The "Davies" Report
In 2001, the Government commissioned a report on how to promote better understanding of business, the economy and enterprise throughout the school and further education systems.
The resultant "Davies Report"1 identified ways of helping young people, whatever their choice of career, "to manage risk and change in their working and personal lives."
It suggested that three "outcomes" should be pursued: Business and Economic Understanding, Financial Literacy and Enterprise Capability.
These are defined as:
- Financial Literacy
- "The knowledge, skills and attitude necessary to become a questioning and in formed consumer of financial services and the ability to manage one's finances effectively. Financial literacy can be divided into three interrelated themes."
- Business and Economic Understanding
- "A process of enquiry, focussed on the context of business, central to which is the idea that resources are scarce so that choices have to be made between alternative uses."
- Enterprise Capability
- "The capability to handle uncertainty and respond positively to change, to create and implement new ideas and new ways of doing things, to make reasonable risk/reward assessments and act upon them in one's personal and working life."
These three "outcomes" are considered in more detail in Annex 1.
- A Review of Enterprise and The Economy in Education: Howard Davies. HMSO (February 2002).
