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average personal savings rate in the U.S. slipped to 3.9 percent in the first quarter of 2012 -- the lowest level in over four years

With savings account interest rates near zero, people are left with little incentive to save.

With interest rates running well below the rate of inflation, money in a savings account or other deposit vehicle is actually losing purchasing power with each passing day

you have to consider one additional factor: inflation.

Bond yields are not much higher, and stocks haven't been very rewarding so far in the 21st century either

However, getting the most for your money is only one consideration. Having resources to support your retirement is also an important function of saving, and in this respect people with low savings rates are not behaving rationally.

while low interest rates may seem to discourage saving money, they actually make it more imperative.

other important point of this context is that outside of the government, most people no longer have an employer pension plan to fall back on.

shift from defined benefit to defined contribution retirement plans put the responsibility for saving solely on the employees

people seem to have responded to this trend by saving less rather than more

by choosing more immediate consumption over saving for retirement, people are supporting their current lifestyles at the expense of the future.

this is a decision that many will regret once that future arrives

Cash flooded into Britain; more than 140 billion euros was deposited in four big banks alone. The UK benefits from its position outside the eurozone and its Asia-focused banks HSBC and Standard Chartered are seen as particular safe-havens. Other banks to see big inflows included Barclays, Germany’s Deutsche Bank, Switzerland’s Credit Suisse and UBS and Russia’s Sberbank and VTB.