Religious service attendance and consumer financial outcomes: Evidence from a longitudinal survey

Cwynar Andrzej (), Potocki Tomasz (), Białowolski Piotr () and Węziak-Białowolska Dorota ()
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Cwynar Andrzej: Institute for Public Administration and Business, WSEI University, Lublin, Poland WSEI University, ul. Projektowa 4, 20-209 Lublin, Poland
Potocki Tomasz: Institute of Economics and Finance, University of Rzeszów, 35-310 Rzeszów, Poland
Białowolski Piotr: Department of Economics, Kozminski University, 03-301 Warsaw, Poland, Human Flourishing Program, Harvard University, Cambridge, MA, United States
Węziak-Białowolska Dorota: Human Flourishing Program, Harvard University, Cambridge, MA, United States, Department of Quantitative Methods and Applications of Computer Science, Kozminski University, 03-301 Warsaw, Poland

Economics and Business Review, 2024, vol. 10, issue 4, 101-128

Abstract: Previous literature has pointed to strong links between religion and economic outcomes. However, little is known about how individual consumers ’ religiosity is related to their financial management outcomes. Using longitudinal data from a national representative survey of households in Poland (more than 90% of believers declaring Roman Catholic religious denomination), we examine the associations between religious service attendance (RSA) and three subsequent consumer financial outcomes: savings, debt, and financial satisfaction. Social contacts, general trust, and risk tolerance have been tested to mediate these associations. The results indicate that RSA is prospectively associated with all three consumer financial outcomes: savings (positive), debt (negative), and financial satisfaction (positive). Only one mediation effect was found: the association between RSA and savings is mediated by social contacts. This implies that religiosity, as measured by RSA, is prospectively associated with financial outcomes, and social contacts have some potential to mediate the process. The channels through which religion influences financial conditions require additional research.

Keywords: religious service attendance; savings; debt; financial satisfaction; social contacts (search for similar items in EconPapers)
JEL-codes: D12 D14 Z12 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:vrs:ecobur:v:10:y:2024:i:4:p:101-128:n:1002

DOI: 10.18559/ebr.2024.4.1225

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