Have households made precautionary savings in the past?

There is debate over whether demand for goods and services will be weakened in the wake of the COVID crisis by household precautionary savings. The concern is that households will save much more out of concern at the risk of rising bankruptcies and unemployment. Have there been precautionary savings in periods of economic deterioration in OECD countries in the past? The household savings rate may of course have other determinants: The desire to maintain consumption despite a fall in income; Population ageing (expected then actual) Interest rates; Financial and real estate wealth. It seems that households have made precautionary savings in the past for a few years following a marked rise in unemployment after a recession.