Yes, this is true but you also have to factor in the marginal propensity to consume, or in plain English, the poorer you are the more of your income you have to spend on necessities like rent or groceries.

There are always high interest investments available to people with a large amounts of spare cash floating about even when inflation is low.

If your rent + utilities + food = your income then you ain’t hoarding money even in a deflationary spiral.