Maybe it was when they saw their net worth plunge or came to the realization they might outlive their income. For whatever reason, Americans are getting better at saving.

The US savings rate could rise as high as 6 percent in the wake of the crisis, according to a recent study by Allianz Group Economic Research.

"We have witnessed a surge in the saving rate since early 2008, up to an average of 4.6 percent in 2009," said Allianz SE Chief Economist Michael Heise in a statement. "We anticipate that products, such as mutual funds, annuities and equities, will benefit from this change."

The fall in share prices and collapse in home values had destroyed nearly $17.5 trillion of household wealth while at its worst in the first quarter of 2009, according to Allianz.

Some were able to recover from these losses by year-end, but, Allianz says, estimated losses still amount to between $11 trillion and $12 trillion and the ratio of wealth to income has fallen back to mid-1990s levels.

So maybe Americans have been scared into saving. Economists at Allianz SE expect the overall level of household savings in the US to rise by approximately $500 billion annually. With disposable income currently equal to roughly $11 trillion, this suggests that the saving rate is set to climb between 6 percent to 6.5 percent.

Allianz expects investing to pick up as well. Acquisition of financial assets is set to amount to a range of $700 billion to $800 billion.

Despite this improvement, Allianz says, it is well below the average of almost $900 billion that was invested annually in the boom years of 2003 to 2007. And accumulation of financial assets as a ratio of disposable income is - on average - two percentage points lower than in the period between 1997 and 2008.

"One learning from the financial crisis is that it's not just about asset allocation, but asset location. There is a definite need for financial products that offer guaranteed lifetime income, and which we view as the emerging fifth asset class," Allianz Life Insurance Company of North America President and CEO Gary C. Bhojwani. "It goes beyond saving for retirement; it's about planning how we want to live once we do retire."

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Scared to spend: Study shows surge in nation&#039;s savings rate

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Scared to spend: Study shows surge in nation's savings rate