Parents believe the right child's name can help open doors

UK parents believe that choosing the right name can help get their children ahead in life, according to research from Abbey Banking. Some 20 million parents (70 per cent) believe the ‘right' name opens up greater opportunities in life for an individual.

Eight million (32 per cent) believe the right name can give a child confidence, while two million parents (seven per cent) believe the right name can help their child's career progression. 41 per cent believe the right name can give their child ‘individuality'

The importance of the ‘right' name explains why parents agonise for an average of 45 hours over the name of their child - a combined 30 million hours annually. Mothers spend longer choosing a name (45 hours) compared to fathers who spend 33 hours.

Only 13 per cent of parents now follow the tradition of naming their offspring after a relation - traditionally a source of names. Most parents (28 per cent) find their child's name in a baby-naming book, while only seven per cent of parents are inspired by an online source. One-in-ten children are now named after a famous person.

Steve Shore, Director of Abbey Banking said: "This research shows the importance people place on choosing the right name for their child. It also shows that individuality is obviously key for many celebrities, given some of their name choices, which is ironic when they then want them to fit in! There is no doubt that children's names reflect people's aspirations, and parents believe names can affect career prospects. The same is true of choosing a children's bank account. Picking the right bank with a good rate is crucial.

Shore continued; "Young people with Abbey accounts can add six per cent interest to their money, which is one of the highest rates out there. We pay six per cent interest on balances up to £500. All 11-15 year olds need to do is credit the account each month with at least one payment of any amount. 16-18 year olds need to pay in at least £50 during the course of a month."