The study establishes the impact of religiosity on financial debt. This indicates that individuals with strong religious
social norms are expected to have lower level of financial debt. This study also supports the findings of (Sean T McGuire, Thomas C. Omer & Nathan Y. Sharp, 2012) stating that religion plays a central role in economic
development. The finding also confirms (S.D. Dyreng, William J.M. & Chris D.W., 2010) the study that religiosity
is associated with lower levels of financial reporting irregularities. Empirical data on religion, spirituality and mental
health shows that there is a favourable association between religiousness and risk-taking events such as taking
excessive debts, delinquent behaviour, and criminal behaviour (Larson & Larson, 1994).