is clear from the table that most respondents favor long-term stock market trading.
Nevertheless, a small number of respondents do not share this preference.
STATEMENT 6:

The majority of respondents were satisfied with their current broker firm, according to the data mean of 1.99
(which represents the central tendency of the data). Although there was some dispersion in the data, the
standard deviation of 0.742 indicates that the majority of the observations are clustered around the mean.
STATEMENT 7:

The majority of respondents had a good impression of their college's stock market instructional programs, as
shown by the mean (a measure of the central tendency) of 2.26. Although there was some dispersion in the
data, the standard deviation of 0.978 indicates that the majority of the observations are clustered around the
mean.
STATEMENT 8:

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According to the data in the table, some of the respondents aren't familiar with mutual fund investments;
however, the majority have a positive attitude toward mutual fund investment awareness (mean = 1.95), and
the data points are generally close to the mean (standard deviation = 0.734).
STATEMENT 9:

Most respondents had a good perspective that their stock selection is based on share price, charts, and
technical abilities, as shown by the mean of the data, which measures the central tendency of the data, which
was 2.05. The standard deviation, however, is just 0.806, so there wasn't a whole lot of dispersion and the
most of the data points were rather near to the mean.
Table 22

Correlations
Student Participation Student Awareness
Student 1 .484**
Participation
Student Awareness .484** 1

**. Correlation is significant at the 0.01 level (2-tailed).

Table 22 shows that there is a positive and moderate relationship between the two variables, student
participation and stock market awareness, as described by the correlation coefficient, which is close to 0.5.
This study aims to understand the relationship between these two variables. In contrast, a perfect correlation
is1, 0.5–0.75 indicates a moderate association, and 1 is the sweet spot.

5. DISCUSSION OF RESULTS AND IMPLICATIONS

We may infer a lot about students' knowledge of and engagement with the stock market from these survey
findings. Lovely Professional University, Phagwara students are the subjects of this research. The survey
found that although most students have a good grasp of stock market basics and are actively investing, a
small percentage of respondents were only vaguely familiar with the concept. A large portion of the
participants are enrolled in courses offered by the institution.
Results show that although 32% of people are ambivalent about their large-cap stock investments, 48.9% are
in agreement with this strategy on Equity. While 19.8% are in complete agreement, only 3.1% and 3.8% of
respondents are in complete disagreement about their investment in large-cap equities, respectively. The
majority of respondents in the research feel confident in their decision to invest in large-cap stocks, even
after taking into account all the potential risks associated with this strategy. In contrast, 25.4% of
respondents are agnostic on their small-cap stock investments, whereas 48.5% and 17.7% of respondents are
in agreement, respectively. Nevertheless, when asked about their small-cap stock investments, 6.9% and
1.5% of respondents, respectively, strongly disagreed and disagreed. Despite being aware of the potential
dangers, the majority of respondents still feel confident in their decision to invest in small-cap companies,
according to the report.
A large portion of the participants are young adults (those between the ages of 22 and 26), which is
indicative of their high level of financial literacy and their engagement with the stock market, according to
the research. Equally notable is the significant increase in female involvement. Millennials and Gen Zers are
more invested in the stock market than earlier generations. Additionally, the fact that 66% of respondents
favor intraday transactions shows that this generation is more risk-taking. So, we know that people of various
ages and genders see the stock market differently, and that this affects the way they invest.

5.1 Conclusion

According to our findings from studying "Awareness and participation in the stock market among students,"

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both of these factors have changed significantly in recent years. Nonetheless, a number of respondents
exhibited a lack of engagement owing to the inherent dangers of the financial markets. Due to the high level
of market risk, even those with a little understanding of the issue did not invest in the stock market. Some
students were motivated to participate in the stock market since the institution offered programs and courses
linked to it. The kids were also encouraged and helped in setting up a Demat account via stock investing
platforms like Zerodha, Upstocks, and One-Angel.
Students with a sufficient understanding of the stock market were diversifying their holdings among large-
cap, mid-cap, and small-cap businesses. Additionally, there was considerable enthusiasm among the students
for day trading stocks. Investments are a good idea for students who don't have much experience with the
stock market. Society as a whole has to educate itself so that all individuals are prepared to invest in the
stock market in the real world.

5.2 Limitations

 The responders' statements are taken at face value as being accurate and truthful.
 Time was the primary constraint, as more responders may have been added. Assuming that
sufficient data has been collected in such a little period to back up the article's depth would be
unfair.
 The sample size was somewhat tiny compared to the whole population. Therefore, the results and
conclusions are not without their limitations.
 Respondents' knowledge may be skewed due to a lack of incentive for some to provide truthful
answers.

5.3 Future research

This study's sample size is too small to draw valid conclusions about the population as a whole. Researchers
should employ bigger samples in the future if they want to have a reliable and valid sample to use for
extrapolating to populations. Another limitation of this research is that questionnaires were the sole means of
representing closure. That is why it's crucial to include different demographics in the study so that
researchers may collect samples from different backgrounds and get different findings.

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