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 customers 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 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 uptodate 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

Financial goals may include:

Budgeting refers to:

Behaviours and skills required for successful budgeting may include:

Income and expenditure may include:

Budgeting tools may include:

Strategies and tips may include: