Conservative Protestants and Wealth

 

In a recent segment on the Albert Mohler show, Dr. Mohler of the Southern Baptist Theological Seminary in Louisville, KY, briefly discussed an article recently written by Lisa Keister of Duke University and published in the American Journal of Sociology entitled, Conservative Protestants and Wealth: How Religion Perpetuates Asset Poverty.  The gist of Keister’s research is that religious affiliation and beliefs affect wealth ownership for conservative protestants (CP’s).   Based on Dr. Mohler’s summary and discussion of this article, I had to find it and read it.  So I found the journal, paid my $10 to download the article, and read it with interest.  What I found was, as Dr. Mohler also found, shocking and at the same time refreshing. 

Keister’s states, “The results demonstrate that religion affects wealth indirectly through educational attainment, fertility, and female labor force participation. The results also provide evidence of a direct effect of religion on wealth. Low rates of asset accumulation and unique economic values combine to reduce CP wealth beyond the effects of demographics.”  Let me explain what she found out, then I will throw in some comments of my own.

CP’s typically have a net worth much lower than the rest of the country.  She found that in 2000, a CP’s median net worth was $26,000, vs. a full sample median of $66,200.  The mean net worth for the full sample was $200,000, while the mean for the CP’s was only $85,000.  In other words, CP’s make much less, save much less, and have an asset value of much less, almost one-third less, than the average American.  Why is that?  Keister’s research attributes this discrepancy to the religious beliefs of CP’s.  She states that the central defining trait of a CP “is their interpretation of the Bible as the inerrant word of God. A key assumption that follows and that figures prominently in CP financial values is that money belongs to God, and people are managers of God’s money.”  Conservative Protestants interpret such passages as Lev 25:23, Deut 10:14, Psalm 24:1, and Psalm 50:10-12 to mean that “people are not the true owners of worldly possessions. Rather, God has entrusted people with the objects they possess, including both real and financial objects.”   Because CP’s hold to this truth, it affects the way they view and manage money, thus causing them to accumulate and build wealth differently than most Americans.  This is an incredible observation from a secular researcher. 

What are the effects of this central trait on wealth accumulation?  There are several that Keister found out.  She concluded that indirectly, these values affect the educational levels of CP’s, causing them to have a lower level of educational attainment than other people, and educational level is a strong predictor of wealth.  Why is that?  She discovered that CP’s tend to marry earlier, have children relatively early in marriage, and have more children than the typical American family.  She very specifically states that family size reduces asset and wealth accumulation, and early fertility exacerbates the effect because it limits opportunities for further education, career development, and savings.  Moreover, most CP families are one-income families, because the wife/mother usually stays home to raise the kids.  Additionally, because CP children get their values from their parents rather than from a daycare or other source, these religious values and lifestyles are perpetuated generationally. 

She also notes several other effects of the CP’s central trait of holding the Bible as the inerrant Word of God.  One is that “divine advice, advice from clergy, and other religiously oriented advice about money and work have important merit. Given that God owns all worldly possessions, it is prudent to seek his advice when making decisions about how to accumulate and handle those possessions,” especially from ministers.  Secondly, another value that follows the Biblical text is “that excess accumulation is undesirable.” She gives several reasons for this, with Scriptural examples, such as the danger of becoming overly focused on material well-being at the expense of spiritual well-being, excess accumulation is a bad investment compared to a spiritual investment, and it is unnecessary to accumulate worldly possessions because God will take care of believers.  A third value associated with the Biblical text “that follows from the assumption that God owns all material goods is that it is necessary to give some money back to God and to otherwise use money to do God’s works.”  This is tithing and sacrificial giving and generosity. 

In the article she provides here research methodology, tables and charts, and data to support her findings. 

Now, this is an incredible research project.  The underlying assumption, though, of the whole project is that asset and wealth accumulation is good, and asset poverty is bad.  It is better to be well-off now and even better to prepare for the future through investments, savings, and relative selfishness in terms of wealth.  However, her findings indicate that conservative protestants tend to live according to different values that what is typically put forth by the world.  This is a tremendous witness to the power of the Word of God and the gospel of Christ.  Even when the author tries to be unbiased, her contempt comes through.  Note the title of the paper.  However, 1 Peter 3 states, ¹⁴ But even if you should suffer for righteousness’ sake, you will be blessed. Have no fear of them, nor be troubled, ¹⁵ but in your hearts honor Christ the Lord as holy, always being prepared to make a defense to anyone who asks you for a reason for the hope that is in you; yet do it with gentleness and respect, ¹⁶ having a good conscience, so that, when you are slandered, those who revile your good behavior in Christ may be put to shame. ¹⁷ For it is better to suffer for doing good, if that should be God’s will, than for doing evil.  Note my underlined passage.  Even when Christians are slandered for their obedience to God, they may have a good conscience and those that slander us may be put to shame.  I think this research project is a huge witness for Christ and a statement against the worldly attitudes that prevail in our culture. 

It is also interesting how Keister relates children and families with asset building.  No children = good asset growth.  Many children = asset poverty.  Therefore the underlying conclusion is that one should think long and hard about having children, because they are a drain on your ability to build wealth for the future.  One can almost sense the self-centered presuppositions that permeate our culture today.  When our entire existence is about the accumulation of wealth for our own comfort and security, then children will ultimately get in the way.  Hence the abortion culture, and the increasingly low birth rates in many Western countries. 

Low CP wealth is not a bad thing; in fact, it is a Biblical thing.  Luke 16:10-13, 1 Timothy 6:9-10, and Luke 12:15 are all warnings of the dangers of trusting in wealth and not trusting in God.  We live in a society and culture that puts a premium value on money and wealth, as well as comfort, entertainment, and security.  Wealth accumulation provides all of those, or so it seems in America.  However, Christians are called to live differently.  We are to value children as gifts from God and integral parts of the covenant of God, not as asset drains on our ability to build future wealth.  We are to trust in God for our provisions, and not our selves.  We are called to fully understand that every material thing belongs to God, and we are simply mangers and stewards of what God has allowed us to have.  Not only are we to understand this, but are to live like it is true.  So many times I have seen, even in my own life, how Christians profess to trust God yet live like atheists.  We say we trust God for our provisions and our future, yet we store up wealth like there is no one else to provide for us or take care of us. 

This research is encouraging from a Biblical perspective because it shows that there are Christians who are a big witness for the countercultural values of Christ.  We should all become more aware of what it really means to live for Christ in every area of our lives, especially material possessions.  We need to teach our kids what it means to trust God for our provision, both in our words as well as our deeds.  There are more important things than wealth.  And yes, investment in the Kingdom of God is a much better decision and provides much better yields than an investment in this world.