Field Core Generic
Review of Personal Financial Management unit standards
|
Subfield |
Domain |
ID |
|
Core Generic |
Personal Financial Management |
24695, 24697, 24699, 24705, 24709, 28087-28104 |
NZQA National Qualifications Services has completed the review of the unit standards listed above.
Date new versions published July 2016
Planned review date December 2020
Summary
The standards in domain Personal Financial Management were reviewed as part of NZQA National Qualification Services’ regular review cycle.
In December 2013 NZQA registered 18 new standards and new versions for 5 existing unit standards in Personal Financial Management. These standards at levels 1-3 on the NZQF are being increasingly used in secondary schools, tertiary providers, and workplace training.
A review panel comprising of representatives from secondary schools, tertiary providers, an Industry Training Organisation, the Commission for Financial Capability, Young Enterprise Trust, and The NZ Federation of Family Budgeting Services was convened to review the standards. The panel identified the need for a unit standard relating to credit history. A new unit standard was developed. National consultation on the 24 draft standards was conducted throughout February 2016 via the NZQA website.
Main changes
· Classification of the standards was changed to the domain Financial Capability to align with Government initiatives and appeal to a wider audience.
· Development of new Level 1 unit standard 29558 to cover personal credit history.
· Update of relevant legislation, references, terminology and URL.
· Modification of range statements to allow for flexibility in assessment design and eliminate potential for over assessment.
· Amendment of grade criteria to clarify grade boundaries.
· Amendments to some outcomes and evidence requirements across the set for clarity.
· Credit value for unit standard 24697 increased from 1 to 2 credits to better reflect the time required to complete the standard.
· Credit value for unit standard 28103 increased from 3 to 4 credits to better reflect the time required to complete the standard.
· The last date for assessment of superseded versions of the unit standards is December 2018.
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 |
|
Domain |
Core Generic > Core Generic >Personal Financial Management |
3 |
Domain |
Core Generic > Core Generic >Financial Capability |
3 |
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 NZQA National Qualifications Services qualifications are impacted by the outcome of this review and will expire in 2018. The classifications and/or standards that generated the status Affected are listed in bold.
|
Ref |
Qualification Title |
Classification or ID |
|
1079 |
National Certificate in Mathematics (Level 1) |
Personal Financial Management |
|
1080 |
National Certificate in Mathematics (Level 2) |
Personal Financial Management |
|
0231 |
National Certificate in Employment Skills |
Personal Financial Management |
The following table identifies qualifications developed by other SSBs that are impacted by the outcome of this review. These qualifications will expire in 2019. The SSBs have been advised of the change. The classifications and/or standards that generated the status Affected are listed in bold.
|
Ref |
Qualification Title |
Classification or ID |
SSB Name |
|
0189 |
National Certificate in Commercial Road Transport (Introductory Skills) (Level 1) |
Personal Financial Management |
MITO New Zealand Incorporated |
|
0215 |
National Certificate in Equine (Introductory Stable Skills) (Level 2) |
Personal Financial Management |
Primary Industry Training Organisation |
|
0216 |
National Certificate in Equine (Level 4) with strands in Sporthorse Stable Attendant, Harness Racing, Sporthorse Competitor, Jockey, and Advanced Track Rider |
Personal Financial Management |
Primary Industry Training Organisation |
|
0654 |
National Certificate in Equine (Stable Procedures) (Level 3) with strands in Harness Racing Stable Assistant, Sporthorse Stable Assistant, Thoroughbred Racing Stable Assistant, and Thoroughbred Racing Track Rider |
Personal Financial Management |
Primary Industry Training Organisation |
|
1502 |
National Certificate in Furniture (Level 2) with strands in Introductory Furniture Finishing Skills, Introductory Furniture Making Skills, and Introductory Upholstery Skills |
Personal Financial Management |
Competenz |
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
Core Generic > Core Generic > Financial Capability
|
ID |
Title |
Level |
Credit |
Review Category |
|
24695 |
Explain taxation and other deductions relating to personal income |
2 |
2 |
B |
|
24697 |
Perform income-related calculations for personal financial management Perform income-related calculations for personal financial capability |
1 |
1
2 |
B |
|
24699 |
Make an informed decision relating to personal income and explain its consequences Make an informed decision relating to personal income and explain its impacts |
2 |
2 |
B |
|
24705 |
Interpret financial documents and verify accuracy of financial documents for personal financial management Interpret and confirm accuracy of financial documents for personal financial capability |
1 |
2 |
B |
|
24709 |
Produce a balanced budget to manage personal finances |
1 |
3 |
B |
|
28087 |
Demonstrate understanding of the effect of life stage factors on personal income sources Demonstrate understanding of the effect of life stages on personal income |
1 |
3 |
B |
|
28088 |
Demonstrate understanding of manageable and unmanageable credit and debt Demonstrate understanding of credit and debt on personal finances |
1 |
3 |
B |
|
28089 |
Demonstrate understanding of personal financial goal setting |
1 |
3 |
B |
|
28090 |
Demonstrate knowledge of personal financial saving and investment options Demonstrate knowledge of personal financial saving and investment options for given scenario(s) |
1 |
4 |
B |
|
28091 |
Describe risks and basic risk management strategies for personal finances Explain risks and risk management strategies for personal finances |
1 |
3 |
B |
|
28092 |
Analyse the effect of significant life events at different life stages on personal financial income |
2 |
3 |
B |
|
28093 |
Describe the future financial responsibilities of utilising tertiary study funding options Describe the financial responsibilities and consequences of tertiary study funding options |
2 |
3 |
B |
|
28094 |
Produce a balanced budget and adjust the budget to reflect changing financial circumstances Produce a balanced household budget and adjust the budget to reflect changing financial circumstances |
2 |
3 |
B |
|
28095 |
Analyse personal financial investment opportunities Analyse personal financial investment options |
2 |
3 |
B |
|
28096 |
Evaluate and select insurance product types in relation to events for personal finances Demonstrate understanding of insurance products for personal financial capability |
2 |
3 |
B |
|
28097 |
Evaluate and select personal banking products and services in relation to personal financial needs Analyse and select banking products and services in relation to personal finances |
2 |
3 |
B |
|
28098 |
Evaluate options to increase personal income |
3 |
3 |
B |
|
28099 |
Analyse and compare credit options and recommend strategies to manage personal finances Analyse credit options and select strategies to manage personal finances |
3 |
3 |
B |
|
28100 |
Develop a plan to achieve a long-term personal financial goal(s) |
3 |
4 |
B |
|
28101 |
Plan a long-term personal financial investment portfolio Create a long-term personal financial investment portfolio |
3 |
4 |
B |
|
28102 |
Demonstrate understanding of risk and return for a personal financial investment portfolio Demonstrate understanding of risk and return on investment for a personal financial investment portfolio |
3 |
4 |
B |
|
28103 |
Analyse and select personal house financing and purchase options Analyse and select personal financing options for purchasing a property |
3 |
3
4 |
B |
|
28104 |
Analyse the impact(s) of external factors on personal finances |
3 |
3 |
B |
|
29558 |
Demonstrate understanding of personal credit history |
1 |
2 |
New |