Abstract

This study explores how Christian beliefs impact end-of-life estate planning decisions. Utilizing a mixed-methods approach, the research integrates quantitative survey data with qualitative interviews to examine religious faith's role in shaping Christian estate planning choices. The findings suggest a significant correlation between the depth of religious conviction and the propensity to engage in altruistic estate planning. This paper contributes to understanding psychological and theological factors in financial decision-making, providing insights for faith leaders and financial advisors.

            Keywords: Christian ethics, estate planning, psychology of religion, altruism, end-of-life decision-making

Methodology

This study employed a mixed-methods approach:

Quantitative Analysis: A survey was distributed among 100 Christians, capturing data on demographics, religious intensity, and estate planning actions.

Qualitative Interviews: Ten follow-up interviews were conducted to gain deeper insights into the motivations and influences of faith on the participants' estate planning decisions.

Results

Preliminary analysis of the survey data reveals:

Faith's Impact: 75% of respondents who identify strongly with their Christian faith have detailed estate plans, compared to only 40% with weaker religious ties.

Guidance from Religious Leaders: Participants who sought advice from religious leaders reported feeling more confident and morally satisfied with their estate planning.

Table 1

Demographic and Religious Characteristics of Survey Respondents

Note. This table provides a detailed breakdown of the demographic and religious characteristics of the respondents who participated in the survey. It includes information on age, gender, marital status, number of children, religious affiliation, understanding of being created in the image of God, the impact of faith on estate planning, and the usefulness of guidance from religious leaders.

Table 1

Correlation between Demographic Factors and Faith's Impact on Estate Planning

Notes: Age: The correlation coefficient between age and the impact of faith on estate planning is r=0.196r = 0.196r=0.196. This positive correlation suggests that older respondents report a higher faith influence on their estate planning decisions, though the relationship is weak.

Gender: The correlation between gender and faith's impact on estate planning is r=−0.059r = -0.059r=−0.059, indicating a weak negative relationship. This suggests that gender does not significantly influence how faith impacts estate planning decisions.

Marital Status: Marital status shows a strong positive correlation with the impact of faith on estate planning (r=0.628r = 0.628r=0.628). This indicates that married respondents are much more likely to report that their faith significantly influences their estate planning decisions compared to those who are single, divorced, or widowed.

Number of Children: The correlation between the number of children and the impact of faith on estate planning is r=0.539r = 0.539r=0.539. This moderate positive correlation suggests that respondents with more children report a higher faith influence on their estate planning decisions.

Interpretation and Implications

Age and Number of Children: The positive correlations with age and number of children indicate that as individuals grow older and have more familial responsibilities, they are more likely to let their faith guide their estate planning decisions. This underscores the role of life stage and family structure in shaping financial and ethical considerations in estate planning.

Gender: The negligible correlation with gender implies that faith's influence on estate planning is not significantly different between men and women, suggesting that religious conviction transcends gender in this context.

Marital Status: The strong correlation with marital status highlights the importance of spousal and family relationships in estate planning. Married individuals may feel a greater moral and ethical responsibility, influenced by their faith, to plan their estates comprehensively.

Figure 1

Faith's Impact on Estate Planning

Note. "As shown in Figure 1, the majority of respondents reported that faith significantly impacts their estate planning decisions."

Figure 2

Guidance from Religious Leaders

Note. " This pie chart shows the distribution of respondents who found the guidance from religious leaders very helpful, somewhat helpful, not helpful, or did not seek any guidance.

Annotated Bibliography

Berry-Stölzle, T. R., & Xu, J. (2022). Local religious beliefs and insurance companies' risk-taking behaviour. Geneva Papers on Risk & Insurance, 47(2), 242-278. https://doi.org/10.1057/s41288-021-00211-z

This study investigates the correlation between local religious beliefs and the risk-taking behaviors of insurance companies. Berry-Stölzle and Xu (2022) provide an empirical analysis demonstrating how insurance firms operating in areas with prevalent religious beliefs tend to exhibit more conservative risk profiles. The authors utilize extensive data sets to analyze the influence of religious norms on corporate decision-making, particularly focusing on risk aversion. This research sheds light on the broader impacts of cultural and religious contexts on financial behavior, offering valuable insights for understanding how these factors might influence estate planning and other financial services in religious communities.

Choi, S. L., & Carr, D. (2023). Older Adults’ Relationship Trajectories and Estate Planning. Journal of Family and Economic Issues, 44(2), 356-372. https://doi.org/10.1007/s10834-022-09839-y

Choi and Carr (2023) examine how the relationship trajectories of older adults influence their decisions regarding estate planning. Their research analyzes the impact of marital transitions, such as divorce or widowhood, and the presence of children from multiple relationships on the complexity and approaches to estate planning. The findings suggest that varied relational histories significantly alter estate planning strategies, with implications for financial advisors and family members. This study contributes to understanding how personal and familial dynamics intersect with financial planning, offering insights into the tailored approaches necessary for diverse family structures.

Cipriani, R. (2022). The Other, Altruism and Empathy: Variety of Prosocial Behavior. The American Sociologist, 53(1), 11-21. https://doi.org/10.1007/s12108-021-09496-y

In this article, Cipriani explores the complex interrelations between altruism, empathy, and the recognition of 'the other' in prosocial behavior. He delves into the sociological frameworks that define how individuals perceive others outside their immediate social circles and how this perception influences altruistic actions. The study thoroughly examines how empathy facilitates or hinders altruistic behaviors, particularly in diverse societal contexts. Cipriani's work is instrumental for researchers and practitioners interested in understanding the motivational roots of prosocial behaviors, which can have implications for fields ranging from social psychology to estate planning, where altruistic motivations often guide decisions about legacy and inheritance.

Erdem, O., & Martin, A. (2020). Do Religious Reminders Help You With Your Financial Decisions? International Journal of Applied Behavioral Economics, 9(3), 42-53. https://doi.org/10.4018/IJABE.2020070103

This article by Erdem and Martin explores the influence of religious reminders on financial decision-making. Through empirical research, the authors investigate whether cues related to religious beliefs can alter financial behaviors in more conservative or risk-averse ways. Their findings suggest that individuals exposed to religious reminders are likelier to make financial choices that align with long-term stability and ethical considerations. This study contributes to a better understanding of how cognitive and cultural factors, including spirituality, impact economic decisions, providing valuable insights for financial advisors and planners who work with religious populations.

Faziatul Amillia Mohamad Basir, Wan Marhaini Wan Ahmad, & Rahman, M. (2023). Estate Planning Behaviour: A Systematic Literature Review. Journal of Risk and Financial Management, 16(2), 84. https://doi.org/10.3390/jrfm16020084

In this comprehensive systematic literature review, Mohamad Basir, Wan Ahmad, and Rahman analyze the prevailing behaviors and trends in estate planning documented in academic research up to 2023. The review categorizes key factors influencing estate planning decisions, such as socio-economic status, cultural influences, and legal awareness. It also highlights significant gaps in the literature, particularly the underrepresentation of non-Western perspectives and the need for more empirical studies on the impact of technological advancements in estate planning. This work is crucial for professionals and researchers seeking to understand the complexities of estate planning behavior across different demographics and to identify areas needing further exploration in future studies.

Gill, A., Mand, H. S., Biger, N., & Mathur, N. (2018). Influence of religious beliefs and spirituality on the decision to insure. International Journal of Emerging Markets, 13(5), 780-800. https://doi.org/10.1108/IJoEM-07-2017-0235

Gill et al. (2018) delve into the significant role that religious beliefs and spirituality play in individuals' decisions to purchase insurance products. Their research spans various cultural and religious contexts, revealing how deeply ingrained spiritual values and religious practices can influence financial decisions, particularly regarding risk management and insurance uptake. Utilizing a multi-country analysis, the study provides a nuanced understanding of how different religious doctrines affect the perception of insurance as a financial tool. This paper is essential for financial professionals and policymakers who aim to align insurance products with the values and beliefs of diverse religious communities, ensuring that financial services are both culturally sensitive and effectively marketed.

Hamman, J. J. (2022). A Brief Pastoral Topography for Migrating People. Pastoral Psychology, 71(6). https://doi.org/10.1007/s11089-022-01010-6

In this insightful article, Hamman explores the complex dynamics of migration from a pastoral care perspective, deepening the psychological and spiritual challenges migrating individuals face. The paper maps out a pastoral approach that emphasizes empathy, support, and spiritual guidance for migrants, arguing for a responsive pastoral strategy that aligns with the unique needs of these populations. Hamman discusses the role of religious communities in offering continuity and a sense of belonging in the face of displacement, making this work particularly relevant for scholars and practitioners interested in the intersections of theology, psychology, and social support systems for migrating people. This study contributes to a better understanding of how pastoral care can be effectively adapted to address migration and displacement challenges.

Herzberg, Philip, CFP®, CDFA, CTFA, AFP, & Schwartz, Karl, CPA, CFP®. (2023). Essential Estate Planning for Young Adults. Journal of Financial Planning, 36(10), 50-53. ProQuest Link

Herzberg and Schwartz (2023) address the critical need for estate planning among young adults, a demographic often overlooked in financial planning discussions. The article outlines essential estate planning tools, including wills, healthcare directives, and powers of attorney, arguing that early planning is crucial for managing unforeseen circumstances effectively. The authors provide practical guidance for financial planners and young adults, emphasizing the benefits of early, proactive involvement in estate planning. This work is valuable for those seeking to understand the implications of estate planning decisions from a young age. It serves as a resource for financial educators and advisors working to promote financial literacy and preparedness among young adults.

Jeremiah, A. (2024). Race, Caste and Christian Ethics: A Decolonial Proposal. Studies in Christian Ethics, 37(1), 19-35. https://doi.org/10.1177/09539468231213538

In this innovative work, Jeremiah delves into the intersecting issues of race, caste, and Christian ethics through a decolonial lens. The article challenges traditional Western-centric ethical frameworks and proposes a reevaluation of Christian ethical thought that incorporates perspectives from historically marginalized communities. By examining the concepts of race and caste within the context of global Christian ethics, Jeremiah calls for a more inclusive and justice-oriented approach to ethical discussions and practices. This piece is precious for scholars and practitioners interested in how religious ethics can address and rectify systemic inequalities. It offers a compelling argument for rethinking Christian ethical practices to better align with principles of equity and inclusion.

Jones, P. D. (2019). The Patience of God the Creator: Reflections on Genesis 1:1–2:4a. International Journal of Systematic Theology, 21(4), 361–387. https://doi.org/10.1111/ijst.12386

This article by Paul D. Jones offers a theological reflection on the narrative of creation found in Genesis 1:1–2:4a, focusing mainly on the theme of divine patience. Jones interprets the creation story as an expression of God's deliberate and thoughtful approach to forming the world, suggesting that this characteristic of divine action is a model for human behavior and decision-making. He argues that understanding God's patience can inspire a more reflective and careful approach to various aspects of life, including ethical decision-making and environmental stewardship. This theological insight is particularly relevant for scholars interested in the intersections of doctrine, moral theology, and practical applications in daily life and policy.

Koss, C. S., & Baker, T. A. (2018). Where There is a Will: The Link Between Estate Planning and Disparities in Advance Care Planning by White and Black Older Adults. Research on Aging, 40(3), 281-302. https://doi.org/10.1177/0164027517697116

In this pivotal study, Koss and Baker explore the significant disparities in estate and advance care planning between White and Black older adults in the United States. The research highlights how socio-economic factors, cultural differences, and historical inequalities contribute to varying levels of engagement in estate planning activities between these groups. By examining the implications of these disparities, the article sheds light on the broader social and policy-related challenges that influence end-of-life planning. This study is essential for understanding how race and ethnicity intersect with legal and healthcare decision-making in older populations, providing valuable insights for policymakers, healthcare providers, and financial planners aiming to address these inequalities.

León, A. K., Pfeifer, C., León, A. K., & Pfeifer, C. (2017). Religious activity, risk-taking preferences, and financial behavior: Empirical evidence from German survey data. Journal of Behavioral and Experimental Economics, 69, 99-107. https://doi.org/10.1016/j.socec.2017.05.005

This study by León and Pfeifer examines the impact of religious activity on risk-taking preferences and financial behaviors among individuals in Germany. Using comprehensive survey data, the researchers analyze how various levels of religious engagement correlate with financial decision-making, particularly regarding risk aversion and investment choices. This article offers a glimpse into the influence that personal beliefs stem from religious practices have on economic behaviors. For our purposes, the article is primarily helpful as a resource that helps to establish the crucial intersection of religion, psychology, and financial decision-making.

Park, S., & Jeong-Yoo, K. (2022). Evolutionary stability of preferences: altruism, selfishness, and envy. Social Choice and Welfare, 58(2), 349-363. https://doi.org/10.1007/s00355-021-01361-8

Park and Jeong-Yoo's study uses a game-theoretic approach to explore the evolutionary stability of three fundamental human preferences—altruism, selfishness, and envy. The paper delves into how these preferences can coexist and stabilize within populations, influenced by environmental and social factors. The findings reveal that the presence and stability of these traits are context-dependent, varying according to strategic interactions within the population. This research is critical for understanding the underlying mechanisms that drive human social behaviors and decision-making processes, providing insights applicable to economic modeling, behavioral economics, and social policy design. The study offers a unique perspective on how inherent human tendencies can shape and are shaped by socio-economic environments.

Park, S., & Jeong-Yoo, K. (2022). Evolutionary stability of preferences: altruism, selfishness, and envy. Social Choice and Welfare, 58(2), 349-363. https://doi.org/10.1007/s00355-021-01361-8

Park and Jeong-Yoo's study uses a game-theoretic approach to explore the evolutionary stability of three fundamental human preferences—altruism, selfishness, and envy. The paper delves into how these preferences can coexist and stabilize within populations, influenced by environmental and social factors. The findings reveal that the presence and stability of these traits are context-dependent, varying according to strategic interactions within the population. This research is critical for understanding the underlying mechanisms that drive human social behaviors and decision-making processes, providing insights applicable to economic modeling, behavioral economics, and social policy design. The study offers a unique perspective on how inherent human tendencies can shape and are shaped by socio-economic environments.

Quartuch, M. R., Broussard Allred, S., Markowitz, E., Catanzaro, P., & Markowski-Lindsay, M. (2021). Applying the Transtheoretical Model of Change to Legacy Planning Decisions. Small-Scale Forestry, 20(3), 457-478. https://doi.org/10.1007/s11842-021-09476-7

This article utilizes the Transtheoretical Model of Change—a psychological theory that stages individual readiness to act—to analyze how landowners make legacy planning decisions regarding their properties. The study provides a unique perspective by applying a model typically used in health behavior change to the context of forestry management and estate planning. Through detailed interviews and surveys, the researchers identify the various stages of decision-making landowners experience as they consider the future of their lands. The findings illuminate the complexities of legacy planning, such as emotional attachments to land and the desire for conservation and suggest tailored strategies that forestry professionals can use to guide landowners through the process. This research is precious for those involved in environmental conservation, estate planning, and rural development, offering insights into the motivational and psychological factors that drive legacy decision-making in land ownership.

Scribano, A. (2022). Beyond Distances: Towards Overcoming the Altruism or Selfishness Dichotomy. The American Sociologist, 53(1), 22–28. https://doi.org/10.1007/s12108-021-09505-0

Adrian Scribano's article challenges the conventional binary understanding of the sociological theory of altruism and selfishness. He demands a more nuanced understanding of how these two behaviors play off one another in our social lives. This understanding sees them as far more than just opposites and allows for the many different ways they might and often do work together under the very same conditions to yield the kind of intricate social interactions that comprise our everyday existence. Scribano explores the conditions under which acts of apparent altruism are influenced by selfish motivations and vice versa, suggesting that these behaviors are not mutually exclusive but rather part of a spectrum influenced by societal norms and individual circumstances. This is a vital analysis to dissect and comprehend the reasons for human actions in various social situations—economic decisions, community interactions, and personal relationships. It also contributes to a more extensive sociological dialogue about what motives have to say for the nature of human beings and the kinds of policies and partnerships we enter.

Shu, T., Sulaeman, J., & Yeung, P. E. (2012). Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors. Management Science, 58(10), 1779-1796. http://www.jstor.org/stable/41686882

This study by Shu, Sulaeman, and Yeung investigates the influence of local religious beliefs on the risk-taking behaviors of mutual fund managers. The study's authors dissect fund managers' financial decisions across various regions in the United States. They correlate the level of risk taken by these decision-makers with the practice of religion in the region. Their findings reveal that fund managers in more religious areas tend to exhibit more conservative investment strategies. Religion can have an extensive and profound impact on one's financial behavior and decision-making. This paper provides insightful details and ample evidence to underscore the need for financial professionals to consider local cultural and religious contexts when evaluating investment strategies and risk management.

Siala, H. (2013). Religious influences on consumers' high-involvement purchasing decisions. The Journal of Services Marketing, 27(7), 579–589. https://doi.org/10.1108/JSM-02-2012-0046

This article examines how faith and religious practices influence potentially momentous purchasing decisions, such as buying a home or a car—decisions that require substantial money and are often directed by one's personal and cultural values. The study demonstrates how religious affiliations and practices shape consumer behavior, highlighting the role of faith in the decision-making process. Siala uses quantitative methods to measure how religious principles affect consumer choices and discusses the implications for marketers regarding segmenting markets and tailoring marketing strategies. This research helps us grasp the meeting point of religion and consumer behavior. It gives us insights that can help businesses develop more targeted and effective marketing strategies for use in religiously diverse markets.

Singhapakdi, A., Vitell, S. J., Lee, D., Nisius, A. M., & Yu, G. B. (2013). The Influence of Love of Money and Religiosity on Ethical Decision-Making in Marketing. Journal of Business Ethics, 114(1), 183-191. Access Article

This article by Singhapakdi et al. examines how two significant personal values—love of money and religiosity—impact ethical decision-making within the marketing profession. Utilizing a survey of marketing professionals, the study quantifies how these values correlate with ethical or unethical decisions in various marketing scenarios. The results indicate that higher religiosity generally fosters more ethical decision-making, while a strong love of money encourages the opposite. This research highlights the complex role that personal values play in professional ethics and provides insights for companies looking to foster ethical cultures within their marketing departments. It is beneficial for educators and corporate trainers to develop programs that reinforce ethical standards while acknowledging the diverse motivations that influence employee behavior.

ZALOOM, C. (2016). The evangelical financial ethic: Doubled forms and the search for God in the economic world. American Ethnologist, 43(2), 325–338. https://doi.org/10.1111/amet.12308

In this insightful article, Caitlin Zaloom explores the complex relationship between evangelical Christian beliefs and financial ethics. Zaloom provides a deep ethnographic look at how evangelical Christians navigate their financial decisions within the framework of their religious beliefs, mainly focusing on the moral conflicts that arise when engaging with modern economic practices. The study reveals how evangelical financial ethics are about personal morality and navigating the broader economic world in a way that aligns with their search for spiritual meaning.