Unit of competency
Modification History
Release |
Comments |
Release 1 |
This version first released with FNS Financial Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to develop, maintain and enhance understanding of personal finance matters, including taxation, superannuation and insurance.
It applies to individuals who build financial literacy in workplaces, schools, adult and community learning organisations or registered training organisations. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling and advisory organisations.
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. Demonstrate knowledge of personal financial matters |
1.1 Determine how career choice, education and skills affect income and goal attainment 1.2 Identify short-term and long-term financial goals 1.3 Identify tax matters relating to personal income 1.4 Explain impact of consumer and financial behaviour on personal spending 1.5 Explain how insurance and other risk management strategies protect against financial loss 1.6 Identify components of superannuation relevant to individual income earners |
2. Manage personal finances |
2.1 Compare benefits and costs of alternatives in spending decisions 2.2 Identify purpose of planning personal finances 2.3 Make personal financial choices based on logical decision making 2.4 Evaluate consequences of personal financial decisions, including contracts 2.5 Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt |
3. Build knowledge of personal financial matters |
3.1 Explore and evaluate factors that affect personal credit worthiness 3.2 Seek advice from a specialist or mentor where required 3.3 Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals 3.4 Identify reliable sources of ongoing information relevant to personal career and financial goals |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1, 1.3-1.6, 2.1, 2.2, 3.1 |
|
Writing |
2.5 |
|
Oral Communication |
3.2 |
|
Numeracy |
1.1-1.3, 1.5, 1.6, 2.1, 2.4, 2.5 |
|
Navigate the world of work |
1.1-1.6, 2.1, 2.2, 3.1, 3.4 |
|
Get the work done |
1.1, 1.2, 2.3-2.6, 3.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
FNSFLT301 Be MoneySmart |
FNSFLT301A Be MoneySmart |
Updated to meet Standards for Training Packages Minor edits to reflect AQF level |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=c7200cc8-0566-4f04-b76f-e89fd6f102fe