Religion, Economic Attitudes, and Household Finance

Oxford Economic Papers, Vol. 64, No. 1, 2012

30 Pages Posted: 19 May 2009 Last revised: 13 Mar 2013

See all articles by Luc Renneboog

Luc Renneboog

Tilburg University - Department of Finance; European Corporate Governance Institute (ECGI); Tilburg Law and Economics Center (TILEC)

Christophe Spaenjers

HEC Paris - Finance Department

Date Written: January 27, 2011

Abstract

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.

Keywords: Religion, Economic attitudes, Household finance, Culture, Portfolio choice

JEL Classification: D14, G11, Z12

Suggested Citation

Renneboog, Luc and Spaenjers, Christophe, Religion, Economic Attitudes, and Household Finance (January 27, 2011). Oxford Economic Papers, Vol. 64, No. 1, 2012, Available at SSRN: https://ssrn.com/abstract=1406488

Luc Renneboog (Contact Author)

Tilburg University - Department of Finance ( email )

P.O. Box 90153
Warandelaan 2
5000 LE Tilburg
Netherlands
+13 31 466 8210 (Phone)
+13 31 466 2875 (Fax)

European Corporate Governance Institute (ECGI)

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels
Belgium

Tilburg Law and Economics Center (TILEC)

Warandelaan 2
Tilburg, 5000 LE
Netherlands

Christophe Spaenjers

HEC Paris - Finance Department ( email )

1 rue de la Liberation
Jouy-en-Josas Cedex, 78351
France

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