sorry, it was never there
Anybody who puts 95% of their life savings into one nest has nobody to blame other than himself.
Yes, this is a bad turn of phrase. “Savings” they may well have been - or not, depending on the provenance of the money.
However, these are more properly termed “investments” (at least, the unfortunate thought they were investing). Investments are by definition some thing other than money. Savings then, are denominated in cash or near cash equivalents, and arguably deposited in an FDIC institution, not an “investment bank.” (which are now rare in any case).
Words mean things, and about half the time the word “bank” is used in popular culture they are not. Such is the legacy of congress jettisoning so many of the depression era regulations. Totally off-topic, remember when Wal-Mart wanted to offer banking services, and the experts opined on how this was a bad idea? I wonder.