Unit of competency Outline

Date retreived
22/07/2026 8:07 PM AWST

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Be MoneySmart

Be MoneySmart

Unit of competency
National Code
FNSFLT301
State Code
AUQ99
TGA Status
Replaced
DTWD Status
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
081199 - Banking, Finance And Related Fields, N.e.c.
Original Release Date
16/09/2015
Nominal Hours
35
Description
This unit describes the skills and knowledge required to develop, maintain and enhance understanding of personal finance matters, including taxation, superannuation and insurance.It applies to individuals who build financial literacy in workplaces, schools, adult and community learning organisations or registered training organisations. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling and advisory organisations.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Demonstrate knowledge of personal financial matters
  • 1.1 Determine how career choice, education and skills affect income and goal attainment
  • 1.2 Identify short-term and long-term financial goals
  • 1.3 Identify tax matters relating to personal income
  • 1.4 Explain impact of consumer and financial behaviour on personal spending
  • 1.5 Explain how insurance and other risk management strategies protect against financial loss
  • 1.6 Identify components of superannuation relevant to individual income earners
2. Manage personal finances
  • 2.1 Compare benefits and costs of alternatives in spending decisions
  • 2.2 Identify purpose of planning personal finances
  • 2.3 Make personal financial choices based on logical decision making
  • 2.4 Evaluate consequences of personal financial decisions, including contracts
  • 2.5 Develop methods and systems (including electronic) to stay in control of personal cash flow, spending and use of debt
3. Build knowledge of personal financial matters
  • 3.1 Explore and evaluate factors that affect personal credit worthiness
  • 3.2 Seek advice from a specialist or mentor where required
  • 3.3 Develop systems for maintaining up-to-date knowledge about personal finances and career opportunities to achieve goals
  • 3.4 Identify reliable sources of ongoing information relevant to personal career and financial goals
No information
No information
Replaces
State Code National Code Title Type
WG851 FNSFLT301A Be MoneySmart Unit of competency
Replaced By
State Code National Code Title Type
OCZ76 FNSFLT311 Develop and apply knowledge of personal finances Unit of competency