Religion Impacts Size of Wallet

Christian fundamentalists may be at a disadvantage when it comes to
cash. A study found a strong link between religious affiliation
and wealth in the U.S., with Jews earning the most, and conservative
Protestants the least.

Lisa Keister, an associate professor of sociology at Ohio State
University, analyzed longitudinal surveys of nearly 5,000 Americans. She
found the median net worth of Jewish participants to be $150,890.
Conservative Protestants—including Baptists, Jehovah's Witnesses,
Seventh-Day Adventists and Christian Scientists—were worth an
average of $26,200. Catholics and mainstream Protestants—including
Episcopalians, Methodists, Presbyterians, Lutherans, Unitarians and
others—fell in between at about $60,000.

Keister explained the connection between faith and pocketbook by
pointing to the role that religion plays in the family. "Families
have a big impact on future wealth accumulation, and religion is a big
part of family life," says Keister. The study took into account age,
education, race and other factors that influence wealth, such as
inheritance.

Why were Jews worth so much more, on average? For one, Jewish
participants were much more likely to invest in financial versus real
assets, meaning stocks and bonds instead of houses. They also began
investing much earlier than non-Jews. A strong emphasis on education and
good financial habits in Jewish homes contributes, as well as more and
better opportunities to increase "social capital."

Keister speculates that conservative Protestants, in contrast, are
more interested in the afterlife than in achieving success in this world.
Higher fertility rates and hostility toward formal education could also
work against their bank accounts. A literalist interpretation of the
Bible may also discourage the accumulation of wealth.

Keister does not think the study promotes anti-Semitic stereotypes;
rather, she believes that the research provides lessons that could lessen
differences between groups. And they don't involve religious conversion.
"If we can teach people the basics of saving and saving early, we
could improve their well-being," she says.

The study was published in Social Forces.