Unit of competency Outline

Date retreived
22/07/2026 3:25 AM AWST

Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.

Educate clients in fundamental financial literacy skills

Educate clients in fundamental financial literacy skills

Unit of competency
National Code
CHCFLE302A
State Code
D2534
TGA Status
Replaced
DTWD Status
Replaced
Current Release Number
1.00
Current Release Date
25/03/2011
View on TGA
State Implementation and Classification
Approved Date
15/07/2014
Field of Education
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
15/07/2014
Nominal Hours
40
Description
DescriptorThis unit describes the skills and knowledge required to provide education for clients in fundamental financial literacy skills, such as preparing and using a budget to address identified goals and priorities
Notes
Elements and Performance Criteria
1. Assist client groups to understand the role of budgeting in personal financial management
  • 1.1 Explain the role of budgeting in the lives of different groups
  • 1.2 Identify 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 obstacles 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
3. Assist client to develop a personal budget
  • 3.1 Assist client to identify and list all income and expenditure for a relevant period of time
  • 3.2 Identify regular and irregular items of expenditure and project these expenses over a future period
  • 3.3 Identify surplus or deficit and discuss with the client
  • 3.4 Encourage client to allocate surplus funds towards meeting identified financial goals
  • 3.5 Assist client to understand basic paperwork relevant to their money management needs
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
RANGE STATEMENT

The Range Statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Add any essential operating conditions that may be present with training and assessment depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts.


Client groups may include but are not limited to:
Church and community groups
Schools
Vulnerable and at risk client groups


Causes of financial exclusionmay relate to, for example:
Low levels of literacy and numeracy
Mental health issues
Cultural and language background
Alcohol and other drugs issues
Domestic violence issues
Age
High cost of credit, fees and charges


Delivery of financial literacy education may include:
Individuals
Families
Groups
Identified target communities and groups


Obstacles may include, for example:
Family dynamics
Support network
Instability in housing or homelessness
Numeracy and literacy issues


Paperwork may include:
Utility accounts
Bank statements
Insurance documentation
EVIDENCE GUIDE

The evidence guide provides advice on assessment and must be read in conjunction with the Performance Criteria, Required Skills and Knowledge, the Range Statement and the Assessment Guidelines for this Training Package.

Critical aspects for assessment and evidence required to demonstrate this unit of competency:
The individual being assessed must provide evidence of specified essential knowledge as well as skills
This unit is best assessed in the workplace or in a simulated workplace under the normal of range conditions
Assessment should be gathered on one or more occasions but must reflect the normal range of client situations encountered in the workplace


Access and equity considerations:
All workers in community services should be aware of access, equity and human rights issues in relation to their own area of work
All workers should develop their ability to work in a culturally diverse environment
In recognition of particular issues facing Aboriginal and Torres Strait Islander communities, workers should be aware of cultural, historical and current issues impacting on Aboriginal and Torres Strait Islander people
Assessors and trainers must take into account relevant access and equity issues, in particular relating to factors impacting on Aboriginal and/or Torres Strait Islander clients and communities


Context of and specific resources for assessment:
This unit can be assessed independently, however holistic assessment practice is encouraged with other community services units of competency, such as:
CHCFLE301A Work with clients needing financial literacy education
CHCFLE303A Educate clients to understand debt and consumer credit
Resources required for assessment of this unit include access to:
an appropriate workplace where assessment can take place or simulation of realistic workplace setting for assessment


Method of assessment:
In cases where the learner does not have the opportunity to cover all relevant aspects in the work environment, the remainder should be assessed through realistic simulations, projects, previous relevant experience or oral questioning on 'What if?' scenarios
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on Essential knowledge and skills and consideration of required attitudes
Where performance is not directly observed and/or is required to be demonstrated over a 'period of time' and/or in a 'number of locations', any evidence should be authenticated by colleagues, supervisors, clients or other appropriate persons
Replaced By
State Code National Code Title Type
AVB98 CHCEDU006 Improve clients' fundamental financial literacy skills Unit of competency