The research paper is a combination of theory as well as practice in the area of research methodology to illustrate the concept of a pilot study – how it can be effectively used to convert a tentative research plan into a practical aid to implement the research plan successfully. It is also a combination of two faculties of practical sciences – psychology and applied economics or Financial management with specific reference to personal finance – an area that is becoming popular now-a-days. It provides an insight regarding how a theory in investigation research can open and provide themes for exploratory research.
