Financial Capability unit standards

NZQA National Qualifications Services (NQS) is reviewing unit standards listed on the Directory of Assessment Standards (DAS) in the Financial Capability domain during 2020.

Current review progress

An application has been made to NZQA’s Quality Assurance Division for new versions of the Financial Capability unit standards to be registered.

Background

A review panel comprising of representatives from secondary schools, the Commission for Financial Capability, the Young Enterprise Trust and the Skills organisation was convened to review the standards in July 2020.  The panel identified the need to streamline the matrix and ensure all standards were providing fair and consistent performance criteria.  National consultation on the draft standards was conducted throughout September and October 2020 via the NZQA website.

Main changes

The main changes, in addition to amended titles and credits include:

  • updating legislation and guidance information
  • expiring US24699 and US28102 9 (due to low usage and outcomes overlapping with other related standards).
  • replacing the current Level 3 unit standard 28101 with a new single outcome standard and providing graded achievement criteria. Unit standard 28101 is proposed to expire.
  • consolidating the matrix matrix  (DOCX, 28KB)“themes” down from six to five. Managing money, Setting goals, Credit and debt, Saving and investing, Insurance and risk.  

The reviewed draft unit standards

Please note no assessment can occur against these standards until the listed versions are published.

 

ID Title Level Credits

24697 (PDF, 127KB)

Perform income-related calculations for personal financial capability

Perform income-related calculations for personal finances

1

1

2

2

24705 (PDF, 127KB)

Interpret and confirm accuracy of financial documents for personal financial capability

Interpret and confirm accuracy of personal financial documents

1

1

2

2

24709 (PDF, 136KB)

Produce a balanced budget to manage personal finances

Produce a budget to manage personal finances

1

1

3

3

28087 (PDF, 133KB)

Demonstrate understanding of the effect of life stages on personal income

1

3

28088 (PDF, 138KB)

Demonstrate understanding of credit and debt on personal finances

1

3

28089 (PDF, 130KB)

Demonstrate understanding of personal financial goal setting

1

3

28090 (PDF, 142KB)

Demonstrate knowledge of personal financial saving and investment options for given scenario(s)

1

3

28091 (PDF, 134KB)

Explain risks and risk management strategies for personal finances

1

3

29558 (PDF, 124KB)

Demonstrate understanding of personal credit history

1

3

 

ID

Title

Level

Credits

24695 (PDF, 127KB)

Explain taxation and other deductions relating to personal income

2

2

24699 (PDF, 120KB)

EXPIRING

Make an informed decision relating to personal income and explain its impacts

2

2

28092 (PDF, 135KB)

Analyse the effect of significant life events at different life stages on personal financial income

2

3

28093 (PDF, 136KB)

Describe the financial responsibilities and consequences of tertiary study funding options

2

3

28094 (PDF, 142KB)

Produce a balanced household budget and adjust the budget to reflect changing financial circumstances

Produce a household budget, set a financial goal and adjust the budget to achieve the goal

2

3

28095 (PDF, 143KB)

Analyse personal financial investment options

Analyse personal financial savings and investment options

2

3

28096 (PDF, 142KB)

Demonstrate understanding of insurance products for personal financial capability

Demonstrate understanding of insurance products as risk management strategies

2

3

28097 (PDF, 139KB)

Analyse and select banking products and services in relation to personal finances

2

3

 

ID

Title

Level

Credits

28098 (PDF, 131KB)

Evaluate options to increase personal income

3

3

28099 (PDF, 140KB)

Analyse credit options and select strategies to manage personal finances

Analyse and evaluate credit options and select debt management strategies to manage personal finances

3

3

28100 (PDF, 140KB)

Develop a plan to achieve a long-term personal financial goal(s)

Develop a plan using a budget to achieve a long-term personal financial goal

3

4

28101

 

New Graded (PDF, 143KB)

EXPIRING

Create a long-term personal financial investment portfolio

Analyse and evaluate savings and investment options to build a long-term personal investment portfolio

3

 

3

4

 

4

28102 (PDF, 131KB)

EXPIRING

Demonstrate understanding of risk and return on investment for a personal financial investment portfolio

3

4

28103 (PDF, 156KB)

Analyse and select personal financing options for purchasing a property

3

4

28104 (PDF, 134KB)

Analyse the impact(s) of external factors on personal finances

Analyse and select strategies to manage the impact of external risk factors on personal finances

3

4

Upcoming reviews

The next review of Financial Capability unit standards is scheduled for 2025

Resources and links

Completed reviews

July 2016 – Review of Financial Capability unit standards

Details are available in the July 2016 Review of Financial Capability unit standards change report.

Contact

For more information and/or comments regarding these unit standards, please email: nqs@nzqa.govt.nz.

 

 
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