It's not clear what is meant by "savings". Is this just demand deposits, or does it include 401(K) retirement accounts? If the former, then no wonder - Americans are and have for years been shifting long-term savings into retirement investment accounts, not low-interest bank accounts.
"It's not clear what is meant by "savings"."
I agree. Its not. But from things I've read about this in the past I ~believe~ this does include pretty much all forms of investment instruments too.
What it doesn't include however, is the "investment" in your home. I think the argument there is that if its your primary residence, its not really an "investment" but rather just a place to live.
I see "savings" as being net worth...particularly that which doesn't include the equity you have in your primary residence.
IRA's,stock portfolios,pensions due and other things.