When making decisions related to the stock market, it seems that nearly one in five Americans are bypassing the sage advice of Money Mitch and Spencer Israel in favor of the astrological insights of Chani Nicholas and Jessica Lanyadoo.
When The Moon Is In the Seventh House: The majority of Americans (63.4%) follow astrology and 19.2% have made a financial decision based on their horoscope, according to a new study released by LendingTree TREE -4.14% . Millennials are more likely to seek astrological advice (30.1%) versus Gen Zers (24.1%), Gen Xers (18.1%) and baby boomers (3.7%), while more women follow astrology than men (78.2% versus 47.6%, respectively).
Americans mostly tap into their horoscope for making decisions on how to save money (42.1%) and whether it makes sense to splurge rather than save (33.5%). But 23.1% rely on astrology for buying or selling stocks, and then same percentage align their job-seeking activities with the positioning of the stars and the planets.
And Jupiter Aligns With Mars: Among the zodiac signs, the highest astrological signs for credit score averages are Taurus (713.6) and Gemini (713), with Sagittarius carrying the lowest average at 708.7. Geminis are more comfortable with risky investments than other signs while Aries tend to be more conservative than other signs.
However, LendingTree cautions that there are more reliable methods for investing, saving and other money-related activities.
“Horoscopes are fun and interesting, but it seems really unwise to make any significant financial decision based on them,” said Matt Schulz, LendingTree chief credit analyst. “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.”
LendingTree compiled its data from Nov. 3-5 through a poll of 394 American adults who used their horoscope to make a financial decision.