Used in casual conversation, not in formal situations like job interviews or official emails. I know you're stressed about the results, but keep your hair on; they'll be announced soon.
Pro Tip 2/3
British English
It's a British phrase, so non-British English speakers may not be familiar with it. When I told my American friend to 'keep your hair on,' she looked confused.
Pro Tip 3/3
Non-literal Meaning
It doesn't concern hair; it's a metaphor for telling someone to relax. Hey, keep your hair on, the taxi's just around the corner.