Have the very low bond yields pushed savings into money?

We seek to determine whether the very low bond yields in the United States, the euro zone and Japan have pushed savings into money. If that is the case, there are two interpretations in terms of well-being (effectiveness of this development): Either it is believed that holding money increases well-being by making it easier to buy or sell goods and services (in line with the Friedman rule); Or it is believed that the distortion of savings towards money makes it more complex and difficult to finance the economy, because savings must be intermediated more than if it is invested directly in other financial assets (equities, bonds). There has been such a distortion of savings towards money in the euro zone and Japan since monetary policy became very expansionary .