Conservative Theology Means Smaller Bank Accounts

Christianity Today: Conservative Theology Means Smaller Bank Accounts

Duke sociologist says conservative Protestants save less and accumulate fewer assets.

Lisa Keister has scanned the Bible and found nearly 2,000 verses in the New Testament that touch on the topic of money. It's those very verses that may be keeping many conservative Protestants from building up long-term wealth, she says.

Jesus warned his followers not to "store up for yourselves treasures on Earth," and later cautioned that it will be "hard for a rich person to enter the kingdom of heaven." Perhaps the best known is the admonition that "the love of money is the root of all evil."

According to data analyzed by Keister, a Duke University sociologist, the median net worth for conservative Protestants in 2000 was $26,000, compared to the national median of $66,200.

Why the gap? Keister says it may all come down to theology….

…Keister's new article in the American Journal of Sociology, "Conservative Protestants and Wealth: How Religion Perpetuates Asset Poverty," argues that traditional views of money — it's God's, not ours — keep many Protestants from building a financial safety net.

While some struggle to build up their bank accounts, others, like Anne Thompson of Louisville, Ky., choose to give it all away in order to pursue what they see as God's plan for their lives…

…The study also found that conservative Protestants tend to have lower levels of education and begin large families at younger ages, with fewer women working outside the home. These factors make it difficult for many conservative Protestant families to save money or accumulate wealth, Keister said in the study. …

…Keister was surprised that when demographic factors — such as education, age and race — were held as constant, religion still proved to be an influential factor in wealth accumulation. Conservative beliefs had a larger impact among black Protestants, she found, but also remained significant among whites.

Still, there are exceptions. Mormons, for example, also tend to be religiously conservative and have large families at a young age, and yet tend to have more substantial assets. Keister said her findings are "really just one tiny piece of a greater research agenda."…

…But theology may be the biggest factor, especially conservative views on the inerrancy of the Bible. Steve Diggs, a stewardship minister at the Antioch Church of Christ in Nashville, Tenn., said many Christians have misunderstood what the Bible says about accumulating money.

"Christians sometimes are, rightfully, less focused on this world and sometimes we do that to a fault," said Diggs. "I am diametrically opposed to the health-and-wealth prosperity teachings, but that isn't to say that God doesn't bless people financially."