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“Striving for Savings” – religion and individual economic behavior

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  • Anja Klaubert

    (Institute of Economics, Leuphana University of Lüneburg, Germany)

Abstract

In the Neoclassical growth model the saving ratio and human capital might be seen as the most important factors fostering economic growth. At last since Weber [2005 (1904/05)] it seems clear, that religious beliefs and involvement shapes both social and economic human behavior. This paper tests the hypothesis whether religious belonging and believing influence a household’s economic decision-making in the USA, which was found to foster economic growth, namely the saving ratio at the individual level. Using data from the Panel Study of Income Dynamics (PSID), we find religious effects on saving. Regarding the decision to save money no large differences within the Christian religions, namely Protestants and Catholics, were found. However, large differences exist compared to non-religious people as well as to Non-Christians and Jews.

Suggested Citation

  • Anja Klaubert, 2010. "“Striving for Savings” – religion and individual economic behavior," Working Paper Series in Economics 162, University of Lüneburg, Institute of Economics.
    • Handle: RePEc:lue:wpaper:162
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    References listed on IDEAS

    as
    1. Bernheim, B. Douglas & Garrett, Daniel M. & Maki, Dean M., 2001. "Education and saving:: The long-term effects of high school financial curriculum mandates," Journal of Public Economics, Elsevier, vol. 80(3), pages 435-465, June.
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    5. Guiso, Luigi & Sapienza, Paola & Zingales, Luigi, 2003. "People's opium? Religion and economic attitudes," Journal of Monetary Economics, Elsevier, vol. 50(1), pages 225-282, January.
    6. Luigi Guiso & Paola Sapienza & Luigi Zingales, 2006. "Does Culture Affect Economic Outcomes?," Journal of Economic Perspectives, American Economic Association, vol. 20(2), pages 23-48, Spring.
    7. Kerwin Kofi Charles & Erik Hurst, 2003. "The Correlation of Wealth across Generations," Journal of Political Economy, University of Chicago Press, vol. 111(6), pages 1155-1182, December.
    8. Renneboog, L.D.R. & Spaenjers, C., 2009. "Where Angels Fear to Trade : The Role of Religion in Household Finance," Other publications TiSEM 1805b57f-17bc-414f-b553-2, Tilburg University, School of Economics and Management.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Savings and religion
      by Economic Logician in Economic Logic on 2010-03-10 23:53:00
    2. Religion and Savings
      by Liam Delaney in Geary Behaviour Centre on 2010-03-11 01:30:00

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    Cited by:

    1. Gary Kleinman & Betsy Beixin Lin, 2017. "Audit regulation in an international setting: Testing the impact of religion, culture, market factors, and legal code on national regulatory efforts," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 14(1), pages 62-94, February.

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    Keywords

    growth; religion; individual saving behavior;
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