Religion and Individual Investment Choice Decision: The Case of Malaysia

Nurasyikin Jamaludin

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Financial Literacy, Pension, Retirement Analysis Islamic Finance and Banking Studies Financial Literacy and Behavior

Abstract

This paper explored the role of religion in individuals’ investment choice decisions. A survey involving 440 employees was used. The Chi-Square test results indicated significant differences in investment choice decisions between Muslim and non-Muslim respondents. There was an equal proportion of Muslims maintaining their savings in the default fund as well as investing part of their savings in a unit trust fund. In contrast, a majority of non-Muslims preferred to invest part of their savings in the unit trusts. Religiosity was viewed from a multidimensional approach and accordingly two sets of instruments were used: the Religious Commitment Inventory (RCI-10) and Muslim Religiosity. The Chi-square tests results indicated no significant differences in investment choice decision among individuals with different levels of RCI and Muslim religiosity respectively. These results suggest that religiosity does not significantly influence individuals’ investment choice decisions, particularly when it comes to investing part of their retirement savings in a unit trust.

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References

2004Handbook of Religion and Health 2003The Religious Commitment Inventory--10: Development, refinement, and validation of a brief scale for research and counseling.2010Religion as a Cultural System 1990Consumer Religiosity and Retail Store Evaluative Criteria 1994Bank Patronage Factors of Muslim and Non‐Muslim Customers 1994Religious Contrasts in Consumer Decision Behaviour Patterns: Their Dimensions and Marketing Implications 2004Religion as a Determinant of Economic and Demographic Behavior in the United States 1989Business ethics: A literature review with a focus on marketing ethics

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