Title
Version
Level
NZSCED
DAS classification
Qualification developer
Next review
Approval date
New Zealand Certificate in Personal Financial Capability (Level 2)
1 Qualification type Certificate
2
081199
Credits 60
Management and Commerce > Banking, Finance and Related
Fields > Banking, Finance and Related Fields not elsewhere classified
Core Generic > Core Generic > Personal Financial Management
The Skills Organisation
December 2016
Any person or organisation may contribute to the review of this qualification by sending feedback to the qualification developer at reviewcomments@skills.org.nz.
20 March 2014
Strategic purpose statement
Graduate profile
The purpose of this qualification is to provide individuals with basic knowledge and skills to make informed financial decisions.
It is suitable for individuals who wish to manage their personal finances and have a basic understanding of financial support services.
New Zealand, individuals, and their communities will benefit from an increase in participation in quality financial education and increasing financial literacy. Graduates will have knowledge and skills for managing their personal finances in changing circumstances.
Graduates of this qualification will be able to:
– Recognise own financial behaviours when making personal financial choices with financial agencies.
– Use knowledge of a variety of income sources to identify and include methods and tools to manage personal income.
– Use knowledge of different methods and associated costs of spending and impacts of personal money attitude on spending to make informed spending decisions.
– Manage own debt by recognising the impacts and responsibilities when borrowing money.
– Identify and use tools and strategies to create and protect personal assets and wealth.
Qualification Reference 2248
© New Zealand Qualifications Authority 2014
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Education pathway
Employment pathway
This qualification recognises a range of basic personal financial literacy skills that provide a foundation for further learning in financial capabilities and/or for any area of employment that requires the application of such skills.
On completion of this qualification graduates may progress on to the New Zealand Certificate in Personal Financial Capability and
Financial Services (Level 3) [Ref: 2249].
Graduates of this qualification will be prepared for entry into a variety of New Zealand employment that requires foundation financial literacy skills.
Qualification award
Evidence requirements for assuring consistency
The candidate shall be awarded the qualification by the accredited Tertiary Education Organisation (TEO) where the programme has been completed.
The formal document certifying the award of this qualification includes the full qualification title, the date of award, and the logos of The Skills Organisation, the accredited TEO, and the NZQF.
As the qualification developer, The Skills Organisation will maintain a list of graduates of this qualification. The TEO will annually report the names of all graduates awarded the qualification to The Skills Organisation.
All TEOs offering this qualification (either arranging training or delivering programmes) must participate in the
Consistency Review.
TEOs are to seek feedback from the financial capability sector regarding their graduates meeting the qualification graduate profile outcomes.
Evidence may come from:
– Regular monitoring of trainee progression within either the TEO or the workplace including liaising with employers, teaching staff, training supervisors, and industry managers about the value of the training, graduates, and qualification, to the business.
– Feedback from major employers, employers' associations, and relevant industry bodies to ensure their members involved in the financial capability sector are satisfied with the qualification graduates.
– Regular cross-industry meetings (Industry Advisory
Groups) where the changing training needs of the industry can be discussed in light of technology changes, workplace practices, and graduate capabilities.
– Surveys of graduates and employers to determine if the graduates are appropriate for the workplace.
– Providing an alignment of programme outcomes or unit standards against the qualification outcomes.
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Credit transfer and recognition of prior learning arrangements
Guidelines for managing consistency are available and should be referred to on the NZQA website.
TEOs delivering programmes that lead to the award of this qualification may transfer credit and recognise prior learning in accordance with their own credit recognition policies and procedures.
These policies and procedures, and information about associated fees, must be available to the applicant prior to enrolment.
To facilitate credit transfer, education organisations must clearly demonstrate the equivalency or comparability between each of the outcomes in the graduate profile, and the assessment components of their programmes.
Credit transfer will be automatic where standards on the
Directory of Assessment Standards are used for assessment within programmes of study or training leading to this qualification.
Minimum standard of achievement and standards for grade endorsements
The minimum standard of achievement required for the award of the qualification will be the achievement of all graduate outcomes in the graduate profile through successful completion of an approved programme.
There are no grade endorsements for this qualification.
Entry requirements (including prerequisites to meet regulatory body or legislative requirements)
There are no regulatory body or legislative requirements.
Overarching conditions relating to the qualification
Conditions for programme structure
TEOs delivering programmes that lead to the award of this qualification must maintain current knowledge of the FLCF. This qualification is aligned to the FLCF foundation knowledge, and programmes must reflect this.
Conditions for programme context
N/A
Other conditions
Qualification Reference 2248
© New Zealand Qualifications Authority 2014
TEOs using unit standards may find additional literacy, numeracy and or digital literacy standards, or standards in other relevant domains.
Unit standards in the Personal Financial Management domain listed on the Directory of Assessment Standards can contribute towards the completion of each outcome for this qualification.
Additional resources for financial capability are: http://www.cflri.org.nz/financial-literacy/about-financial-
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literacy/financial-literacy-competency-framework https://www.sorted.org.nz/a-z-guides/kiwisaver .
Specific conditions relating to the Graduate profile
Qualification outcomes Conditions Mandatory or Optional
1 Recognise own financial behaviours when making personal financial choices with financial agencies.
Level 2 Credit 15
Programmes may include but are not limited to:
– personal, family and cross cultural money attitudes and behaviour
– differences and consequences associated with financial decisions
Consider: positive and negative; short, medium, and long term; combinations
– principles of budgeting and how to create, implement and review a budget
– knowledge of the financial sector and support agencies
Consider: banks, insurance companies, fund managers, credit unions, Accident
Compensation Corporation, Work and Income New Zealand, budget advisory services, Commission for
Financial Literacy and Retirement
Income.
Optional
2 Use knowledge of a variety of income sources to identify and include methods and tools to manage personal income.
Level 2 Credit 10
Programmes may include but are not limited to:
– identify and understand a variety of sources of income and the methods and tools available to manage income
Consider: wages, superannuation, salary, benefits, direct debit, direct credit, automatic payments, credit cards, phone banking, online banking
– income related records and their components
Consider: bank statements, payslip, receipts
– risks, costs and opportunities associated with the tools and methods of managing personal income
– basic taxation and how it relates to personal income.
Optional
Qualification Reference 2248
© New Zealand Qualifications Authority 2014
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3 Use knowledge of different methods and associated costs of spending and impacts of personal money attitude on spending to make informed spending decisions.
Level 2 Credit 10
Programmes may include but are not limited to:
– simple systems and methods to plan and manage spending
Consider: remittance accounts, bills, account recording and payment options, bank statements, online records,
ATM receipts, pay slips
– choices and differences between short and long term spending requirements for a given amount of money
Consider: spending vs not spending, buying new vs second hand, wants and needs, own and others attitudes/values
– different methods of spending and associated costs with each method
Consider: cash, credit card, hire purchase, consumer finance, store cards.
Optional
4 Manage own debt by recognising the impacts and responsibilities when borrowing money.
Level 2 Credit 10
Programmes may include but are not limited to:
– obligations, responsibilities, consequences and opportunities of borrowing money
Consider: good and bad debt, debt consolidation, refinancing, loans, mortgages, interest, hire purchase, bankruptcy
– implications of debt on budget management
– consumer credit rating, consumer rights, and the complaint process.
Optional
5 Identify and use tools and strategies to create and protect assets and wealth.
Level 2 Credit 15
Programmes may include but are not limited to:
– risks, implications and need to grow personal and household income and wealth over different life stages
Consider: savings, KiwiSaver, superannuation, investments
– need to be aware of money needed for retirement and the range of products available to help save for retirement
– financial role and terminology associated with financial advisers, institutions and their products
– comparisons of spending and saving options over short, medium and long term
– simple and compound interest
– different types of financial risks to individuals,
Optional
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families and communities and how to manage these
– need for having appropriate insurance
Consider: home, income, health, life, contents, and car/motorcycle
– concept and range of products available to create personal wealth
– basic property ownership structures
Consider: trusts, tenants in joint and common ownership, property relationship agreements
– need for a will as a form of asset protection.
Replacement information This qualification replaced the Certificate in Papa Whairawa – Financial
Literacy [AI2044].
For last dates of entry and last dates of award of the replaced qualification please contact Te W ānanga o
Aotearoa.
Version 1 of this qualification was republished June 2015 to update the Evidence requirements for managing consistency.
Qualification Reference 2248
© New Zealand Qualifications Authority 2014
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