Unit of competency Outline

Date retreived
23/07/2026 6:00 AM AWST

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Promote basic financial literacy skills

Promote basic financial literacy skills

Unit of competency
National Code
FNSFLT503
State Code
AUR32
TGA Status
Replaced
DTWD Status
Transition (Replaced)
Current Release Number
1.00
Current Release Date
25/03/2015
View on TGA
State Implementation and Classification
Approved Date
16/09/2015
Field of Education
080101 - Accounting
Original Release Date
16/09/2015
Nominal Hours
30
Description
This unit describes the skills and knowledge required to develop clients’ basic financial literacy so they can make informed financial decisions, including the need and purpose of bank accounts, basic savings and investment principles, risk and return, and the role of insurance and superannuation.It applies to individuals in lending or counselling roles who use specialised knowledge and interpersonal skills to build the financial literacy skills of people with limited understanding of financial systems and the use and management of money.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
State Code National Code Title Type
D4117 FNSFLT503A Promote basic financial literacy skills Unit of competency
Replaced By
State Code National Code Title Type
OCZ71 FNSFLT513 Promote basic financial literacy in clients Unit of competency