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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Assist customers to identify financial goals and priorities
   • 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
2. Discuss purposes of developing and implementing a personal budget
   • 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
3. Assist customers to develop budget
   • 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
4. Provide ongoing assistance to customers
   • 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

Performance Evidence

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.

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Knowledge Evidence

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.

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