Religion, economic attitudes, and household finance

Christophe Spaenjers (1) , Luc Renneboog (2)

1 GREGH - Groupement de Recherche et d'Etudes en Gestion à HEC
2 Department of Economics

We investigate the differences in economic attitudes and financial decisions between religious and non-religious households. Using Dutch survey data, we find that religious households consider themselves more trusting, and have a stronger bequest motive and a longer planning horizon. Furthermore, Catholics attach more importance to thrift and are more risk averse, while Protestants combine a more external locus of control with a greater sense of financial responsibility. Religious households are more likely to save. Catholic households invest less frequently in the stock market. Economic attitudes are particularly helpful in explaining the financial decisions of Catholic households.

Mots clés: Religion; Economic attitudes; Household finance; Culture; Portfolio choice

Christophe Spaenjers, Luc Renneboog. Religion, economic attitudes, and household finance. Oxford Economic Papers, 2012, 64 (1), pp.103-127. ⟨10.1093/oep/gpr025⟩. ⟨hal-00715602⟩