Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.

ELEMENT 

PERFORMANCE CRITERIA 

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Assist customers to identify financial goals and priorities

1.1 Gain understanding of customers’ financial situation through discussion and interviews with customers

1.2 Assist customers to identify short-term, medium-term and long-term financial goals that are specific, realistic and achievable

1.3 Identify and confirm financial priorities with customers, taking into consideration all aspects of financial situation

2. Discuss purposes of developing and implementing a personal budget

2.1 Discuss budgeting as a way to plan for payment of regular and irregular expenses with customers

2.2 Discuss purpose of budgeting, and behaviours and skills required to implement and monitor budget, with customers

3. Assist customers to develop budget

3.1 Assist customers to identify and list all income and expenditure for relevant period of time

3.2 Establish and project regular and irregular items of expenditure over future period, and identify and discuss surplus or deficit financial situation with customers

3.3 Encourage customers to allocate surplus funds towards meeting identified financial goals

4. Provide ongoing assistance to customers

4.1 Provide budgeting tools to customers to assist in developing own personal budgets for monthly and annual periods

4.2 Provide strategies and tips for implementing and managing personal budgets and finances to customers according to their needs

4.3 Encourage ongoing review of budgets by customers to ensure they remain relevant or are updated if necessary

Skill 

Performance Criteria 

Description 

Reading

1.3, 3.1

• Reviews and interprets information to determine customer needs analysing relevance, currency and accuracy

Writing

1.3, 3.1

• Records and prepares documents for customers using clear, concise and accurate language

Oral Communication

1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.2, 4.3

• Participates in verbal exchanges using clear language, terminology and concepts appropriate to the customer
• Uses questioning and active listening to elicit and clarify information

Numeracy

1.2, 1.3, 3.1-3.3, 4.1

• Performs a range of mathematical calculations to interpret financial information and calculate income, loan costs and repayments relevant to budgets and savings plans

Interact with others

1.1, 3.3

• Implements strategies for a diverse range of customers to build rapport and foster strong relationships
• Follows accepted communication practices and protocols, adjusting personal communication style in response to the particular needs, values, beliefs and cultural expectations of others

Get the work done

1.1-1.3, 2.1, 2.2, 3.1-3.3, 4.1-4.3

• Plans routine tasks and organises work according to defined requirements
• Uses systematic, analytical processes in routine and non-routine situations, gathering information, interpreting information and identifying and evaluating potential strategies
• Uses digital systems and tools to conduct research, design work processes and complete work tasks

Code and title  

current version 

Code and title 

previous version 

Comments 

Equivalence status 

FNSFLT501 Assist customers to budget and manage own finances

FNSFLT501A Assist customers to budget and manage own finances

Updated to meet Standards for Training Packages

Equivalent unit

Release 

Comments 

Release 1

This version first released with FNS Financial Services Training Package Version 1.0.