Field Core Generic
Review of Personal Financial Management unit standards
|
Subfield |
Domain |
ID |
|
Core Generic |
Personal Financial Management |
24695-24697, 24699, 24701-24705, 24707-24710, 25242, 25246, 25247 |
NZQA National Qualifications Services has completed the review of the unit standards listed above.
Date new versions published December 2013
Planned review date December 2016
Summary
In 2008 and 2009 NZQA developed and registered 16 unit standards in Personal Financial Management for use in secondary and tertiary education and workplace training. These standards, at Levels 1-3 on the NZQF have had considerable usage, primarily in the secondary school sector, but are also being increasingly used in tertiary and workplace contexts (including Vocational Pathways). In 2011, NQS initiated the review of these unit standards as part of a normal review cycle.
A Project Advisory Group was established and they recommended unit standards with Achieved, Merit and Excellence grades be developed, and that identified topic 'gaps' be filled by either reviewing existing standards or developing new standards. As a result a review panel comprised of representatives from secondary schools, Young Enterprise Trust and The NZ Federation of Family Budgeting Services was convened.
Eighteen new Personal Financial Management unit standards were developed, 17 of these with Achieved, Merit and Excellence grades. Assessment support material was developed to support the graded standards. National consultation on the draft standards was conducted throughout May/June 2013 via the NZQA website.
Main changes
· Seventeen new unit standards with Achieved, Merit and Excellence grades were developed.
· One new unit standard at Level 3 was developed with Achieved grade only.
· Unit standards 24695 and 24709 were reviewed and have title and/or credit value changes.
· Unit standards 24697, 24699, and 24705 were reviewed and have minor changes.
· Unit standards 24696, 24701, 24702, 24703, 24704, 24707, 24708, 24710, 25242, 25246, and 25247 were designated expiring without replacement. However, some components of these standards have been incorporated into the new standards.
Category D unit standards will expire at the end of December 2015
Impact on existing organisations with consent to assess
|
Current consent for |
Consent extended to | ||||
|
Nature of consent |
Classification or ID |
Level |
Nature of consent |
Classification or ID |
Level |
|
Standard |
24701 |
1 |
Standard |
28088 |
1 |
|
Standard |
24702 |
2 |
Standard |
28088 |
1 |
|
Standard |
24704 |
2 |
Standard |
28097 |
2 |
|
Standard |
25246 |
2 |
Standard |
28091 |
1 |
Impact on registered qualifications
|
Key to type of impact | |
|
Affected |
The qualification lists a reviewed classification (domain or subfield) in an elective set The qualification lists a standard that has changes to level or credits The qualification lists a C or D category standard |
|
Not materially affected |
The qualification lists a standard that has a new title The qualification lists a standard that has a new classification |
The following table identifies qualifications developed by other SSBs that are impacted by the outcome of this review. The SSBs have been advised that the qualifications require revision. The standard that generated the status Affected is listed in bold.
|
Ref |
Qualification Title |
Classification or ID |
SSB Name |
|
0189 |
National Certificate in Commercial Road Transport (Introductory Skills)
|
24704 |
NZ Motor Industry Training Organisation (Incorporated) |
Detailed list of unit standards - classification, title, level, and credits
All changes are in bold.
|
Key to review category | |
|
A |
Dates changed, but no other changes are made - the new version of the standard carries the same ID and a new version number |
|
B |
Changes made, but the overall outcome remains the same - the new version of the standard carries the same ID and a new version number |
|
C |
Major changes that necessitate the registration of a replacement standard with a new ID |
|
D |
Standard will expire and not be replaced |
Core Generic > Core Generic > Personal Financial Management
|
ID |
Title |
Level |
Credit |
Review Category |
|
24695 |
Demonstrate knowledge of income, taxation, and other deductions for personal financial management Explain taxation and other deductions relating to personal income |
2 |
3
2 |
B |
|
24696 |
Demonstrate knowledge of personal income, credit, and taxation, and the impact of employment decisions on them |
3 |
5 |
D |
|
24697 |
Perform income-related calculations for personal financial management |
1 |
1 |
B |
|
24699 |
Make an informed decision relating to personal income and evaluate its consequences Make an informed decision relating to personal income and explain its consequences |
2 |
2 |
B |
|
24701 |
Demonstrate an introductory knowledge of credit for personal financial management |
1 |
2 |
D |
|
24702 |
Demonstrate knowledge of credit for personal financial management |
2 |
2 |
D |
|
24703 |
Demonstrate and apply knowledge of credit for personal financial management |
3 |
3 |
D |
|
24704 |
Demonstrate knowledge of banking products and services for personal financial management |
2 |
2 |
D |
|
24705 |
Interpret and verify accuracy of personal financial documents Interpret financial documents and verify accuracy of financial documents for personal financial management |
1 |
2 |
B |
|
24707 |
Set a personal financial goal and plan its implementation |
2 |
3 |
D |
|
24708 |
Set a complex personal financial goal and plan its implementation |
3 |
3 |
D |
|
24709 |
Produce a balanced budget for an individual Produce a balanced budget to manage personal finances |
1 |
3 |
B |
|
24710 |
Produce a balanced budget for a family or household |
2 |
3 |
D |
|
25242 |
Demonstrate knowledge of wealth creation through the personal financial planning process |
2 |
4 |
D |
|
25246 |
Demonstrate an introductory knowledge of risk and return for personal financial management |
2 |
2 |
D |
|
25247 |
Demonstrate knowledge of risk and return, and diversification for personal financial management |
3 |
3 |
D |
|
28087 |
Demonstrate understanding of the effect of life stage factors on personal income sources |
1 |
3 |
New |
|
28088 |
Demonstrate understanding of manageable and unmanageable credit and debt |
1 |
3 |
New |
|
28089 |
Demonstrate understanding of personal financial goal setting |
1 |
3 |
New |
|
28090 |
Demonstrate knowledge of personal financial saving and investment options |
1 |
4 |
New |
|
28091 |
Describe risks and basic risk management strategies for personal finances |
1 |
3 |
New |
|
28092 |
Analyse the effect of significant life events at different life stages on personal financial income |
2 |
3 |
New |
|
28093 |
Describe the future financial responsibilities of utilising tertiary study funding options |
2 |
3 |
New |
|
28094 |
Produce a balanced budget and adjust the budget to reflect changing financial circumstances |
2 |
3 |
New |
|
28095 |
Analyse personal financial investment opportunities |
2 |
3 |
New |
|
28096 |
Evaluate and select insurance product types in relation to events for personal finances |
2 |
3 |
New |
|
28097 |
Evaluate and select personal banking products and services in relation to personal financial needs |
2 |
3 |
New |
|
28098 |
Evaluate options to increase personal income |
3 |
3 |
New |
|
28099 |
Analyse and compare credit options and recommend strategies to manage personal finances |
3 |
3 |
New |
|
28100 |
Develop a plan to achieve a long-term personal financial goal(s) |
3 |
4 |
New |
|
28101 |
Plan a long-term personal financial investment portfolio |
3 |
4 |
New |
|
28102 |
Demonstrate understanding of risk and return for a personal financial investment portfolio |
3 |
4 |
New |
|
28103 |
Analyse and select personal house financing and purchase options |
3 |
3 |
New |
|
28104 |
Analyse the impact(s) of external factors on personal finances |
3 |
3 |
New |