Why are consumers in the euro zone so cautious?

When we compare savings rates, growth in consumer credit, consumption in volume terms and retail sales in volume terms in the United States and the euro zone, we see a very significant difference: US consumers have a very dynamic spending behaviour, while euro-zone consumers prefer to save. What could explain the difference in consumer behaviour in the United States and the euro zone? Concerns about fiscal deficits, which lead to "Ricardian neutral" behaviour (precautionary saving in anticipation of a future correction of the fiscal deficit) in the euro zone and not in the United States; The rapid rise in labour productivity in the United States, while it is falling in the euro zone, leading to a widening gap in expected future earnings; The demographic situation (much greater ageing in the euro zone than in the United States ); The situation of pension schemes: capital gains for funded schemes in the United States, difficulties in balancing pay-as-you-go schemes in the euro zone.