1960s perhaps a shortened form of the given name Walter. There are many theories of the origin: one story tells of a Wally who became separated from companions at a 1960s pop festival; the name, announced many times over a loudspeaker, was taken up as a chant by the crowd.

Where did the phrase What a Wally come from?

Wally became very popular as a way of suggesting the person you're talking to has made a bit of a fool of themselves. Originally derived from Glasgow slang for the kids from the posh end of the tenements (the stairwell of the tenement buildings was called a wall close, which is where the more well off families lived.

What does Wally mean in British slang?

Word forms: plural wallies. countable noun. If you refer to someone as a wally, you think that they are stupid or foolish. [British, informal, disapproval]