OP clearly does not have children.
How the fuck do you raise a child, especially more than 1 child, until they are 5 years old, without giving them some form of identity? You do realize that, at least in the US, most children under 5 go to daycare with 10-20 other kids. And by age 3 have a robust vocabulary and self expression. By 4 they are in pre-school and 5 kindergarten. How are they supposed to identify themselves? Or one another? What are they to call their friends? Also, what sort of 5 year old is going to make a wise decision? If it were up to my daughter, her name would be Princess Ponyrainbow Sparkledance. And my son would be Buzz Lightyear.
Not too bad for a 5 year old, but when their 20 they'd regret it.
Although, I guess by the time they were 20, they'd be with a bunch of other 20 year olds named Fartdog, or Katy Perry Banana, or King Astronaut Kungfu...
Either way, fucking stupid idea.