Younger people are saving more cash than ever -- and I'm not willing to chalk it up to financial illiteracy. Even well-off individuals are sticking to plain savings accounts that do nothing other than gather dust with their 1% annual rate of return.

Why? Faith in the financial services industry has been utterly shattered.

The only exception is for tax purposes, eg: Roth IRA/TFSA, 401k/RRSP, etc.