Children with festive names historically receive the largest lump sums of cash into their Child Trust Funds, research from The Children's Mutual has revealed. The Children's Mutual
's analysis found that those whose parents named them after the Archangel Gabriel enjoy average lump sum payments of £162 into their Child Trust Funds
, which is almost twice as much as the national average.
This could be accounted for by the fact that they are born around Christmas and therefore receive cash gifts for their birthdays in addition to Christmas.
Josephs and Marys also receive much higher than average deposits, £122 and £135 respectively, and names such as Nicholas – whose namesake is Father Christmas himself – receive average deposits of £55. Children named after Santa's favourite reindeer, Rudolf, receive an average Child Trust Fund top-up of £125.
There are those less fortunate, however, with children named Ebenezer suffering from scrooge associations and getting average deposits of just £5.
Joys have even more reason to be joyful at Christmas than just the presents under the tree, because they get an average £71 in gifts deposited into their CTF accounts, and Holly and Ivy could have built up considerable savings by the time they are full grown, receiving £211 between them.
"There is an increasing trend for families to save some of a child's birthday and Christmas money into their Child Trust Fund account and our customers with festive names are certainly benefiting from this!" commented Tony Anderson, marketing director at The Children's Mutual.
"Whether your child is named Noel or Noelle, we are urging families with younger children to think about giving a gift that lasts long after the Christmas lights have been switched off.
"Lump sums and regular top ups can make a real difference to the potential future value of a Child Trust Fund," he continued, "if all children were to receive an annual gift of £162 their Child Trust Funds could be worth £5,960 in 18 years' time."
© Fair Investment