survey by Abbey banking revealed that 70 percent of most British parents believe that choosing the right name for their children could influence their future success or failure.

The survey showed that 32 percent or a eight million parents think that the right name can give a child confidence, while a further two million think it will help their children's career prospects.

Thus British parents spend up to 45 hours choosing a name for their newborn children or a combined 30 million hours annually in Britain.

"There is no doubt that children's names reflect people's aspirations and parents believe names can affect career prospects," said Abbey Banking director Steve Shore.

In terms of inspiration for a name, majority or 28 percent refer to the baby name book, 13 percent follow the tradition of naming their child after a relative or loved one, but one in ten British babies are named after a famous person.

Based on the latest national statistics, Grace, Ruby and Olivia are currently the most popular names for girls; and Jack, Thomas and Oliver for boys.