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Unit of competency details

FNSFLT212 - Develop and use savings plans (Release 1)

Summary

Usage recommendation:
Current
Mapping:
MappingNotesDate
Supersedes and is equivalent to FNSFLT202 - Develop and use a savings plan 01/Feb/2021

Release Status:
Current
Releases:
ReleaseRelease date
1 1 (this release) 02/Feb/2021


Classifications

SchemeCodeClassification value
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  

Classification history

SchemeCodeClassification valueStart dateEnd date
ASCED Module/Unit of Competency Field of Education Identifier 080101 Accounting  02/Feb/2021 
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Unit of competency

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 6.0.

Application

This unit describes the skills and knowledge required to develop and implement a savings plan to achieve identified goals. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.

The unit applies to those who use new ideas and techniques to develop personal financial literacy skills.

No licensing, legislative or certification requirements apply to this unit at the time of publication.

Unit Sector

Financial literacy

Elements and Performance Criteria

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Identify own approach to risk for saving and investing

1.1 Identify current and future requirements of savings

1.2 Identify preferred level of risk aversion

1.3 Determine own risk profile based on current and future requirements and level of risk aversion

2. Develop savings plan

2.1 Identify personal savings goals

2.2 Quantify savings goals as dollar amounts

2.3 Prioritise savings goals

2.4 Identify funds available to contribute towards savings goals using a personal budget

2.5 Establish savings plan based on personal savings goals and available funds

3. Implement savings plan

3.1 Research financial product options available

3.2 Select most appropriate financial product according to own requirements

3.3 Identify documentary requirements of financial product

3.4 Use identified financial product to commence savings plan

3.5 Monitor and update savings plan as required

Foundation Skills

This section describes those language, literacy, numeracy and employment skills that are essential to performance but not explicit in the performance criteria.

SKILL 

DESCRIPTION 

Numeracy

  • Performs a range of mathematical calculations to interpret financial information and to balance or create budgets and savings plans

Oral communication

  • Uses active listening and questioning to develop a clear understanding of information related to savings plans

Reading

  • Researches and interprets written information from a range of sources to identify relevant aspects for the required task

Writing

  • Records and documents information using correct language, terminology and concepts

Planning and organising

  • Plans routine tasks and organises work according to defined requirements, changing plans where necessary

Problem solving

  • Gathers and analyses relevant information and evaluates options to make decisions about savings goals
  • Reviews results of decisions to modify goals

Technology

  • Uses digital systems tools to design work processes and complete work tasks

Unit Mapping Information

Supersedes and is equivalent to FNSFLT202 Develop and use a savings plan.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe

 

Assessment requirements

Modification History

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 6.0.

Performance Evidence

The candidate must demonstrate the ability to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including evidence of the ability to:

  • develop and use at least one savings plan.

In the course of the above, the candidate must:

  • identify and plan for at least three different savings goals.

Knowledge Evidence

The candidate must be able to demonstrate knowledge to complete the tasks outlined in the elements, performance criteria and foundation skills of this unit, including knowledge of:

  • methods for identifying own saving and spending habits
  • key features of budgets and saving plans
  • key factors that can impact savings plans
  • key aspects of savings goals
  • impact of different stages of life on savings goals
  • impact of attitudes and spending habits on reaching savings goals
  • key features of risk and return concepts in relation to savings and investment
  • key principles of budgeting
  • role of budgeting and saving in meeting savings goals
  • key aspects of basic financial products used to maximise savings
  • role of financial institutions and their basic savings products.

Assessment Conditions

Skills in this unit must be demonstrated in a workplace or simulated environment where the conditions are typical of those in a working environment in this industry.

This includes access to:

  • office equipment, technology, software and consumables
  • information about the budgeting process, current interest rates, savings products and other required resources.

Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.

Links

Companion Volume Implementation Guide is found on VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe