What do you look for when you make a financial decision? It can be your budget, income, expenses, etc., right? But do you know that Americans even look at zodiac signs in order to make decisions for investment? Around 63.4% of Americans check their horoscopes in order to make a decision for investing.
This was the outcome of a survey conducted by LendingTree on more than 2200 users. It means that every 1 in 5 Americans believe in checking horoscopes for making decisions related to finance. Sounds interesting? Well, let’s look at how each Zodiac sign tends to behave when it comes to financing.
What does the survey say?
Depending on the age, different users make financial decisions considering their horoscope. 30.1% of millennials aged between 25 to 40 say they make decisions related to money based on their horoscope. The number for GenZ accounts for 24.1%.
For baby boomers, it accounted only for 3.7%, and for Gen X, it was 18.1%. When it comes to gender diversity, women are more into horoscopes for money management compared to men. The contribution of women stands at 37.9% while for men and it was 22.5%. Financial decisions are based on rationale but horoscopes are still a factor that affects them.
Note: There are many other things that you need to consider for making investment decisions such as which investment you are investing, what is its past return, how it is likely to perform in time of reservation for inflation, and more.
Let’s look at some more statistics
42.1% of consumers were interested in investing money based on their horoscopes. While for buying and selling stock and changing jobs, the percentage to 23.1%. A total of 21.1 percent of consumers have stated that they negotiate their salary based on a horoscope. While for buying or selling a house, the statistics were 11.9%. Among all the generations, millennials and gen Z top the list of saving money based on their horoscope.
Capricorns master money management
Americans believe that star signs have an impact on how they handle their money. As per the survey mentioned above, Capricorns top the list of having the greatest money management skills while Geminis are at the bottom. Capricorns are likely to stick to the budget and save money while Geminis are more of risk takers.
When it comes to having conservative portfolios, Aries rock the crown. People with Taurus are the star sign that are really bad with sticking to the budget. When it comes to stress about money, Cancer tends to be on the top, while Sagittarius is the sign that has less stress related to money. It is always advisable that you know your investment, research them and consciously invest your money.
The survey also takes a glance at the credit score based on star signs. As per the survey, almost all the star signs had an average credit score of around 708 to 713.
Also know about: Start Investing
How to improve money management?
While horoscopes are a factor in investing in America, it is not necessary that you have to rely on them. Here are a few things which you can do to control your finances and improve them eventually.
Build a good credit score
A credit score is one of the most important things when it comes to managing your finances. It can help you take more debt when in need if you pay back it on time. It is also important to have a healthy credit utilization ratio – the less you use the better it will reflect on your credit score. Also, develop the habit of paying your debt on time in full every month.
Say no to borrowing more
Taking debt is easier but paying it back is the harder part. Take debts only as much as you can pay back. For example, if you are thinking of buying a credit card that has a high limit, think about if you would actually be able to pay it back. If in case you cannot do so, it would reflect on your credit score and will create an issue for you to get more debt in the future. The same goes with taking a loan whether a personal loan or a car loan.
Baby steps to improve finances
It is always a welcoming step to improve your finances by developing good personal finance habits. For example, you can create a budget, divide expenses, and stick to that. Also, you can start a side hustle and increase your income. Expense reduction is also one of the things that can help you improve your finances. In the end, it is on you to improve your money management skills whether your star sign suggests it or not. Thus, be consistent in your effort and try to stick to your decisions.