Some Americans look for financial advice in horoscopes.
A new Loan tree study surveyed 2,049 American consumers to find out where Americans stand on astrology-based money advice. The personal finance resource also analyzed more than 90,000 credit reports from random LendingTree account holders to see how Americans manage their money based on their astrological signs.
According to the LendingTree survey, about 63.4% of Americans follow astrology and almost 1 in 5 – 19.2% – have made a financial decision based on their horoscope.
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Saving extra money was the top money decision (42.1%) that horoscope believers say they made after learning about their zodiac sign.
Other financial decisions include splurging on a wish list, buying or selling stocks, changing jobs, negotiating wages, getting into debt, starting a side business, buying or selling a car, buying or selling a house or whatever.
LendingTree’s survey then found that women followed astrology more than men at 78.2% versus 47.6%, respectively.
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Despite these numbers, Millennials between the ages of 25 and 40 are the greatest horoscope believers who have made financial decisions based on astrological readings.
Three in 10 millennials (30.1%) made a financial decision based on a horoscope compared to 24.1% of Gen Z (18 to 24), 18.1% of Gen X (41 to 55) and 3.7% of baby boomers (56 to 75).
âHoroscopes are fun and interesting, but it seems really unwise to make a big financial decision based on them,â Matt Schulz, chief credit analyst at LendingTree, said in a statement. âYou are much better off seeing a financial advisor, meeting with a credit counselor, reading one of the myriad books available from personal finance experts, or just speaking with a financial savvy parent or colleague. “
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While LendingTree doesn’t recommend horoscopes for dealing with money matters, the personal finance site analyzed its survey respondents and user base to gather information on how people approach money. by signs of the zodiac.
According to his survey, Capricorns are savers and “best on budgets,” Virgos are follies, Gemini are risky investors, Aries are conservative investors, Taurus are the “worst at budgeting,” Cancers are the most stressed about money and Sagittarians are the least stressed about money.
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Of the tens of thousands of anonymous accounts analyzed by LendingTree, Taurus had the highest credit score on average at 713.6 while Sagittarius had the lowest credit score on average at 708.7. Both credit scores fall under the “good” category, according to Experiential.