In the U$.$S$.,$ the amount in savings contributed to IRAs rose from $$239$ billion in $1992$ to $$3,667$ billion by $2005,$ while overall savings actually dropped from low to lower. Evidence suggests that, in the economy as a whole, increased savings in these retirement accounts:

are the negative result of a change in wage levels and a higher work effort.

the result of personal preferences and intertemporal budget constraints.

are being offset by negative savings or less savings in other kinds of accounts.

the result of a higher interest rates and preferences about present consumption.