Data & Research May 15, 2008

Jacob, Emily Most Popular Baby Names – Again

Looks like Jacobs and Emilys are going to have a lot of company on the playground, according to an annual report of most popular baby names.
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Continuing a Mother’s Day tradition, the Social Security Administration has published a list of the nation’s most popular baby names for 2007. Once again Emily, which has topped the list of most popular girl’s names since 1996, tops the list. Jacob, which has been the most popular name for boys since 1999, retains its spot atop the list. Jacob was also popular as one of the two most popular twins names – along with Joshua.

If there wasn’t much change at the top, there were nonetheless some interesting developments further down the list. According to a press release, the 2007 success of popular race car driver Danica Patrick undoubtedly inspired her first name moving from number 352 to number 307. And how else can you explain the surge in popularity of JaMarcus (from number 914 to number 743 on the boys’ list), aside from its association with JaMarcus Russell, the first pick in the 2007 NFL draft. Miley is new to the girls’ list this year, entering fairly high at number 278, attributable to the popularity of teen sensation Miley Cyrus (we’ll see how that holds up in 2008).

“Maiden” Distress?

For reasons likely to puzzle baby name experts (and non-baby namers) around the world, American parents have become infatuated by names, particularly for their sons, that rhyme with the word “maiden.” These names for boys include:

Jayden (No. 18); Aiden (No. 27); Aidan (No. 54); Jaden (No. 76); Caden (No. 92); Kaden (No. 98); Ayden (No.102); Braden (No.156); Cayden (No.175); Jaiden (No.191); Kaiden (No. 220); Aden (No. 264); Caiden (No. 286); Braeden (No. 325); Braydon (No. 361); Jaydon (No. 415); Jadon (No. 423); Braiden (No. 529); Zayden (No. 588); Jaeden (No. 593); Aydan (No. 598); Bradyn (No. 629); Kadin (No. 657); Jadyn (No. 696); Kaeden (No. 701); Jaydin (No. 757); Braedon (No. 805); Aidyn (No. 818); Haiden (No. 820); Jaidyn (No. 841); Kadyn (No. 878); Jaydan (No. 887); Raiden (No. 931); and Adin (No. 983).

This trend was present, but less pronounced, with girls names: Jayden (No. 172); Jadyn (No. 319); Jaden (No. 335); Jaiden (No. 429); Kayden (No. 507); and Jaidyn (No. 561). Comfortingly, Social Security spokesman Mark Lassiter indicated that the agency would resist any legislative efforts to standardize the spelling of these names.

Spirit Moving

Experts (and amateurs) also may be surprised by the extent to which American parents are naming their daughters after spiritual and philosophical concepts. One of the most popular names for girls (rising this year to number 31) is Nevaeh, which is “Heaven’ spelled backwards. On the other hand, “Heaven’ (spelled frontwards) is number 263 on the list. The boys list included Sincere (No. 622) and….believe it or not, Messiah (No. 723).

The Social Security website offers lists of baby names for each year since 1880. Social Security started compiling baby name lists in 1997. The full list(s) are online at http://www.socialsecurity.gov/OACT/babynames/

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Top Names for 2007

Boys:Girls:

1) Jacob

2) Michael

3) Ethan

4) Joshua

5) Daniel

6) Christopher

7) Anthony

8) William

9) Matthew

10) Andrew

1) Emily

2) Isabella

3) Emma

4) Ava

5) Madison

6) Sophia

7) Olivia

8) Abigail

9) Hannah

10) Elizabeth

In Practice May 14, 2008

Y Not?

Young adults remain an untapped market for financial advisers, says Mintel research firm.
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Despite warnings about future shortfalls in retirement savings, many young adults choose not to save for retirement. More than two-thirds (69%) of Generation Y workers who can participate in a tax-deferred 401(k) retirement savings plan are not doing so, according to results of a study from Mintel.

In the study, Mintel considered Generation Y to mean those born between 1977 and 1994 (aged 14 to 31). Generation Y comprises 21% of the U.S. population.

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“Today’s young adults will likely need to rely more on individual savings for retirement than their older counterparts,” said Susan Menke, Senior Analyst at Mintel. “But so far, they aren’t preparing to do so.”

Financial advisers could help Generation Y realize the importance of long-term savings. By encouraging young adults to make small monthly contributions to a retirement account, “advisers can help them build a nest egg slowly but surely,” Mintel said in a release.

“Plus, focusing on retirement gives advisers an avenue into Gen Y,’ Menke says. “From there, they can partner with young adults, helping them create a financial plan that gets them through expected and unexpected life events.”

Targeting Generation Y

Mintel found that teens and 20-somethings make up a sliver (5%) of financial advisers’ client base.

“Advisers still primarily target wealthier, older adults,’ explained Menke. “With less disposable income, Gen Y isn’t seen as a lucrative clientele. But financial advisers are missing the opportunity to catch young adults now and keep them as they grow older—and richer.”

In 2007, adults aged 30 and under received only 2% of investment direct mail offers tracked by Mintel Comperemedia, which tracks trends in direct marketing, the release said. In contrast, adults older than age 60 received 41%.

Some companies are making an effort to target Gen Y, according to Mintel Comperemedia. USAA promotes an IRA with no fees and a low minimum contribution to encourage younger adults to start saving so their money can grow over time. Bank of America targets tech-savvy youth by promoting an online integrated platform for its brokerage accounts and an automatic investment plan.


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