Saying "savings" is wrong, it's not what is reported. It's "saving". "Savings" implies the total sum people have saved. Saving can go down while savings is going up. I could have started 2021 with 0, save $100 in 2021, $50 in 2022. Savings going up, saving going down. You can see the confusion caused below by mis-stating what was reported.
https://fredblog.stlouisfed.org/2023/05/despite-high-inflati...