Assessor Resource

FNSFLT501
Assist customers to budget and manage own finances

Assessment tool

Version 1.0
Issue Date: May 2024


This unit describes the skills and knowledge required to assist customers to develop basic budgeting skills as a way to manage day-to-day living expenses and work towards identified financial goals and priorities.

It applies to individuals who use specialised knowledge to build relationships and provide financial counselling to contribute to the development of financial literacy in others.

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

You may want to include more information here about the target group and the purpose of the assessments (eg formative, summative, recognition)


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Assist customers to identify financial goals and priorities

1.1 Gain understanding of customers’ financial situation through discussion and interviews with customers

1.2 Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable

1.3 Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation

2. Discuss purposes of developing and implementing a personal budget

2.1 Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers

2.2 Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers

3. Assist customers to develop budget

3.1 Assist customers to identify and list all income and expenditure for relevant period of time

3.2 Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers

3.3 Encourage customers to allocate surplus funds towards meeting identified financial goals

4. Provide ongoing assistance to customers

4.1 Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods

4.2 Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs

4.3 Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary

Evidence of the ability to:

provide practical and relevant assistance to customers in developing personal budgets to better manage their finances

use high level communication and interpersonal skills for explaining and demonstrating the purpose and use of budgets.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the key principles of:

budgeting and other strategies to manage income and expenditure

lending and credit

explain key features of budgeting tools or software

outline the key requirements of relevant industry codes of practice and legislation relating to consumer credit and protection, debt recovery and privacy

identify and explain the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

identify and discuss issues relevant to the economic environment

identify ways of maintaining up-to-date knowledge of basic savings and investment strategies useful in providing advice on the achievement of short-term, medium-term and long-term financial goals

discuss ways to convey financial information effectively to improve financial literacy in others.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assingnment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

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

1. Assist customers to identify financial goals and priorities

1.1 Gain understanding of customers’ financial situation through discussion and interviews with customers

1.2 Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable

1.3 Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation

2. Discuss purposes of developing and implementing a personal budget

2.1 Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers

2.2 Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers

3. Assist customers to develop budget

3.1 Assist customers to identify and list all income and expenditure for relevant period of time

3.2 Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers

3.3 Encourage customers to allocate surplus funds towards meeting identified financial goals

4. Provide ongoing assistance to customers

4.1 Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods

4.2 Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs

4.3 Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary

Evidence of the ability to:

provide practical and relevant assistance to customers in developing personal budgets to better manage their finances

use high level communication and interpersonal skills for explaining and demonstrating the purpose and use of budgets.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

explain the key principles of:

budgeting and other strategies to manage income and expenditure

lending and credit

explain key features of budgeting tools or software

outline the key requirements of relevant industry codes of practice and legislation relating to consumer credit and protection, debt recovery and privacy

identify and explain the roles and relationships between participants within the Australian financial services industry, including banks and other financial intermediaries

identify and discuss issues relevant to the economic environment

identify ways of maintaining up-to-date knowledge of basic savings and investment strategies useful in providing advice on the achievement of short-term, medium-term and long-term financial goals

discuss ways to convey financial information effectively to improve financial literacy in others.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the financial literacy field and include access to:

office equipment, technology, software and consumables

financial services product information.

Assessors must satisfy NVR/AQTF assessor requirements.
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Gain understanding of customers’ financial situation through discussion and interviews with customers 
Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable 
Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation 
Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers 
Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers 
Assist customers to identify and list all income and expenditure for relevant period of time 
Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers 
Encourage customers to allocate surplus funds towards meeting identified financial goals 
Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods 
Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs 
Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary 

Forms

Assessment Cover Sheet

FNSFLT501 - Assist customers to budget and manage own finances
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSFLT501 - Assist customers to budget and manage own finances

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: