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

Author

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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)

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.

Suggested Citation

  • Cwynar Andrzej & Potocki Tomasz & Białowolski Piotr & Węziak-Białowolska Dorota, 2024. "Religious service attendance and consumer financial outcomes: Evidence from a longitudinal survey," Economics and Business Review, Sciendo, vol. 10(4), pages 101-128.
    • Handle: 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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    More about this item

    Keywords

    religious service attendance; savings; debt; financial satisfaction; social contacts;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • Z12 - Other Special Topics - - Cultural Economics - - - Religion

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