What will households do with their savings?

Economic crises usually shrink households' disposable income and prompt them towards caution. The net result on savings can be ambiguous. In any case, it is not usual to see the savings rate rise as much as it did this year. Households received transfers and allowances when spending was constrained. They are apparently sitting on a "savings cushion", a reserve for future spending. But before consuming, uncertainty must be reduced, as this is the only way to recreate normal employ...