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Religion and household saving behavior

Author

Listed:
  • Hong, Seiwoong
  • Lee, Junyong
  • Oh, Frederick Dongchuhl
  • Shin, Donglim

Abstract

We examine the effect of religion on household saving behavior. For a sample of 12,686 U.S. households between 2000 and 2016, we find that religious households (i.e., households that have a religious affiliation) are more likely to hold savings accounts than non-religious households. Furthermore, using religious upbringing as an instrument, we show that religion-induced economic attitudes, such as future time preference and risk aversion, increase household saving propensity. Finally, the positive association between religious affiliation and saving propensity is more pronounced for Catholics than Protestants. Overall, our study highlights the importance of religion in shaping households’ saving behavior. (JEL G51, Z12, D14, D91)

Suggested Citation

  • Hong, Seiwoong & Lee, Junyong & Oh, Frederick Dongchuhl & Shin, Donglim, 2024. "Religion and household saving behavior," Journal of Behavioral and Experimental Finance, Elsevier, vol. 44(C).
    • Handle: RePEc:eee:beexfi:v:44:y:2024:i:c:s221463502400114x
    DOI: 10.1016/j.jbef.2024.100999
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    More about this item

    Keywords

    Household Saving; Religion; Economic Attitudes;
    All these keywords.

    JEL classification:

    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making

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