Assessor Resource

FNSFLT501A
Assist customers to budget and manage own finances

Assessment tool

Version 1.0
Issue Date: May 2024


This unit may be applied within the context of a financial counselling role or educational programs facilitated by financial counsellors or financial institutions within the context of improving consumer financial literacy.

This unit describes the performance outcomes, skills and knowledge required to assist customers develop basic budgeting skills as a means to managing day-to-day living expenses and working towards identified financial goals and priorities.

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

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

Employability Skills

This unit contains employability skills.



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.

The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.

Overview of assessment

Critical aspects for assessment and evidence required to demonstrate competency in this unit

Evidence of the ability to:

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

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

maintain up-to-date knowledge of basic savings and investment strategies useful in the achievement of short, medium and long term financial goals.

Context of and specific resources for assessment

Assessment must ensure:

competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment

access to and the use of a range of common office equipment, technology, software and consumables

access to financial services product information.

Method of assessment

A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:

evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency

observing processes and procedures in workplaces or role plays

verbal or written questioning on underpinning knowledge and skills

setting and reviewing workplace projects and business simulations or scenarios.

Guidance information for assessment

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.

Required skills

communication skills to:

clearly explain budgeting concepts to customers and customers, using questioning and active listening as required and respondingwith empathy in sensitive cases

liaise with others, share information, listen and understand

use language and concepts appropriate to cultural differences

interpersonal skills to establish rapport with customers and remain impartial in discussing budgeting options

numeracy and IT skills to:

calculate income, loan costs and repayments

accessand use appropriate software such as spreadsheets and databases

use internet information

literacy skills for:

analysing information and budgeting techniques to ensure appropriateness to customer or customer needs, currency and accuracy

drafting documents for customers and customers

problem solving skills to identify any issues that have the potential to impact on the customer or customer's budgetary understanding and use and to develop options

organisational skills, including the ability to plan and sequence work

Required knowledge

principles of budgeting and other strategies to manage income and expenditure

principles of lending and credit

relevant industry codes of practice and legislation including:

Consumer Credit Code

Credit Act

Judgement Debt Recovery Acts

Privacy Act

relevant State and Territory legislation regarding consumer credit issues

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

the economic environment

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.

Financial goals may include:

accumulating a set amount of money by a specified date in the future for the purposes of:

purchasing assets

financing holidays, educational expenses, home renovations and other known future expenses

establishing a deposit for an investment such as a home or investment property

aiming to repay existing debts and be debt free

establishing a regular savings plan

handling income and expenditure responsibly and avoiding financial difficulties.

Budgeting refers to:

budget showing all projections versus actual income and expenses for the period developed, implemented and monitored

calculation of all projected income and expenditure for period of time (e.g. over a weekly or monthly basis).

Behaviours and skills required for successful budgeting may include:

controlled spending

disciplined approach to money

organisational skills

record keeping skills.

Income and expenditure may include:

income:

interest on investments, dividends

proceeds from sale of assets

social security benefits, pensions, allowances, child assistance

wages, commission, bonuses

expenditure:

insurance

living expenses such as:

food

clothing

rent

medical

loan repayments such as:

personal loans

car loans

credit card debts

Higher Education Contribution Scheme (HECS)

miscellaneous expenses such as:

gifts

tobacco

recreation

entertainment

mortgage repayments

rates

travel costs including:

petrol

public transport

utilities such as:

water

gas

electricity

telephone.

Budgeting tools may include:

budget worksheets for planning for payment of future expenses

savings plan.

Strategies and tips may include:

how to use credit card debt effectively

information on minimising fees and charges

strategies to curb impulse buying

ways to cut back on spending or modify negative spending habits.

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
An understanding of the customer's financial situation is gained through discussion and interview of the customer 
Customer is assisted to identify short, medium and long term financial goals that are specific, realistic and achievable 
Financial priorities are identified and agreed upon with the customer and take into consideration all aspects of the financial situation 
Budgeting as a means to planning for the payment of regular and irregular expenses is discussed with the customer 
Budgeting as a savings and behaviours and skills required to implement and monitor the budget are discussed with the customer 
Customer is assisted to identify and list all income and expenditure for a relevant period of time 
Regular and irregular items of expenditure are established and projected over a future period with a surplus or deficit financial situation identified and discussed with the customer 
Allocation of surplus funds towards meeting identified financial goals is encouraged to the customer 
Budgeting tools are provided to the customer to assist in developing own personal budget for monthly and annual periods 
Strategies and tips for implementing and managing personal budget and finances are provided to the customer according to their needs 
Ongoing review of the budget by the customer is encouraged to ensure it remains relevant or is updated if necessary 

Forms

Assessment Cover Sheet

FNSFLT501A - 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

FNSFLT501A - 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: