This unusual appearance-based finding comes straight from a new LendingTree personal finance survey, which was conducted by Qualtics – an experience management company.
More than 2,000 Americans were surveyed between Oct. 15 and Oct. 20, 2021. Forty-eight percent said they think men with beards (and/or mustaches) are better with money when compared to clean-shaven men.
While bearded men technically didn’t beat out their clean-shaven counterparts in the overall survey opinion pool, 75% of bearded said they think they’re better with money. Only 17% of clean-shaven men said the same.
"For whatever reason, Americans have long seen beards as a sign of wisdom and gravitas," said Matt Schulz, a chief credit analyst at LendingTree. "Even Uncle Sam has a beard. Not to mention some of the wisest men in literature and pop culture, like Merlin, Gandalf and Obi-Wan Kenobi, have beards."
Schulz made sure to not dismiss the personal finance skills of clean-shaven men when discussing the survey’s interesting findings.
In his own words, "As a clean-shaven money expert, let me just say that we clean-shaven men know just as much about money as our bearded counterparts."
The beard versus no beard money management question varied slightly across demographics, according to LendingTree’s survey.
Forty-seven percent of all men said they believe bearded men handle finances better while 49% of women said they believe the same idea.
Millennials and Gen Z between the ages of 18 and 40 were more trusting of the money decisions made by bearded men. Fifty-nine percent from each demo said they believe men with facial hair are better with money compared to men who shave regularly.
Older generations were less trusting of the money management skills of bearded men. Only 43% of Gen Xers and 34% of Baby Boomers said they believe men with beards are better with money.
LendingTree’s beard-focused money survey falls in line with the No-Shave November movement, where men forgo shaving to raise cancer awareness.
A part of the movement advocates skipping beard grooming altogether, which could prove to be a hard feat for lovers of facial hair considering LendingTree found that bearded men outspend clean-shaven men and women on grooming.
According to the survey, bearded men spend an average of $49 per month on razors, shaving cream, lotions, soap and other facial hair products. Men who decide to be beard-free spend an average of $35 per month while women spend an average of $39 per month.