Some baby-boomers may be opting to spend more of their accumulated wealth during their lifetime and not make a significant bequest. It is also possible (but hard to gauge) that some households have viewed the recent increase in government savings (i.e. fiscal surpluses) as a sign that they can afford to save less themselves.
In this respect, an ECB study shows that a higher degree of communication dispersion among committee members about the conduct of monetary policy lessens the ability of financial markets to anticipate future monetary policy decisions and raises the degree of uncertainty.