Religion helps shape wealth

A study done by Ohio State University using available data shows that religions actually help shape Americans wealth and how much many they accumulate.

The study found that Jews attain the most wealth with mainline Protestants and Catholics average among the rest of the population in overall wealth, and conservative Protestants amassing the least.

The study also found that people who attended religious services regularly were more likely to build more wealth than those who did not attend regularly.

Lisa Keister, author of the study, said:

The results suggest people draw on the tools they learn from religion to develop strategies for saving, investing and spending, and those tools may be different in various faiths.

According to the study, religious teachings of different faiths may influence spending and saving strategies in a variety of ways.

For example, conservative Protestants often emphasize prayer and trust in God, which may reduce their desire to invest. Conservative Protestants also look forward to the rewards of the afterlife and don’t promote acquiring wealth as a good for this life.

Jews, on the other hand, don’t have a strong orientation to the afterlife, but encourage pursuits that will lead to wealth accumulation, such as high-income careers and investing.

The most common financial trajectory is to buy a home relatively early in life and then accumulate other assets, such as stocks and bonds. About 35 percent of Jews followed this path, compared to 3 percent of conservative Protestants, 22 percent of mainline Protestants and 20 percent of Catholics.

Keister emphasized that this is only one part that influences wealth, but when she studied it, the impact of religion stood out.

When religion can shape wealth, it can shape giving.

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