Religiousness, Portfolio Choice, and Gambling in Japan

Abstract

This paper examines how religion influences financial risk-taking behaviour and gambling using a survey data set from Japan, where most religious people claim they believe in Buddhism and/or Shinto. We find little association between religiousness and portfolio choice. Exceptions are that: (i) those who claimed their religion is Buddhism and the members of one Buddhist denomination are more likely to buy stock and lottery tickets than nonreligious people, and (ii) those who described themselves as devoted to religion are less likely to play pachinko.