Indeed, data for the euro area suggests that unexpected inflation undershooting results in a redistribution of nominal wealth from younger to older households, since the young are net debtors while the old are net creditors.2 And both savers and borrowers ultimately benefit from an effective monetary policy too, since it increases returns on all types of financial and real assets, including deposits.
Certainly, some savers might suffer from a temporary period of low interest rates, especially if they rely on interest income and cannot smooth their consumption through credit. But whatever financial assets savers hold, in the final analysis their return always depends on the growth rate of the economy.