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

Authors

  • Andrzej Cwynar Institute for Public Administration and Business, WSEI University, Lublin, Poland https://orcid.org/0000-0003-2702-0397
  • Tomasz Potocki Institute of Economics and Finance, University of Rzeszów, Poland https://orcid.org/0000-0001-7309-7892
  • Piotr Białowolski Department of Economics, Kozminski University, Warsaw; Human Flourishing Program, Harvard University, Cambridge, MA, United States https://orcid.org/0000-0003-4102-0107
  • Dorota Węziak-Białowolska Department of Quantitative Methods and Applications of Computer Science, Kozminski University, Warsaw, Poland https://orcid.org/0000-0003-2711-2283

DOI:

https://doi.org/10.18559/ebr.2024.4.1225

Keywords:

religious service attendance , savings, debt, financial satisfaction, social contacts

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. 

JEL Classification

Consumer Economics: Empirical Analysis (D12)
Household Saving • Personal Finance (D14)
Religion (Z12)

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Published

2024-12-31

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Vol. 10 No. 4 (2024)

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Research article- regular issue

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Copyright (c) 2024 Andrzej Cwynar, Tomasz Potocki, Piotr Białowolski, Weziak-Bialowolska

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Cwynar, A., Potocki, T., Białowolski, P., & Węziak-Białowolska, D. (2024). Religious service attendance and consumer financial outcomes: Evidence from a longitudinal survey. Economics and Business Review, 10(4), 101-128. https://doi.org/10.18559/ebr.2024.4.1225

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