Application
This unit describes the skills and knowledge required to educate customers in understanding and interpreting information contained in personal financial statements, including bank and credit card statements, utility bills and statements from superannuation funds.
It applies to individuals who use specialised knowledge and interpersonal skills to counsel and educate others in financial literacy matters.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Elements and Performance Criteria
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Discuss customer responsibilities in relation to personal financial statements | 1.1 Identify range and frequency of personal financial statements received by customers 1.2 Discuss different purposes of financial statements and need to retain certain financial statements for tax or other purposes with customers |
2. Explain specific information contained in a range of financial statements | 2.1 Explain range of terminology used in financial statements to customers 2.2 Identify and explain common items listed on credit card statement in plain language to customers 2.3 Identify and explain common items listed on superannuation fund statement in plain language to customers 2.4 Identify and explain fees and charges applicable to superannuation to customers 2.5 Provide contact details for advice on information contained in financial statements to customers as necessary |
3. Explain ways of managing personal financial statements | 3.1 Explain and demonstrate importance and means of checking financial statements for accuracy to customers 3.2 Identify and discuss ways to estimate and plan for regular payments and appropriateness of different repayment options for customers 3.3 Explain options available to consumers in case of inability to pay amounts owed in financial statements to customers |
Evidence of Performance
Evidence of the ability to:
use high level communication skills in providing relevant information to customers in need of assistance in understanding personal financial statements
identify and present to customers effective methods of managing personal financial statements, including the importance of verifying accuracy of information received.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
Evidence of Knowledge
To complete the unit requirements safely and effectively, the individual must:
identify and describe personal financial statements received by consumers, including their purpose, terminology used and layout of statements
describe methods for checking the accuracy of financial statements
identify and explain the key consumer issues relating to superannuation information, including interpreting statements and fees and charges
describe different repayment options available to customers
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.
Assessment Conditions
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.
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill | Performance Criteria | Description |
Reading | 1.1, 2.1-2.3, 3.1, 3.2 | Consolidates information from a range of sources to determine customer requirements and analyses information for relevance, currency and accuracy |
Writing | 2.5, 3.2, 3.3 | Prepares documents for customers using clear, concise and unambiguous language |
Oral Communication | 1.2, 2.1-2.5, 3.1, 3.2 | Uses questioning and active listening in verbal exchanges to elicit and clarify information Uses vocabulary, tone, pace and concepts suitable for customers |
Numeracy | 1.1, 2.4, 3.1-3.3 | Performs mathematical calculations and reviews numerical and financial information to determine options for customers |
Interact with others | 1.2, 2.1-2.5, 3.1, 3.2 | Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others Implements strategies for a diverse range of customers to build rapport and trust |
Get the work done | 1.1, 1.2, 2.1-2.5, 3.1-3.3 | Plans and schedules tasks and organises workload according to defined requirements Uses systematic, analytical processes in routine and non-routine situations, gathering and interpreting information and identifying potential approaches to explaining financial information Uses digital systems and tools to conduct research, design work processes, complete work tasks and explain concepts |
Sectors
Financial literacy