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Financial Capability unit standards
Current review
NZQA National Qualifications Services (NQS) is reviewing unit standards listed on the Directory of Assessment Standards (DAS) in the Financial Capability domain during 2020.
Consultation on reviewed Financial Capability unit standards 2020
Feedback on the reviewed 24 standards is now being invited.
The standards are being reviewed to maintain their currency, in collaboration with primary users of the standards in secondary schools and community education and tertiary training establishments.
Consultation closes on Friday 16 October 2020.
The major changes proposed, in addition to amended titles and credits (in bold), include:
- updating legislation and guidance information
- expiring US24699 and US28102
- 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 (DOCX, 28KB) “themes” down from six to five.
Please note: these drafts are for consultation purposes only. No assessment can occur against these standards until the listed versions are published.
The reviewed and amended draft unit standards
| ID | Title | Level | Credits |
|
Perform income-related calculations for personal financial capability Perform income-related calculations for personal finances |
1 1 |
2 2 |
|
|
Interpret and confirm accuracy of financial documents for personal financial capability Interpret and confirm accuracy of personal financial documents |
1 1 |
2 2 |
|
|
Produce a balanced budget to manage personal finances Produce a budget to manage personal finances |
1 1 |
3 3 |
|
|
Demonstrate understanding of the effect of life stages on personal income |
1 |
3 |
|
|
Demonstrate understanding of credit and debt on personal finances |
1 |
3 |
|
|
Demonstrate understanding of personal financial goal setting |
1 |
3 |
|
|
Demonstrate knowledge of personal financial saving and investment options for given scenario(s) |
1 |
3 |
|
|
Explain risks and risk management strategies for personal finances |
1 |
3 |
|
|
Demonstrate understanding of personal credit history |
1 |
3 |
|
ID |
Title |
Level |
Credits |
|
Explain taxation and other deductions relating to personal income |
2 |
2 |
|
|
EXPIRING Make an informed decision relating to personal income and explain its impacts |
2 |
2 |
|
|
Analyse the effect of significant life events at different life stages on personal financial income |
2 |
3 |
|
|
Describe the financial responsibilities and consequences of tertiary study funding options |
2 |
3 |
|
|
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 |
|
|
Analyse personal financial investment options Analyse personal financial savings and investment options |
2 |
3 |
|
|
Demonstrate understanding of insurance products for personal financial capability Demonstrate understanding of insurance products as risk management strategies |
2 |
3 |
|
|
Analyse and select banking products and services in relation to personal finances |
2 |
3 |
|
ID |
Title |
Level |
Credits |
|
Evaluate options to increase personal income |
3 |
3 |
|
|
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 |
|
|
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 |
|
|
|
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 |
|
EXPIRING Demonstrate understanding of risk and return on investment for a personal financial investment portfolio |
3 |
4 |
|
|
Analyse and select personal financing options for purchasing a property |
3 |
4 |
|
|
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 |
Feedback
We invite comment on any aspect of these reviewed assessment standards. Please send your responses to nqs@nzqa.govt.nz by Friday 16 October 2020.
Resources and links
- Matrix - 2017 (DOCX, 18KB)
- Financial Capability Assessment Support Material
- Financial Capability Progressions
- Curriculum Resources
- Sorted in Schools
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.