Want to earn more money? Try growing a mustache

A supporter of Ukraine's President Viktor Yushchenko shaves after spending the night outside the Central Election Committee building in central Kiev April 9, 2007. REUTERS/Damir Sagolj

CHICAGO (Reuters Life!) - Maybe American men should skip a day of shaving, especially when interviewing for a job.

Sporting a mustache may improve your chances of landing a higher paying job, according to a study commissioned by financial services provider Quicken and the American Mustache Institute which admittedly represents people opting for facial hair.

The study found that mustached Americans earned 8.2 percent more on average than those with beards and 4.3 percent more than the clean shaven.

But the news is not all good. Mustached Americans also tended to spend 11 percent more and save 3 percent less than their collective counterparts, according to the study, titled “Saving and Spending Patterns of Mustached Americans.”

“If efficiencies in financial management could be realized in the near-term .. it’s highly probable that over the next four to five years, we will see mustached Americans’ savings rate grow to surpass their bearded and shaven peers,” research consultant Hans Menjou-Bartchen said in a statement.

The study was conducted during the first six months of 2009, examining a random sample of 2,000 mustached American men along with 2,000 bearded and 2,000 clean-shaven peers.

Reporting by Ben Klayman, Editing by Belinda Goldsmith