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Some Americans are seeking out money guidance from horoscopes.
A new LendingTree study surveyed 2,049 U.S. 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 money based on their astrological signs.
Around 63.4% of Americans follow astrology and nearly 1 in 5 — 19.2% — have made a money decision based on their horoscope, according to LendingTree’s survey.
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Some Americans are seeking out money guidance from horoscopes, according to a new LendingTree study. (iStock)
Saving extra cash was the top money decision (42.1%) horoscope believers say they’ve made after reading up on their astrological sign.
Other money decisions have included splurges on a wishlist, buying or selling stocks, changing jobs, negotiating salaries, taking on debt, starting a side hustle, buying or selling a car, buying or selling a home or something else.
LendingTree’s survey went on to find that women follow 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 biggest horoscope believers who have made money decisions based on astrology readings.
Saving extra cash was the top money decision (42.1%) horoscope believers say they’ve made after reading up on their astrological sign. (iStock)
Three in 10 millennials (30.1%) have made a horoscope-based money decision versus 24.1% of Generation Z (ages 18 to 24), the 18.1% of Generation X (ages 41 to 55) and 3.7% of baby boomers (ages 56 to 75).
"Horoscopes are fun and interesting, but it seems really unwise to make any significant financial decision based on them," Matt Schulz, LendingTree’s chief credit analyst, said in a statement. "You are far better off consulting with a financial adviser, meeting with a credit counselor, reading one of the myriad books available from personal finance experts or just speaking with a financially savvy relative or colleague instead."
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While LendingTree doesn’t recommend horoscopes for handling money affairs, the personal finance site did analyze its survey respondents and user base to gather insights on how people approach money by zodiac signs.
According to its survey, Capricorns are savers and "best at budgeting," Virgos are splurges, Geminis are risky investors, Aries are conservative investors, Tauruses are the "worst at sticking to budgets," Cancers are the most stressed about money and Sagittariuses are the least stressed about money.
The personal finance resource also analyzed more than 90,000 credit reports from random LendingTree account holders to see how Americans manage money based on their astrological signs. (iStock)
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Out of the tens of thousands of anonymous accounts LendingTree analyzed, 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 Experian.