Spud misses the error that the Resolution Foundation commits:
The Resolution Foundation published a report this morning which suggests that at least 30% of UK households have savings of less than £1,000 and are, therefore, unable to manage many of the cash-flow risks that are a normal part of life as a consequence of unexpected events.
You do not need to have £1k in cash savings to be able to manage cash flow risks. You need to be able to have access to £1k in order to be able to manage cashflow risks.
These are not the same thing. In a country with a banking and credit system the requirement is that you be able to go get £1k if you need it – by, say, borrowing it.
The very existence of a credit system means all require lower amounts of cash savings.