Thursday 8 December 2016

Children called Lilly, Emma, Benjamin and Dylan biggest savers, says study

Published 08/09/2016 | 10:21

Child savers called Lilly, Emma, Benjamin and Dylan have the largest amounts of cash saved, says Yorkshire Building Society
Child savers called Lilly, Emma, Benjamin and Dylan have the largest amounts of cash saved, says Yorkshire Building Society

Young savers named Lilly, Emma, Benjamin and Dylan have the biggest amounts of cash put away, according to analysis by a building society of its customers.

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Yorkshire Building Society looked at the balances in its one day savings account, which can be held by savers up to the age of 21 years old, to find the names of those with the highest amounts saved.

Both Lilly and Lily appeared in the top 10 list for girls, placed first and fourth respectively. Girls named Lilly had more than £22,000 in savings typically, according to the research which looked at balances as of the end of 2015.

Boys named Benjamin were found to be the biggest savers among the male holders of the society's account, with more than £9,500 put away on average.

Oliver was recently found to be the most popular first name given to baby boys in England and Wales in 2015 in Office for National Statistics data. And Yorkshire Building Society found boys named Oliver came 12th on the list of male account holders with the biggest bank balances.

Boys named Oliver had around £1,704.88 put away.

Amelia, the most popular name for baby girls in 2015, according to the ONS, came in 68th place on the building society's list of girls with the biggest savings balances. Girls called Amelia had £640.50 saved on average.

Yorkshire Building Society said that just as the most popular baby names change over time, the top 10 child saver names at the building society have also varied over the last decade.

In 2005, children named Elliot and Georgina were the top child savers' names at the building society.

Harry and Charlie were the only top 10 baby names of 2015 in the ONS's data that also made it on to Yorkshire's top 10 savers list.

Louise Halliwell, senior product manager at Yorkshire Building Society, said: "Children need to understand the value of money and the link between saving and spending, and there are some simple ways to do this.

"Put it into terms they will understand, for instance if they are desperate for the latest toy, sit down with them and work out how much they would need to save before they can afford to buy it.

"Also, paying your child for doing simple household chores, like washing up or weeding the garden, will help them to see how money is earned."

Here are the names of the boys with the biggest savings balances, according to Yorkshire Building Society, with the average balance held:

1. Benjamin, £9,502.92

2. Dylan, £6,310.07

3. Adam, £5,901.79

4. Luke, £5,457.88

5. Leo, £5,385.52

6. Fraser, £4,631.89

7. Samuel, £3,591.56

8. Harry, £3,006.32

9. Charlie, £1,987.88

10. Alexander, £1,831.64

And here are the names of the girls with the biggest savings balances, according to Yorkshire Building Society:

1. Lilly, £22,257.32

2. Emma, £16,537.14

3. Eleanor, £4,897.81

4. Lily, £4,231.27

5. Georgia, £3,809.81

6. Hannah, £3,022.70

7. Florence, £2,801.50

8. Alice, £2,798.20

9. Amy, £2,701.18

10. Abigail, £2,676.79

And here are the top boys and girls names in 2015 across England and Wales from the ONS data, followed by where they rank among Yorkshire Building Society's top boy and girl savers, with the average savings balance held:

Boys:

1. Oliver, 12, £1,704.88

2. Jack, 21, £1,309.40

3. Harry, 8, £3,006.37

4. George, 51, £1,016.09

5. Jacob, 38, £1,284.25

6. Charlie, 9, £1,987.88

7. Noah, 50, £1,042.05

8. William, 11, £1,753.75

9. Thomas, 17, £1,489.38

10. Oscar, 61, £700.21

Girls:

1. Amelia, 68, £640.50

2. Olivia, 56, £803.99

3. Emily, 53, £855.34

4. Isla, 50, £899.92

5. Ava, 86, £293.67

6. Ella, 17, £1,991.88

7. Jessica, 13, £2,463.36

8. Isabella, 43, £1,121.14

9. Mia, 18, £1,959.62

10. Poppy, 47, £1,058.92

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