There are lots of options , they just carry more risk , higher rewards are a reason to change your asset allocation.We don't have to many options now, and there's no reason to change your asset allocation because one type of asset is not performing as well.
I change my asset allocation with the change in markets , I always like to have my money where the best returns are.
Chasing returns IS the game , again it just requires a little risk tolerance , I have my funds in REIT's paying between 8% and 20% , there's no way I'm going to keep much in a savings account at 1% when returns like that are still available and in my opinon carry little risk.Chasing returns is a dangerous game.
Even most index funds are better than savings accounts , or how about market or commodity linked PPN's , really no risk to the downside , except you maybe lose out on your 1% interest , but still a chance to profit on any upswing of the economy.
To me that is not a saving grace , if inflation hits 4% then your 1% gains for the previous three years are toast.The saving grace in these low interest environments is that inflation is low also, so your cash isn't being eaten away as quickly