Unit of competency Outline

Date retreived
22/07/2026 11:06 PM AWST

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Improve clients' fundamental financial literacy skills

Improve clients' fundamental financial literacy skills

Unit of competency
National Code
CHCEDU006
State Code
AVB98
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
06/08/2015
View on TGA
State Implementation and Classification
Approved Date
22/01/2016
Field of Education
070199 - Teacher Education, N.e.c.
Original Release Date
22/01/2016
Nominal Hours
40
Description
This unit describes the skills and knowledge required to provide education for individual clients or groups to strengthen fundamental financial literacy skills in order to address identified needs, goals and priorities in relation to personal financial management. This unit applies to workers in both health and community services sectors. Workers at this level will be part of a professional team and under the guidance of a supervisor.Financial literacy education provides targeted information and resources to meet particular client needs.Acquisition of financial literacy education competencies alone does not provide sufficient foundation to undertake complex financial literacy education or financial counselling. Where financial issues have the potential to become complex, clients should be referred to a qualified financial counsellor. The skills in this unit must be applied in accordance with Commonwealth and State/Territory legislation, Australian/New Zealand standards and industry codes of practice.
Notes
Elements and Performance Criteria
1. Assist client groups to understand the role of budgeting in personal financial management
  • 1.1 Explain the concept of budgeting in the lives of different clients
  • 1.2 Explain the importance of effective budgeting to meet regular and irregular expenses and relate this to different stages of life
  • 1.3 Explain the importance of setting financial goals and analyse in relation to client’s goals and priorities
  • 1.4 Identify and address barriers that might prevent financial goals being achieved
  • 1.5 Explain the types of behaviours and skills required for successful budgeting
2. Assist clients to identify key principles of budgeting and money management
  • 2.1 Explain different styles of budgets and plans
  • 2.2 Identify types of regular and irregular expenses
  • 2.3 Identify appropriate payment options to suit the budgeting style
  • 2.4 Discuss important of record keeping in relation to spending
  • 2.5 Assist client to understand basic paperwork relevant to their money management needs
  • 2.6 Identify appropriate record keeping method for the client
3. Assist client to develop a personal budget
  • 3.1 Explain components of a personal budget
  • 3.2 Assist client to identify and list all income and expenditure for a relevant period of time
  • 3.3 Identify regular and irregular items of expenditure and project these expenses over a future length of time in relation to income periods
  • 3.4 Identify surplus or deficit and discuss with the clients in relation to their stated priorities
  • 3.5 Encourage clients to allocate surplus funds towards meeting identified financial goals
4. Provide resources to assist client to self manage their finances on an ongoing basis
  • 4.1 Provide the client with budgeting tools to assist in developing own personal budget to suit their particular needs
  • 4.2 Discuss strategies and tips to successfully manage a personal budget
  • 4.3 Provide relevant community information and resources to assist client in meeting their financial needs
  • 4.4 Assist clients to identify when a budget requires review
  • 4.5 Refer to specialist services or financial counselling according to clients needs
No information
No information
Replaces
State Code National Code Title Type
D2534 CHCFLE302A Educate clients in fundamental financial literacy skills Unit of competency