CLEVELAND OH., January 17, 2007 "“ What would Ben Franklin say?

According to the federal Bureau of Economic Analysis, Americans are spending more than they are saving for the first time since the Great Depression.

A year-end national survey commissioned by KeyBank echoed the dismal rate of America’s savings: among the more than 2,000 survey respondents, 40 percent set aside no money for saving last year, while another 25 percent saved "less than expected." The KeyBank survey also found that nearly two in three Americans (64.6 percent) feel their finances are just "the same" or quite possibly "worse" than they were one year ago.

Recognizing that most consumers need smart, pragmatic and painless ways to stem the negative personal savings trend in 2007, KeyBank chose today "“ the birth date of Ben Franklin "“ to launch "Saveday" nationally.

Saveday encourages consumers to select one Saveday each week to put aside the money they typically would spend on lattes, magazines, music downloads and other discretionary items and to deposit that money instead into a savings or money market account.

By depositing just $25 a week into a savings account with a modest annual percentage yield of 1.25 percent, a consumer’s savings can grow to $1,333 by the end of the year, enough for an extra mortgage payment, car insurance for a year, or a luxury item.

"We don’t want people to give up gourmet coffee entirely, just every once in a while," says KeyBank Executive Vice President of Product Management Andy Will. "We’re trying to inspire some surprisingly simple changes not only in those people who have bad credit or significant debt, but in all people who want greater fiscal fitness."

2007 is Another Year

Despite their lack of savings in 2006, Americans remain optimistic about their chances to save in 2007. More than three-quarters (77.2 percent) of respondents in the KeyBank survey are planning to increase their personal or family’s savings in 2007.

Of those who plan to improve their savings, more than half (56.8 percent) plan to increase the amount of money deposited in their bank accounts, while 47.5 percent plan to pay down or consolidate debit, such as mortgage, loan or credit card balances. Nearly 40 percent (37.7 percent) say they will set and adhere to a budget.

Only one in three (33 percent), however, will consider downsizing their lifestyles.

"Our addiction to the latest technology, better jeans and faster cars and our ‘need it now’ mentality are impacting our willingness and ability to save for the bigger things later in life," says Will. "Key has a real opportunity to change the dialogue by giving consumers a smart, pragmatic and painless way to save money, and by encouraging other changes, such as responsible borrowing practices, that can positively impact their fiscal well-being."

Access to the full press kit can be found at http://www.key.com/newsroom. For more information about KeyBank’s Saveday savings campaign, talk to your local KeyBank banker or visit http://www.key.com/Saveday.

About KeyCorp

Cleveland-based KeyCorp (NYSE: KEY) is one of the nation’s largest bank-based financial services companies, with assets of approximately $96 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally.

Note to Editors: For up-to-date company information, media contacts and facts and figures about Key’s lines of business, visit our Media Newsroom at Key.com/newsroom.

KeyBank

KeyBank

KeyCorp's roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation's largest bank-based financial services companies, with assets of approximately $187 billion at June 30, 2024.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,200 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

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