Why do people save so much?

Interesting question! Not everyone is informed enough to know what to do with their money, hence turn to the next most sensible thing to do which is to save. I think it's especially so for our parents' generation and older to prefer to "see" their money and save cold hard cash. Another reason could also be skepticism on the performance of the economy, so people keep their cash closer and tighter.

It is a personal thing I guess. You can ask the exact same question to 100 people and you might have 100 unique answers.

Some people feel safe when they can see the cash in hand. Some people might have bad experience with investments so they decided not to dabble in it.

Some people may not be financial savvy enough to invest. Some people may not have time to invest. The list goes on and on but ultimately, it depends on an individual on how they handle their money.