By Karin Zeitvogel (AFP) – Oct 17, 2010

Let’s talk about religion and money.

Religion can be defined as “a cause, principle, or system of beliefs held to with ardor and faith.”1 Those that practice a religion likely know that it can sometimes feel like an anchor in a storm and can sometimes feel like a problem in and of itself.2,3 The dichotomy between the positive and negative aspects of religion is also true in regard to finance. Previous research in this specific aspect of religion has shown both good4 and bad5 outcomes. This is why Dr. Ashley LeBaron-Black and her colleagues decided to study the ways in which religion can both help and hinder finances. In their study, the researchers reached out to religious leaders across Ireland and the United Kingdom. 172 participants were interviewed for 30 minutes to 2 hours. Analysis of these interviews revealed four ways in which religion made finances more difficult and five ways in which religion made finances less difficult.

How Religion Made Finances More Difficult

The first way in which finances were made more difficult was that religion increased financial obligations. For example, regular charitable donations (such as tithing) and pursuit of religious experiences (such foreign proselyting missions) increased the participant’s expenses. Second was that religion required time and sacrifice. Attending religious meetings, volunteering at church, and religious practices (such as praying) all increased participant’s time spent in religious activities. Third was that religious values clashed with work. Some participants avoided certain career fields, worked fewer hours, and settled on achieving less in their career in order to maintain their religious principles and practices. Fourth was that religious values clashed with materialism and that this sometimes made connecting with others more difficult. For example, many participants felt that their religious beliefs guided them to spend money on clothing, technology, experiences, and other material items differently than non-religious persons in their life. Not having similar experiences related to materialism made connecting with these non-religious persons more difficult, given that they did not share similar interest in common material goods.

How Religion Made Finances Less Difficult

The first way in which finances were made less difficult was that religion reduced materialism. With their attention set on their religion, families, and friends, many participants felt less need to have the newest, nicest, or most possessions. Second, religion brought monetary blessings, such as financial assistance from the religious community in times of crisis. Third, religious giving brought satisfaction. This involved giving goods, services, and charitable donations to those in need. Fourth, religion improved perspectives on work. This occurred principally by shifting participants’ view from work being a chore to work being a means of giving back to others, providing for family, and doing a job well done. Fifth, religion fostered a positive outlook on financial struggles, such as viewing the struggle as a means where God can intervene or as a time for personal growth.

.