Economy x Saving - The difference between them

At first, I should introduce myself.
My name's Marcos and I live in Brasilia (Hi Marcos o/). I've started studying english last year and I know I still suck at it (I don't even know if I should say "I've started" in this case lol).

I got a doubt. I was reading a definition of a verb (wipe) and there was a sentece in its explanation:

"Their life savings were wiped out".

That's the trouble: "savings".

What's the difference between economy and saving?

ps: please if I made any mistake tell me. I'd be thankful.

Thanks everyone!