How has consumer saving (a microeconomic concept) been impacted by the macroeconomic environment over the past few years?

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Throughout most the developed world, the rates of household saving have increased over the last few years.  This increase can be seen in this link.  The reason for this increase has to do with a decrease in consumer confidence due to the overall decline in macroeconomic conditions.

Since 2008, most of the developed world has been in a period of recession or very slow and uncertain growth.  Because of this, people have become less confident about their futures.  They often fear that they will lose their jobs or that their houses will decline in value.  These fears have an impact on their decisions as to whether to spend or save.  People who lack confidence in their futures are more likely to save their money than to spend it.  They are hoping to build up reserves in case they fall on hard times.

For this reason, the global economic downturn (the macroeconomic environment) has had an impact on the amount of consumer saving that occurs in the developed world.

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