Abstract
Major monotheistic religions (Christianity and Islam), comprising of 55% of world religions’ followers (Hackett and Mcclendon 2015), conceptualize God as a supreme power who is in charge of the affairs of the universe and is the planner and an executor of everything that occurs. Religious philosophies of these religions encourage minimalism in personal life aspects, charitable behavior, as well as long-term orientation (belief in afterlife in heaven/hell). Therefore, the reliance of religious people on possessions/wealth is expected to be less as compared to nonreligious people. It may make them less likely to take measures to ensure their financial well-being. Since religious affiliations affect choices of consumptions and life behavior profoundly, it is valuable to assess the effect of religiosity on financial behavior. Statistical trends hint at the low financial well-being of religious people, but the phenomenon remains largely underexplored and calls for more investigation.
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