Well here's the thing about that, people were actively incentivized not to save cash with low interest rates and a booming stock market. I know for myself personally I'm heavily invested in the markets just because that's what worked best for almost a decade. Nobody saw this coming.

Now you have to debate selling your stock at such low prices and realizes huge loses or paying your bills - I think most people are going to try to hold out for unemployment/use credit before they do that.