Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSFLT301 Mapping and Delivery Guide
Be MoneySmart

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFLT301 - Be MoneySmart
Description
Employability Skills
Learning Outcomes and 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.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

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 current information about personal financial matters.

Assessors must satisfy NVR/AQTF assessor requirements.

Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Demonstrate knowledge of personal financial matters
  • Determine how career choice, education and skills affect income and goal attainment
  • Identify short-term and long-term financial goals
  • Identify tax matters relating to personal income
  • Explain impact of consumer and financial behaviour on personal spending
  • Explain how insurance and other risk management strategies protect against financial loss
  • Identify components of superannuation relevant to individual income earners
       
Element: Manage personal finances
  • Compare benefits and costs of alternatives in spending decisions
  • Identify purpose of planning personal finances
  • Make personal financial choices based on logical decision making
  • Evaluate consequences of personal financial decisions, including contracts
  • Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt
       
Element: Build knowledge of personal financial matters
  • Explore and evaluate factors that affect personal credit worthiness
  • Seek advice from a specialist or mentor where required
  • Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals
  • Identify reliable sources of ongoing information relevant to personal career and financial goals
       


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. 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

Evidence of the ability to:

set personal financial goals and access opportunities for mentoring or advice on them

access information to build on and maintain knowledge of factors affecting personal finances.

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 debt management including:

responsible use of credit

advantages of debit cards

consequences of debt default

attitude towards credit and spending

options for debt repayment

describe employee entitlements under:

Fair Work Act

equal opportunity legislation

Superannuation Act

Income Tax Assessment Act

Taxation Administration Regulations

describe how to find out about pay rates

explain how to establish and maintain a good credit history

explain the importance of saving money as a concept to assist and improve a life situation

outline insurance matters:

value of insurance

disclosure obligations

suitable insurance cover for personal income, trade tools, house, car and health

describe personal implications of taxation matters including:

role of the Australian Taxation Office and why tax is paid on income

personal tax liabilities and allowable deductions

tax rates

lodgement dates

awareness of goods and services tax (GST), pay as you go tax (PAYG), Australian business number (ABN), tax file number (TFN) and business activity statements (BAS)

explain principles of budgeting, cash flow and saving including:

role of credit and savings in establishing personal wealth

understanding of financial institutions and their savings, investment and credit products

describe personal financial aspects of:

bank accounts including savings, credit and investment

insurance cover for health, car, phone, warranty, tools, household and income protection

contracts including phones, data, tenancy and finance

explain superannuation matters including:

types of funds – retail versus industry

fund options – death or total and permanent disability (TPD) insurance

planning for the future

power of compound interest

superannuation guarantee

co-contributions

personal contributions

fees and charges

value of consolidating super funds

locating lost super.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, 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. 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

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
Determine how career choice, education and skills affect income and goal attainment 
Identify short-term and long-term financial goals 
Identify tax matters relating to personal income 
Explain impact of consumer and financial behaviour on personal spending 
Explain how insurance and other risk management strategies protect against financial loss 
Identify components of superannuation relevant to individual income earners 
Compare benefits and costs of alternatives in spending decisions 
Identify purpose of planning personal finances 
Make personal financial choices based on logical decision making 
Evaluate consequences of personal financial decisions, including contracts 
Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt 
Explore and evaluate factors that affect personal credit worthiness 
Seek advice from a specialist or mentor where required 
Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals 
Identify reliable sources of ongoing information relevant to personal career and financial goals 

Forms

Assessment Cover Sheet

FNSFLT301 - Be MoneySmart
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

FNSFLT301 - Be MoneySmart

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: