Why is precautionary saving found in some countries?

Among the major countries, there are signs of precautionary saving appearing in Japan, Germany, France and Italy , and this is dampening demand . What are the reasons for precautionary saving? Population ageing and anxiety regarding the generosity of public pension systems; Uncertainty regarding the economic outlook; The fact that the income effect outweighs the substitution effect in savings decisions: the low level of interest rates therefore leads to an increase in savings.