NTISthis.com

Evidence Guide: FNSFLT503 - Promote basic financial literacy skills

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

 

FNSFLT503 - Promote basic financial literacy skills

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

Identify extent of clients’ financial awareness

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss methods available for spending and saving money

  1. Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages
  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
  3. Discuss range of methods to access funds and address queries with clients
  4. Discuss importance of record-keeping for tax purposes and individual money management with clients
Identify and discuss options available for purchase of goods and services with clients to determine advantages and disadvantages

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss basic money management principles

  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
  2. Explain relationship between risk and return to clients in clear language
  3. Discuss techniques for evaluating alternative financial products and risks associated with some forms of financial products with clients in relation to their situations
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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain relationship between risk and return to clients in clear language

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Discuss role of other forms of savings and investment options

  1. Discuss role and benefits of insurance as a means of protecting against events of risk with clients
  2. Explain role of superannuation and retirement planning, including superannuation contributions covering life and permanent disability insurance to clients
  3. Discuss with clients ways in which they can provide for own future requirements
Discuss role and benefits of insurance as a means of protecting against events of risk with clients

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Identify extent of clients’ financial awareness

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

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

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

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. 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

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. 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.