Religiosity, financial risk taking, and reward processing: an experimental study

Vanheusden, F. ORCID: 0000-0003-2369-6189, Vadapalli, S.K. ORCID: 0000-0002-5687-7405, Rashid, M., Griffiths, M. ORCID: 0000-0001-8880-6524 and Kim, A., 2024. Religiosity, financial risk taking, and reward processing: an experimental study. Journal of Gambling Studies. ISSN 1050-5350

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The present study investigated the extent to which financial risk-taking (FRT) perspectives and religiosity influenced an individual’s performance on financial decision-making tasks under risk and/or uncertainty. It further investigated the potential to measure this interaction using electro-encephalogram (EEG) assessments through reward-related event-related potentials (P3 and FRN). EEG data were collected from 37 participants undergoing four decision-making tasks comprising the Balloon Analogue Risk Task (BART), Iowa Gambling Test (IGT), Mixed-Gamble Loss-Aversion Task (MGLAT), and MGLA-Success Task (MGLAST). The present study found that BART performance may be affected by an interaction of FRT perspectives and religiosity. The physiological effects of task feedback were also distinguished between religious and non-religious individuals objectively with EEG data. Overall, while religiosity and FRT may not significantly influence IGT and MGLA performance, and interact with BART in a complex way, physiological reaction towards feedback after BART performance appears to be strongly affected by religiosity and FRT perspectives.

Item Type: Journal article
Publication Title: Journal of Gambling Studies
Creators: Vanheusden, F., Vadapalli, S.K., Rashid, M., Griffiths, M. and Kim, A.
Publisher: Springer
Date: 11 June 2024
ISSN: 1050-5350
Rights: This version of the article has been accepted for publication, after peer review (when applicable) and is subject to Springer Nature’s AM terms of use, but is not the Version of Record and does not reflect post-acceptance improvements, or any corrections. The Version of Record is available online at: This article is licensed under a Creative Commons Attribution 4.0 International License, which permits use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons licence, and indicate if changes were made. The images or other third party material in this article are included in the article's Creative Commons licence, unless indicated otherwise in a credit line to the material. If material is not included in the article's Creative Commons licence and your intended use is not permitted by statutory regulation or exceeds the permitted use, you will need to obtain permission directly from the copyright holder. To view a copy of this licence, visit
Divisions: Schools > School of Science and Technology
Schools > School of Social Sciences
Record created by: Jonathan Gallacher
Date Added: 11 Jun 2024 10:56
Last Modified: 11 Jun 2024 11:00

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