Unit of competency Outline

Date retreived
22/07/2026 7:03 AM AWST

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Develop and use savings plans

Develop and use savings plans

Unit of competency
National Code
FNSFLT212
State Code
ODK07
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
20
Description
This unit describes the skills and knowledge required to develop and implement a savings plan to achieve identified goals. 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.The unit applies to those 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. Identify own approach to risk for saving and investing
  • 1.1 Identify current and future requirements of savings
  • 1.2 Identify preferred level of risk aversion
  • 1.3 Determine own risk profile based on current and future requirements and level of risk aversion
2. Develop savings plan
  • 2.1 Identify personal savings goals
  • 2.2 Quantify savings goals as dollar amounts
  • 2.3 Prioritise savings goals
  • 2.4 Identify funds available to contribute towards savings goals using a personal budget
  • 2.5 Establish savings plan based on personal savings goals and available funds
3. Implement savings plan
  • 3.1 Research financial product options available
  • 3.2 Select most appropriate financial product according to own requirements
  • 3.3 Identify documentary requirements of financial product
  • 3.4 Use identified financial product to commence savings plan
  • 3.5 Monitor and update savings plan as required
No information
No information
Replaces
State Code National Code Title Type
AUQ97 FNSFLT202 Develop and use a savings plan Unit of competency