More than two-thirds of Christian young adults say they have a responsibility to be good stewards of their finances (69%). Understanding they are stewards of the money they have, Christians are more likely to make financial decisions based on where they want to be in several years (85%) than non-Christians (78%).
“Most people want to be financially responsible, and most Christian young adults see this as a responsibility that comes with their faith,” McConnell said.
Difference in Debt
On average, Christians don’t have less debt than non-Christians, and the two groups have similar attitudes when it comes to loans for big purchases, the necessity of incurring some debt as a young adult and the necessity of personal debt in today’s economy.
Although young adults in America accept the reality of debt, they don’t desire debt. With no significant difference between Christians and non-Christians, 78% of young adults seek to avoid debt at all costs. While more than two-thirds (70%) say most personal debt can be avoided, 75% of young adults in America currently have debt of some kind. On average, young adults in America have $41,808 worth of debt. The majority (79%) have $50,000 or less in debt, and most young adults (54%) do not consider their current amount of debt excessive. Christians and non-Christians may look similar when it comes to their actions regarding debt, but Christians are more likely to consider taking out a loan a financial defeat (47%) than non-Christians (37%).
While predatory lending is a concern for most Americans, Christians are more strongly opposed to it than non-Christians are. Christian young adults are more likely than non-Christians to agree that lenders should only approve loans where the borrower has the ability to repay it within the term of the loan (81% v. 72%). Similarly, Christians are more likely than non-Christians to agree lenders should only extend loans at reasonable interest rates (87% v. 81%). A 2016 Lifeway Research survey of Christians in 30 states with little to no regulation of payday loans found 77% believe it is a sin to loan someone money when the lender gains by harming the borrower financially.
“Christian young adults reflect biblical teachings such as the Golden Rule and specific verses forbidding excessive interest, as they are more likely to want to limit loans with unreasonable rates and that people are unable to repay,” McConnell said.
Difference in Values
The average young adult in America cares about values when making financial decisions, and they want the companies they do business with to share the same values they hold. Seventy-four percent of young adults seek to purchase from companies that share their values. Almost as many (70%) seek to purchase from financial institutions that share their values, and 67% say they try to make purchases from companies that have a social mission that benefits society in tangible ways. In general, Christians and non-Christians think similarly about these things; however, Christians are more likely to say they don’t seek to purchase from financial institutions that share their values (24%) than non-Christians (18%).
While most young adults say they try to purchase from companies that operate in sustainable ways (72%) and socially responsible ways (71%), most don’t dig into every aspect of a company’s operations before making a purchasing decision. Christians are more likely to buy a good product or service without worrying about how the company operates parts of the business that don’t directly affect them (70%) than non-Christians (55%).
Among Christians, 59% intentionally try to purchase from companies that act in ways that honor Christ. Just under half of Christian young adults agree (48%) that Christians have a responsibility to try to spend their money with companies that are owned or operated by Christians.
“Young adults are very conscious about trying to make a difference in society with their purchases,” said McConnell. “Christian young adults are no exception. Most of them approach spending decisions with a desire to honor Christ and to be good stewards of their finances all while seeking to do business with companies that help others.”
This article originally appeared here.
