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

FNSFLT503 Mapping and Delivery Guide
Promote basic financial literacy skills

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSFLT503 - Promote basic financial literacy skills
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to develop clients’ basic financial literacy so they can make informed financial decisions, including the need and purpose of bank accounts, basic savings and investment principles, risk and return, and the role of insurance and superannuation.It applies to individuals in lending or counselling roles who use specialised knowledge and interpersonal skills to build the financial literacy skills of people with limited understanding of financial systems and the use and management of money.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:

office equipment, technology, software and consumables

financial services product information.

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: Identify extent of clients’ financial awareness
  • Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary
  • Clarify relevant aspects of clients’ own financial situations and discuss areas of concern
       
Element: Discuss methods available for spending and saving money
  • Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages
  • Identify necessity and means of opening and operating a bank account, and range of accounts available for holding and saving money, and discuss advantages and disadvantages of each with clients
  • Discuss range of methods to access funds and address queries with clients
  • Discuss importance of record-keeping for tax purposes and individual money management with clients
       
Element: Discuss basic money management principles
  • Explain benefits and means of developing a savings plan and strategy, and role of budgeting, and show clients how to compile and implement a budget
  • Explain relationship between risk and return to clients in clear language
  • Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations
       
Element: Discuss role of other forms of savings and investment options
  • Discuss role and benefits of insurance as a means of protecting against events of risk with clients
  • Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients
  • Discuss with clients ways in which they can provide for own future requirements
       
Element: Identify extent of clients’ financial awareness
  • Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary
  • Clarify relevant aspects of clients’ own financial situations and discuss areas of concern
       


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. Identify extent of clients’ financial awareness

1.1 Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary

1.2 Clarify relevant aspects of clients’ own financial situations and discuss areas of concern

2. Discuss methods available for spending and saving money

2.1 Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages

2.2 Identify necessity and means of opening and operating a bank account, and range of accounts available for holding and saving money, and discuss advantages and disadvantages of each with clients

2.3 Discuss range of methods to access funds and address queries with clients

2.4 Discuss importance of record-keeping for tax purposes and individual money management with clients

3. Discuss basic money management principles

3.1 Explain benefits and means of developing a savings plan and strategy, and role of budgeting, and show clients how to compile and implement a budget

3.2 Explain relationship between risk and return to clients in clear language

3.3 Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations

4. Discuss role of other forms of savings and investment options

4.1 Discuss role and benefits of insurance as a means of protecting against events of risk with clients

4.2 Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients

4.3 Discuss with clients ways in which they can provide for own future requirements

Evidence of the ability to:

assess clients’ existing level of financial literacy to determine areas of need or concern

use clear language and effective communication techniques to build rapport and explain basic financial literacy principles and knowledge to clients.

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:

identify key aspects of clients’ own financial situations to determine relevant information

outline options for purchasing goods and services

explain the advantages and disadvantages of a range of accounts available for holding and saving money

describe key features of different types of insurance

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

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

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. Identify extent of clients’ financial awareness

1.1 Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary

1.2 Clarify relevant aspects of clients’ own financial situations and discuss areas of concern

2. Discuss methods available for spending and saving money

2.1 Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages

2.2 Identify necessity and means of opening and operating a bank account, and range of accounts available for holding and saving money, and discuss advantages and disadvantages of each with clients

2.3 Discuss range of methods to access funds and address queries with clients

2.4 Discuss importance of record-keeping for tax purposes and individual money management with clients

3. Discuss basic money management principles

3.1 Explain benefits and means of developing a savings plan and strategy, and role of budgeting, and show clients how to compile and implement a budget

3.2 Explain relationship between risk and return to clients in clear language

3.3 Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations

4. Discuss role of other forms of savings and investment options

4.1 Discuss role and benefits of insurance as a means of protecting against events of risk with clients

4.2 Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients

4.3 Discuss with clients ways in which they can provide for own future 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
Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary 
Clarify relevant aspects of clients’ own financial situations and discuss areas of concern 
Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages 
Identify necessity and means of opening and operating a bank account, and range of accounts available for holding and saving money, and discuss advantages and disadvantages of each with clients 
Discuss range of methods to access funds and address queries with clients 
Discuss importance of record-keeping for tax purposes and individual money management with clients 
Explain benefits and means of developing a savings plan and strategy, and role of budgeting, and show clients how to compile and implement a budget 
Explain relationship between risk and return to clients in clear language 
Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations 
Discuss role and benefits of insurance as a means of protecting against events of risk with clients 
Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients 
Discuss with clients ways in which they can provide for own future requirements 
Identify and clarify client understanding of financial system, role of financial institutions in the modern economy and awareness of what money is and how it is exchanged with clients where necessary 
Clarify relevant aspects of clients’ own financial situations and discuss areas of concern 

Forms

Assessment Cover Sheet

FNSFLT503 - Promote basic financial literacy skills
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

FNSFLT503 - Promote basic financial literacy skills

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: