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Children named Lilly and Benjamin are the top savers at YBS

8 September 2016

Just days after the Office of National Statistics reported the most popular baby names for 2015, Yorkshire Building Society has announced its top 10 child savers names during last year.

Figures taken from Yorkshire’s One Day children’s savings accounts opened in 2015, show that girls named Lilly had the largest average balance at £22,257.32. Benjamins were the top boy savers with the largest average balance of £9,502.92.

The Yorkshire’s top child savers are announced the same week as the Society launched Money Minds, a free financial education programme delivered by its colleagues, to help children aged five to 19 learn more about managing money.

The savings data shows that girls were the savviest savers putting away 38% more money than the boys. Girls named Lilly and Emma secured the top two spots for the biggest average balance overall, followed by boys named Benjamin coming third.

The tables below show the top 10 boy and girl savers at the Yorkshire in 2015:

Rank

Boy’s name

Average balance
(31/12/15)

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

Rank

Girl’s name

Average balance
(31/12/15)

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

Only two of the top 10 baby names of 2015 make the Yorkshire’s top savings names, Harry and Charlie, while the most common boys and girls names, Oliver and Amelia, only came 12th and 68th respectively. The table below shows the top ten boys and girls names for 2015 from the Office of National Statics, and where they Rank amongst the Yorkshire’s young savers during 2015.

Boy’s name

YBS Rank

Average balance
31 Dec 2015

Oliver

12th

£1,704.88

Jack

21st

£1,309.40

Harry

8th

£3,006.37

George

51st

£1,016.09

Jacob

38th

£1,284.25

Charlie

9th

£1,987.88

Noah

50th

£1,042.05

William

11th

£1,753.75

Thomas

17th

£1,489.38

Oscar

61st

£700.21

Girl’s name

YBS Rank

Average balance
31 Dec 2015

Amelia

68th

£640.50

Olivia

56th

£803.99

Emily

53rd

£855.34

Isla

50th

£899.92

Ava

86th

£293.67

Ella

17th

£1,991.88

Jessica

13th

£2,463.36

Isabella

43rd

1,121.14

Mia

18th

£1,959.62

Poppy

47th

£1,058.92

Just as the most popular baby names change over time, the top 10 child saver names at the Yorkshire differed significantly over the last 10 years.

In 2005, children named Elliot and Georgina were the top boy and girl savers at the Yorkshire.

Harry is the only boy’s name that has remained in the top 10, moving from the sixth to the eighth best boy saver despite squirreling away more money in 2015. Meanwhile girls named Emma and Alice have improved their Rank by one place since 2005 and have increased the amount they put away.

Interestingly, despite falling interest rates over the last ten years, young savers are putting away more money now. There was a 103% increase in the amount of money boys saved in 2015 compared to 2005, and a 56% increase amongst girls.

In addition, children’s savings have surpassed inflation over the past 10 years. The average deposit amongst the top ten girls exceeded inflation by 18%, whilst the top ten boys exceeded inflation by 57%.

The tables below show the top ten boy and girl savers at the Yorkshire in 2005:

Rank

Boy's name

Average balance
31 Dec 2005

1

Elliot

£ 3,154.82

2

Joel

£ 3,091.45

3

Reece

£ 2,279.37

4

George

£ 2,266.11

5

Joseph

£ 2,213.98

6

Harry

£ 2,157.88

7

Robert

£ 2,109.76

8

Jonathan

£ 2,058.15

9

James

£ 2,043.19

10

Oliver

£ 1,993.91

Rank

Girl’s name

Average balance
31 Dec 2005

1

Georgina

£15,123.41

2

Madeleine

£8,504.33

3

Emma

£2,882.66

4

Olivia

£2,805.49

5

Georgia

£2,655.90

6

Molly

£2,372.90

7

Mollie

£2,339.46

8

Lucy

£2,237.38

9

Matilda

£2,137.20

10

Charlotte

£2,051.70

Louise Halliwell, Senior Product Manager at Yorkshire Building Society, said:

“It is encouraging to see that although baby name trends change over the years, children’s saving habits have remained consistent.

“The fact that the amount of balances in our children’s savings accounts have significantly increased over the past 10 years is a sign that the next generation of savers, with help of their parents, appreciate the value of saving.

“It’s important for parents to encourage their children to save from an early age as it is a good lifetime habit to get into. 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, and is a great opportunity to see their piggy bank grow.”

W12-16

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