Festive names bring savings joy

As Christmas draws near, children named after the Archangel Gabriel could be celebrating more than stockings and gifts under the tree, as data from The Children's Mutual reveals they historically receive the largest lump sums of cash into their Child Trust Funds.

The leading Child Trust Fund (CTF) provider has analysed its database to look at how children with festive names benefit from gifts into their CTFs and found that Gabriels receive an annual average in lump sum payments of £162 - almost twice the overall account average.

Comparatively, Josephs and Marys receive an average of £122 and £135 respectively, while those named Nicholas, like Father Christmas himself, receive an average of £155. And how could we mention Santa without remembering his most famous steed? Rudolfs get an average CTF top up of £125. Unfortunately some Ebenezers seem to suffer from association with their Dickensian namesake receiving £5 in lump sum gifts on average.

Tony Anderson, Marketing Director at The Children's Mutual, said: "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! 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."

The research found that children named Joy could have extra reason to be cheerful this Christmas having received an average of £71 in gifts into their CTF accounts, while Holly and Ivy really do make a fine pair having received £211 between them.

Tony Anderson said: "Lump sums and regular top ups can make a real difference to the potential future value of a Child Trust Fund - if all children were to receive an annual gift of £162 their Child Trust Funds could be worth £5,960 in 18 years' time."