NTISthis.com

Evidence Guide: FNSFLT202 - Develop and use a savings plan

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

FNSFLT202 - Develop and use a savings plan

What evidence can you provide to prove your understanding of each of the following citeria?

Discuss place of saving and investing today

  1. Discuss impact of increasingly high cost of living in western society, using examples from domestic environment
  2. Discuss increasing levels of consumer debt in Australia with reference to current issues
  3. 1.3 Identify and discuss importance of setting financial goals and developing a saving and investment plan at different stages of an individual's life
  4. Identify and discuss different attitudes to savings and investment and explore own spending habits
Discuss impact of increasingly high cost of living in western society, using examples from domestic environment

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss increasing levels of consumer debt in Australia with reference to current issues

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

1.3 Identify and discuss importance of setting financial goals and developing a saving and investment plan at different stages of an individual's life

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify and discuss different attitudes to savings and investment and explore own spending habits

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Understand risk as it relates to saving and investing

  1. Use examples to explain concept of risk and risk versus return
  2. Determine individual’s risk profile based on current and future requirements and individual’s level of risk aversion
  3. Identify, assess and discuss impact of inflation on earnings power of money
Use examples to explain concept of risk and risk versus return

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Determine individual’s risk profile based on current and future requirements and individual’s level of risk aversion

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify, assess and discuss impact of inflation on earnings power of money

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop own savings plan

  1. Identify personal savings goals, quantify into dollar amounts and arrange in order of priority
  2. Develop personal budget to reveal funds available to contribute towards savings goals
  3. Investigate range of financial product options available to maximise earnings on savings and select most appropriate according to own requirements
Identify personal savings goals, quantify into dollar amounts and arrange in order of priority

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop personal budget to reveal funds available to contribute towards savings goals

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate range of financial product options available to maximise earnings on savings and select most appropriate according to own requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement own savings plan

  1. List documentary requirements, including evidence of personal identity and steps needed to gather necessary documentation
  2. Start savings plan, using existing or new financial savings account or product, and monitor for short period of time
  3. Make adjustments to savings goal where it is realised that goal is unattainable
List documentary requirements, including evidence of personal identity and steps needed to gather necessary documentation

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Start savings plan, using existing or new financial savings account or product, and monitor for short period of time

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Make adjustments to savings goal where it is realised that goal is unattainable

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Discuss place of saving and investing today

1.1 Discuss impact of increasingly high cost of living in western society, using examples from domestic environment

1.2 Discuss increasing levels of consumer debt in Australia with reference to current issues

1.3 Identify and discuss importance of setting financial goals and developing a saving and investment plan at different stages of an individual's life

1.4 Identify and discuss different attitudes to savings and investment and explore own spending habits

2. Understand risk as it relates to saving and investing

2.1 Use examples to explain concept of risk and risk versus return

2.2 Determine individual’s risk profile based on current and future requirements and individual’s level of risk aversion

2.3 Identify, assess and discuss impact of inflation on earnings power of money

3. Develop own savings plan

3.1 Identify personal savings goals, quantify into dollar amounts and arrange in order of priority

3.2 Develop personal budget to reveal funds available to contribute towards savings goals

3.3 Investigate range of financial product options available to maximise earnings on savings and select most appropriate according to own requirements

4. Implement own savings plan

4.1 List documentary requirements, including evidence of personal identity and steps needed to gather necessary documentation

4.2 Start savings plan, using existing or new financial savings account or product, and monitor for short period of time

4.3 Make adjustments to savings goal where it is realised that goal is unattainable

Required Skills and Knowledge

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Discuss place of saving and investing today

1.1 Discuss impact of increasingly high cost of living in western society, using examples from domestic environment

1.2 Discuss increasing levels of consumer debt in Australia with reference to current issues

1.3 Identify and discuss importance of setting financial goals and developing a saving and investment plan at different stages of an individual's life

1.4 Identify and discuss different attitudes to savings and investment and explore own spending habits

2. Understand risk as it relates to saving and investing

2.1 Use examples to explain concept of risk and risk versus return

2.2 Determine individual’s risk profile based on current and future requirements and individual’s level of risk aversion

2.3 Identify, assess and discuss impact of inflation on earnings power of money

3. Develop own savings plan

3.1 Identify personal savings goals, quantify into dollar amounts and arrange in order of priority

3.2 Develop personal budget to reveal funds available to contribute towards savings goals

3.3 Investigate range of financial product options available to maximise earnings on savings and select most appropriate according to own requirements

4. Implement own savings plan

4.1 List documentary requirements, including evidence of personal identity and steps needed to gather necessary documentation

4.2 Start savings plan, using existing or new financial savings account or product, and monitor for short period of time

4.3 Make adjustments to savings goal where it is realised that goal is unattainable

Evidence of the ability to:

set realistic, measurable, specific and timely financial goals

calculate amount needed to achieve identified financial goals

develop a basic savings plan based on surplus income.

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:

describe and identify examples of consumer debt

provide examples of financial goals at different stages of life

explain the impact of attitudes and spending habits on reaching financial goals

explain the key features of risk and return concepts in relation to savings and investment

identify and describe the key principles of budgeting

describe the role of budgeting and savings in establishing personal wealth

explain the differences between basic financial products used to maximise savings

describe the role of financial institutions and their basic savings products.