Cultural Differences and Praying when Investing
Cultural Differences and Praying when Investing

Summary/Abstract: Behavioral finance literature postulates to connection between human psychology and market movements. Human psychology is being affected by some factors such as weather conditions, geography, culture, religion etc. This research investigates if religiosity and cultural differences affect risk taking in Turkish society by applying online questionnaire. The results confirms other researches findings such as women are more risk averse than men, less fatalist and religious. Young and well educated Turkish people are more religious and fatalist than older ages. Westerner citizens are less fatalist and religious than Easterners. It is a new contribution to the literature. We have a failure to accept the null hypothesis, therefore age, gender, education, regions, cultural and religious factors affect to the decisions of Turkish citizens. Brokerage and insurance firms should take into consider where their clients come from originally, gender, age and education. More importantly, they also should consider their religiosity and fatalist believes.

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