In "Young Goodman Brown," Hawthorne uses the names of the two main characters for symbolic and allegorical purposes. Young Goodman Brown's name, for example, helps to establish him as a typical, everyday sort of person. His surname, for instance, is very common. It does not stand out in any way. In addition, the word, "Goodman," demonstrates that he is well-respected in the community and that he is a good person. The word, "Young," is also symbolic of his youth and innocence.
Similarly, by calling his wife, Faith, Hawthorne implies that she is also a woman of good standing. She is pure, innocent, and devoted to the Puritan faith.
Together, then, they are a typical, well-respected and well-behaved Puritan couple.
Through a combination of the plot and the use of these names, Hawthorne makes the point that anybody, even the most ordinary and pious of people, can be prone to temptation and to the devil's influence. As a result, it transforms the story from a work of fiction to an allegory, a story with a deeper, moral message.