Unit of competency Outline

Date retreived
22/07/2026 8:20 AM AWST

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Develop and use a savings plan

Develop and use a savings plan

Unit of competency
National Code
FNSFLT202
State Code
AUQ97
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
20
Description
This unit describes the skills and knowledge required to develop and implement a savings plan to achieve identified goals and includes understanding the role of the savings plan, the risk/return relationship and how to determine appropriate savings vehicles to maximise savings. It has wide application and may be used in workplaces, schools, adult and community learning organisations or registered training organisations to build the financial literacy of learners. The unit may also be used as part of pre-vocational or new apprenticeship programs, or as part of services provided by counselling or advisory organisations.It applies to individuals who use new ideas and techniques to develop personal financial literacy skills.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Discuss place of saving and investing today
  • 1.1 Discuss impact of increasingly high cost of living in western society, using examples from domestic environment
  • 1.2 Discuss increasing levels of consumer debt in Australia with reference to current issues
  • 1.3 Identify and discuss importance of setting financial goals and developing a saving and investment plan at different stages of an individual's life
  • 1.4 Identify and discuss different attitudes to savings and investment and explore own spending habits
2. Understand risk as it relates to saving and investing
  • 2.1 Use examples to explain concept of risk and risk versus return
  • 2.2 Determine individual’s risk profile based on current and future requirements and individual’s level of risk aversion
  • 2.3 Identify, assess and discuss impact of inflation on earnings power of money
3. Develop own savings plan
  • 3.1 Identify personal savings goals, quantify into dollar amounts and arrange in order of priority
  • 3.2 Develop personal budget to reveal funds available to contribute towards savings goals
  • 3.3 Investigate range of financial product options available to maximise earnings on savings and select most appropriate according to own requirements
4. Implement own savings plan
  • 4.1 List documentary requirements, including evidence of personal identity and steps needed to gather necessary documentation
  • 4.2 Start savings plan, using existing or new financial savings account or product, and monitor for short period of time
  • 4.3 Make adjustments to savings goal where it is realised that goal is unattainable
No information
No information
Replaces
State Code National Code Title Type
D4110 FNSFLT202A Develop and use a savings plan Unit of competency
Replaced By
State Code National Code Title Type
ODK07 FNSFLT212 Develop and use savings plans Unit of competency