Why Americans think men with beards are better with money

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As No-Shave November and Movember charity events get underway, here’s a fun fact: Almost half of Americans think bearded men are better with money than their clean-shaven counterparts. That’s according to a LendingTree survey of more than 2,000 Americans about grooming in honor of this month’s tradition of letting mustaches and beards grow to raise awareness of men’s health issues.

Then again, the survey also found that guys with beards spend more money on grooming products than non-bearded men – and even women. Check out our other facial hair and financial findings, along with tips on how to avoid getting into a hairy money situation.

Key findings

  • Nearly half (48%) of Americans think bearded men are better with money compared to those who are clean-shaven. As for men who currently have facial hair, 75% claim they’re better with money.
  • This year, 46% of men will forego shaving and/or grow a mustache in honor of No-Shave November and Movember. And the holiday isn’t just for men: 24% of women will skip shaving, too.
  • About 1 in 6 men say they’ve argued with a significant other about their facial hair (or lack thereof). Beard bickering is more common among men who prefer facial hair versus those who are clean-shaven (19% versus 14%).
  • Men spend more money on grooming products than women, and it’s more expensive to have a beard than to be clean-shaven. On average, men spend $42 per month on products like razors and shaving cream, while women spend $39. Men with facial hair spend even more: $49, versus $35 for clean-shaven guys.
  • Men are into self-care, too. Male respondents indicated they spend money on massages (12%), manicures or pedicures (9%), facials (9%) and waxing (7%). Gen Z and millennial men are especially into these services.

LendingTree's Facial Hair & Finances Survey

Are finances impacted by facial hair? Nearly half of Americans think so

Like many hot topics, the nation is polarized when it comes to the great beard and money debate, with an almost even split between which group of people are perceived to be better with money. So is it a money myth to think facial hair has an impact on money savvy, or is there something to it?

“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,” quips Matt Schulz, chief credit analyst at LendingTree.

Seriously though, Schulz says he’s not surprised to see many people equating facial hair with financial smarts. 

“For whatever reason, Americans have long seen beards as a sign of wisdom and gravitas,” Schulz says. “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, he adds.

While men (47%) and women (49%) had a similar percentage breakdown for this question, perceptions did vary by generation. For instance, Gen Z and millennials were far more likely to say bearded men are better with money (59% said so for each) versus Gen X (43%) and baby boomers (34%).

What’s less surprising is that 75% of men who are actually on team facial hair think they are better with money, while only 17% of the clean-shaven crew agreed.

Are men with beards better with money?

Consumers embrace No-Shave November, Movember

Movember is an annual month-long charitable event that encourages participants to grow out their mustaches or commit to running or walking 60 miles, both in an effort to raise awareness and funds for men’s health issues such as mental health and suicide prevention, prostate cancer and testicular cancer.

It started back in 2003 and has since exploded. Similarly, the No-Shave November movement launched in 2009, encourages people to ditch their razors altogether and use the savings on grooming products to make a donation. The organization has raised over $10 million toward cancer prevention, education and research since its inception.

More than 4 in 10 men plan to participate in one of the movements this month, (25% for No-Shave November, and 21% for Movember). The younger the respondent, the more likely they were to take part: 73% of Gen Z, 67% millennials, 48% of Gen X and 24% of baby boomers.

Even some women are joining the movement, with 24% saying they will be participating in No-Shave November. Of course, not all spouses are on board with their partners’ hair growth for 30 days. Among No-Shave November and Movember participants who are married or in a relationship, 11% say their partner is not thrilled about it.

What’s more, 16% of men (about 1 in 6) say they have argued with a significant other about their facial hair/lack of facial hair at some point in their relationship. Such grooming quarrels are more common among men who prefer facial hair than those who are clean-shaven (19% versus 14%, respectively).

Men spend big on shaving, grooming and self-care

Men actually spend more on shaving and grooming (i.e. razors, waxing, shaving cream and other grooming products) than women do: $42 per month for the guys compared to $39 for women. The higher spend is mostly driven by men who have beards to manage, however. That group said it spends $49 on average per month versus just $35 spent by clean-shaven guys.

“While you don’t have to shave every day with a beard, they do require plenty of maintenance to look their best, and that’s not cheap,” says Schulz. “Depending on your own personal routine, it might even be something that you’d need to budget for.”

The fact is facial grooming can get pricey when you consider the many types of products and services related to the task, but razors come in as the biggest expense.

Men's monthly grooming purchases

So just how big a financial priority is facial hair? Just over 3 in 10 (31%) of men said they spend more on grooming or self-care than they do on sports and fitness, alcohol and their romantic relationship. For Gen Z, that percentage climbs to 50%.

Spotlight on self-care

Not only are men into trimming and shaping their beards, goatees and mustaches, but they are enjoying a host of other self-care services, too.

5 easy ways to get better with money — regardless of facial hair

Whether you’re on team facial hair or team clean-shaven, the fact is facial hair (probably) does not make you better or worse with money than others. The good news is anyone can benefit from growing their financial knowledge with a few simple steps.

1. Do some budget grooming

You can’t make a meaningful plan for managing your money if you don’t know how much money is coming in and going out of your household each month, says Schulz.

“Once you know that, you can make decisions about how to go forward, including shaving off some spending on things that are not a priority.”

2. Avoid an unruly credit score

“Few things are more expensive than having crummy credit,” says Schulz. 

He points out that it can cost you thousands of dollars when it comes to interest and fees over the years. What’s more, if your credit score drops suddenly, it can be a sign that you are a victim of identity theft. Schulz’s advice? “Checking your credit score at least once a month makes a lot of sense.”

3. Trim down high-interest debt like credit cards

Managing a large credit card balance with double-digit interest is kind of like not shaving for a month – it can easily grow out of control. One way to make headway on your balances is to open a balance transfer credit card, which Schulz calls “a godsend” for folks who carry a lot of debt. 

“Being able to avoid accruing interest on a balance for more than a year can dramatically decrease the cost of paying that balance off as well as the time it takes to do so,” he says. 

After being hard to find in the early days of the pandemic, balance transfer offers are back in a big way, so it’s a great time to shop around, he adds.

4. Find credit cards that grow out your budget

“A simple cashback credit card puts extra money in your pocket each month just for using it, and a new card can do even more,” says Schulz. 

That’s because many cashback cards come with sign-up bonus offers of $100 or more, money that can really be useful when it comes time to pay the bills (or cover the cost of that high-end shaving kit you’ve been wanting), he explained.

5. Move away from razor-thin bank balances

The pandemic has clearly shown us the importance of emergency funds and how vital it is to be prepared financially. Even if you’re paying down debt, you should still be building your emergency fund simultaneously, says Schulz. Otherwise, you’re likely to just fall back into the cycle of debt when an emergency arises. 

“It may not be easy, and it may keep you from paying that debt off as soon as you’d like, but in the long run, it’s the right move,” says Schulz.

Methodology

LendingTree commissioned Qualtrics to conduct an online survey of 2,051 U.S. consumers from Oct. 15-20, 2021. The survey was administered using a nonprobability-based sample, and quotas were used to ensure the sample base represented the overall population. All responses were reviewed by researchers for quality control.

We defined generations as the following ages in 2021:

  • Generation Z: 18 to 24
  • Millennial: 25 to 40
  • Generation X: 41 to 55
  • Baby boomer: 56 to 75

While the survey also included consumers from the silent generation (those 76 and older), the sample size was too small to include findings related to that group in the generational breakdowns.

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50 ways to make an extra 100 bucks a day

50 ways to make an extra 100 bucks a day

Busy but kind of broke? Join the club.

The internet is full of lists about ways to make $100 a day in passive income, but if you’re not prepared to sell an organ or become a Wall Street wolf overnight, a lot of those lists won’t do you much good.

For those looking to make money online, on the bus to work, or even laid out on your couch, there is a slew of options at your disposal. And they don’t even involve you spamming your former high school classmates’ inbox desperately trying to sell overpriced hair products or yoga pants for dubious online companies.

From becoming a virtual assistant to teaching online and selling physical products to creating sponsored social shares, there are plenty of opportunities to make passive income every month.

Here’s a roundup of easy ways to earn a hundred dollars a day in your spare time without losing your dignity or kidneys.

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Survey sites like Swagbucks will help you get paid if you already spend a lot of time online. Many Swagbucks users make $1 to $2 a day by taking surveys, shopping online, and watching videos. The app offers a myriad of ways to earn cash back through gift cards or PayPal.

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InboxDollars is another app that’ll pay you to play games, take surveys, watch videos, or do various other tasks. Next time you’re scrolling mindlessly through social media or watching a show, go to InboxDollars so you can get cash back on the side.

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Survey Junkie connects you with brands and companies looking to get your opinions on a variety of subjects. This app will pay you to take surveys or even join focus groups depending on your demographics and interests.

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Survey Rewardz also partners with companies to survey users and provide them with valuable marketing information. These companies pass along a small cash back reward to those willing to answer survey questions.

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This group has been pairing companies with users for over 20 years. With millions of survey takers to date, the site will pay for your feedback. Its partner companies will then use the survey results to inform its marketing decisions. You could easily make a hundred dollars a day simply by giving your opinion in your spare time!

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Next time you go to the store, be sure you don’t skip on the receipt. Earn passive income by downloading the app, scanning your receipts, and saving up cashback and other perks from your favorite stores. You can use these rewards in-store and online.

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You can get cash back rewards from many credit cards, debit cards, and loyalty programs. Check with your card holders to see what offers are available. You can also check your app store to find out if the stores you visit online or in-person the most offer royalty rewards.

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If you need help finding cashback and reward offers, Rakuten is the place for you. Use their mobile app or website to help you earn cashback and other rewards for the sites you already shop on. Getting paid is easy. Just connect Rakuten with your PayPal account to cash in your rewards. This is an easy way to earn extra income every day.

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Pay your bills online with Trim to make sure you’re taking advantage of savings without doing the work. Trim automates the savings process by negotiating bills, fees and even canceling old subscriptions. You don’t do any of the work; just sign up for a subscription and let experts do the work for you.

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BillShark is another great way to negotiate bills and fees. Just download the app, upload your TV, cable, internet, phone, or other bills and let experts negotiate lower fees on your behalf. The best part? If BIllShark can’t lower your bills, they don’t get paid. You’ll easily make $100 extra bucks or more with how much you save on bills.

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Before making your next online purchase, be sure to download the Honey app or browser extension. Honey scours the internet for coupon codes to save you money on your purchases. Even if they don’t find a discount code for you to use, you can earn Honey points to make extra cash via gift cards from Amazon, Target, Walmart, and other retailers.

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While you may not make money off YouTube immediately, you can build up your subscribers and view counts so you can start putting advertisements on your videos. You can also get tips from users if you do live streams.

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Can you match $100 a day by playing video games online? Many streamers make more than that in tips from viewers in just a few hours of streaming on Twitch. Not a gamer? Stream musical performance, how-to videos, workout classes, and more. You can get paid to do the things you love or even teach others to play an instrument or learn a language. Audience members who like your live streams can donate tips to you, which you can cash out at any time.

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If live-streaming isn’t for you, you can become a Twitch moderator. While not all moderators are paid, many streamers are at least willing to share their Twitch tips with moderators who keep the inappropriate language out of their chats or answer audience members’ questions.

Related: Do you have what it takes to be a Twitch moderator?

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Many successful live streamers or YouTubers don’t have time to edit videos themselves. If you know how to edit videos, you can help content creators get their videos out sooner while also making extra income.

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Good at photoshopping? Make passive income by creating the cover image for Youtube or videos on demand (VODs). These thumbnails are simple yet catchy images that show viewers what their video is about. Many content creators are willing to pay for anyone willing to help them make an eye-grabbing thumbnail.

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Content creators may offer exclusive emoticons or emotes to viewers who pay to be subscribers or members of the YouTube or Twitch channels. If you know how to make basic emotes, you can make quick money by working with content creators to make one-of-a-kind emoticons that fans can use in live chats.

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If you’re good with a camera, you can upload your photos to various stock photo websites, such as iStock or Deposit Photos. While each site will have different rules regarding how you get paid, you can get credit for your photos. You’ll easily add $100 or more to your passive income revenue by selling stock photos.

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More and more small businesses are relying on their own sites for eCommerce and spreading brand awareness. However, many owners need help designing their site. If you know basic coding and are familiar with popular hosting sites, such as Weebly or Squarespace, you can take on clients on a freelance basis to make some side cash.

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This option will let you clear out your home and fill up your bank accountant. While designer and well-known brands will fetch you more money online, Thredup and Poshmark also accept non-designer items. The cashout for non-designer items may be lower, but the savings can add up over time.

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Do you have digital artwork or prints you’re looking to sell?


Jump on the nonfungible tokens (NFTs) bandwagon and convert your artwork into profit. Many artists are making $100 a day or more by selling their art as NFTs. There are plenty of ways you can hop online to learn how to use NFTs if you’re not already familiar with how they work.

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Not ready to make an NFT?


Sell your physical crafts or other goods through popular craft sites like Etsy. Since the pandemic, the demand for local or small business-made artwork and jewelry has increased. You can capitalize and make quick money on your talent by creating an online marketplace.

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If you have gently used technology, furniture, or other goods, hop on eBay or Amazon so you can sell to buyers looking for a bargain. If you own your own business, you can even create an official store through these popular sites so you can reach an even broader audience.

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For less valuable goods, use Craiglist, Facebook Marketplace, Letgo, or other sites that match local buyers with sellers. You can move clothes, yoga mats, planters, and more quickly and even arrange socially distanced pickups.

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Turn your love for yoga, pilates, workouts, dancing, or more into a fun way to share your passion with others and get paid. Many people are willing to sign up for digital workout classes for a flat price or a suggested tip. You can simply share a Zoom link for a fee or use Twitch, YouTube, or even live stream through Facebook.

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For those who have beefed up their home gyms during the pandemic, a personal trainer can be a great way to turn their pandemic panic buy into a way to actually go through with their plans to reach fitness goals while stuck at home. Make quick money online by walking through workout routines, warmups, and how to use gym equipment so others can safely learn to work out from home.

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Have extra fitness equipment? Rent out your dumbbells and equipment to others who are trying to get into shape. You can help and make good money by renting out equipment when you’re not using it.

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Help others sort out sustainable diets from trendy ones. Many people need assistance planning out meals, determining if going keto is right for them and answering other nutrition-related questions. You can also offer meditation and motivational classes too. You could easily make a hundred dollars a day with this side gig!

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Love cooking? Help others find their passion for food by teaching them how to find deals, plan healthy meals and snacks, and find recipes that work for their dietary and nutritional needs and goals.

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If you love cooking, you can always take meal planning a step further and prep the meals yourselves. Many people are looking for local alternatives to national meal prep companies. Make extra money by sharing your favorite meals with others. You can offer different plans depending on your future clients’ nutritional needs and how many meals they’re looking to buy. Just be sure to follow good kitchen hygiene.

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Many professions require listening to recordings and transcribing them in full. If you’re willing to transcribe these recordings, you can get paid handsomely for your efforts. Use sites like Fiverr or dedicated transcription agencies to sign up and take on clients on a freelance basis to make more money every month.

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With the rise of online learning during the pandemic, many students from K-12 to college need extra help as in-person tutors become scarcer. Teaching English online is especially in demand. You can sign up to work with an agency that offers tutoring services or advertise to friends and family yourself to build up a client base. The hourly rates will vary depending on which service you sign up with.

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News organizations, offices, and many other professions all need help filling writing and editing roles. If you have a knack for grammar, you can freelance from anywhere in the world. Make good money from freelance gigs on LinkedIn, Indeed, Fiverr, and even social media posts from independent workers or small businesses asking their followers for help filling these roles. If you love writing, you could also start your own blog and use affiliate links to start making money on your own time, too!

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If you have an upbeat personality and enjoy talking to people, many companies are looking for customer service reps who can work from home. There are plenty of options, from large corporations to local businesses, if you’re willing to work odd hours and help people solve their problems or answer questions about a business or product. If you’re willing to work a few extra hours a week as a customer service rep, you can easily make an extra $100 a day without ever leaving your couch. The average hourly rate may vary, but you can make good money with this job no matter your schedule.

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Do you have experience in leadership, marketing, getting the most out of tax refunds, or a variety of other in-demand topics? Then the chances are high that there’s a market for your advice or expertise. Many entrepreneurs are selling their expertise through webinars that are either live or prerecorded. You can make money quickly by hosting them through Zoom, Facebook, your personal website, or various other sites and either ask for a flat fee or tip for access to your webinar.

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As more people adjust to working from home, the demand for virtual assistants has increased. If you’re good at managing schedules, ticking off to-do lists, and helping people get through their day, you could sell your services as a virtual assistant.

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Many people are willing to pay you for feedback on their website or physical product from tech startups or professionals revamping their portfolios. Whether you have an eye for good website design or comparing products, you can get paid through sites like UserTesting.com for your feedback.

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If you already spend most of your time on social media, you can capitalize on your free time by getting paid as a social media manager. This could involve creating posts, targeting certain audiences, affiliate marketing, building up followers, posting photos, or creating several other posts that will engage a business’s targeted audience and increase its brand recognition.

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Going out of town and not taking your car? Rent it on a site like Turo to make quick money and easily earn $100 a day. The company will connect you with nearby candidates who want to rent a car. You can set the price per an allotted period of time and even a fee to cover insurance costs.

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Anyone who owns or rents a coveted parking spot can rent them out for a fee through SpotHero. This can be an especially lucrative way to make money every month if you have a parking spot in a cramped city or another area with few parking spaces to go around.

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Spacer is another great alternative for anyone with a parking space or spare garage to rent out. It’ll be especially easy to make a hundred dollars or more if you’re looking to rent for a month or longer since Spacer connects users wanting to rent monthly with those looking to rent through the site.

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Cameras, film equipment, audio equipment, and more are in high demand but can be expensive to purchase. If you have any equipment you’re willing to rent out for some passive income; you can make money off sites like ShareGrid and KitSplit.

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When you’re not traveling the country in your RV, rent it out on RVShare to make extra cash. Since the pandemic, demand for RVs has skyrocketed, making it the perfect time to put your camper on the market and earn some passive income off it.

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Selling physical products, like clothes, online can take more time, but it’s still an easy way to earn passive income and make an extra $100 fast. Clothes for special occasions can rack up and take up space in your closet. You can rent expensive tuxedos, dresses, and other items online through StyleLend, RentMyWardrobe, and other sites.

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Going out of town? Rent out your space on Airbnb. Depending on where you live, your home, apartment, or condo could get high dollar amounts, especially if it’s around the holidays or peak vacation times.

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If you play games on your phone anyways, download Mistplay.

The app helps you earn points that you can cash in for gift cards to your favorite places. You can even add your friends on Mistplay and compete in challenges with them while earning extra money every month.

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Swap out your regular solitaire app for Solitaire Cube so you can start making money in your spare time. If you’re a casual solitaire fan, you can play in the Practice League and work your way up in the leaderboards. Anyone who places in the top three of the boards will win prizes through Solitaire Cube.

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Looking to discover new games? Connect with Bananatic to download free games. You can play or test out new games, gain banana coins and cash them in for various prizes, including game skins, steam wallets, pay safe cards, and more. This is a great way to earn extra money every month.

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Play bingo in Blackout Blingo, formerly Blackout Blitz, to earn rewards and cash. The bingo game has already garnered the attention of over 5 million players. You can play on your android, iPhone, or iPad anywhere and at any time.

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Nielsen is a global marketing agency that offers various ways you can get paid for your opinions, testing products, and even playing games. Join their Nielsen Panels, Nielsen Families, or other research groups to earn cash for your opinions on games, movies, TV shows, products, and more.

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