Unit of competency Outline

Date retreived
22/07/2026 12:15 PM AWST

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Promote basic financial literacy in clients

Promote basic financial literacy in clients

Unit of competency
National Code
FNSFLT513
State Code
OCZ71
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
080101 - Accounting
Original Release Date
22/04/2021
Nominal Hours
30
Description
This unit describes the skills and knowledge required to promote basic financial literacy in clients so they can make informed financial decisions, including regarding 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 client’s financial awareness
  • 1.1 Identify client’s understanding of the Australian financial system and key features of the system
  • 1.2 Explain the Australian financial system and key features of the system to clients as required
  • 1.3 Identify key aspects of client’s own financial situations and discuss areas of concern
2. Discuss with client methods available for spending and saving money
  • 2.1 Identify and discuss with client options available for purchase of goods and services
  • 2.2 Identify and discuss with client the advantages and disadvantages of identified options
  • 2.3 Identify with client their necessity and means of opening and operating a bank account, and account options available for holding and saving money
  • 2.4 Identify and discuss with client advantages and disadvantages of identified account options
  • 2.5 Discuss with client methods to access funds
3. Discuss with client basic money management principles
  • 3.1 Discuss with client importance of record-keeping for tax purposes and individual money management
  • 3.2 Explain to client the benefits and methods of developing a savings plan and strategy, and the role of budgeting
  • 3.3 Explain to client methods of compiling and implementing a budget
  • 3.4 Explain to client relationship between risk and return
  • 3.5 Discuss with client techniques for evaluating alternative financial products and associated risks in relation to the client’s situation
4. Discuss with client other forms of savings and investment options
  • 4.1 Discuss with client the role and benefits of insurance for protection against risk
  • 4.2 Explain to client the role of superannuation and retirement planning
  • 4.3 Discuss with clients methods by which they can provide for and address their own future requirements
No information
No information
Replaces
State Code National Code Title Type
AUR32 FNSFLT503 Promote basic financial literacy skills Unit of competency