Will Louis be saving a princely sum
Following the birth of Prince Louis, Yorkshire Building Society data suggests His Royal Highness may not be a future king of saving if his name is anything to go by.
Figures taken from Yorkshire Building Society’s One Day children’s savings account show boys named Louis had average savings balances of £769, indicating the now-fifth in line to the throne could need help managing their finances if they follow in their namesake’s footsteps.
Louis Arthur Charles joins brother George Alexander Louis, aged four, and two-year old sister Charlotte Elizabeth Diana.
According to the Yorkshire’s analysis the new royal baby could learn a thing or two about saving from his siblings, after their name-sake savers were among the mutual’s most popular children’s savers.
Children called George were the Yorkshire’s 9th most popular male children’s savings name, with an average balance of £1,321, whereas Charlotte ranked 4th for girls with an average balance of £2,995. The average balance of £769 in accounts held by Louis place them 62nd overall.
Louise Halliwell, Senior Savings Manager at Yorkshire Building Society, said: “It’s very different for royalty but the arrival of a new baby can be an exciting but often expensive time for families.
Family and friends may be quick to mark the birth with gifts, but monetary donations are not unheard of and when saved alongside future birthdays or special occasions where money is received, could build a healthy fund.
We’d encourage anyone involved in a child’s life to support children to save from an early age – it’s a good lifetime habit and as the child grows, if done in the right way saving can be fun.
Teaching children about the value of money and the benefits of saving can be as simple as them earning pennies through small household chores or saving their money to buy a new toy. It’s never too early to start those conversations and habits.
The Yorkshire’s data also revealed that young savers are putting away more money now than the previous year with a 14% increase in the amount saved by boys in 2016 compared to 2015, and a 4% increase for the same period amongst girls.
 Data taken from Yorkshire Building Society’s One Day savings account for young people aged up to 21, from accounts opened in 2016. Figures are for children’s names with at least 10 accounts.