1.
TITLE:
Research the influence of culture and diversity on attitudes to
creating and managing wealth
____________________________________________________________________________
2.
UNIT STANDARD NUMBER:
242566
3.
LEVEL ON NQF:
5
4.
CREDITS:
3
5.
FIELD:
Sub Field:
Business, Commerce and Management Studies
Finance, Economics and Accounting
6.
PURPOSE:
This Unit Standard is intended for Intermediaries, Product Developers, Marketers,
Financial Planners, Broker Consultants and other learners in financial services who
require an awareness of cultural diversity and how this influences decisions about
financial needs.
The qualifying learner is capable of:

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7.
Researching cultural difference and customs and their implications in a
multicultural context.
Applying knowledge of culture and diversity to approaches to retirement provision
and investment practices.
Analysing attitudes to risk cover in different cultural groups.
Discussing the implications of cultural differences for business in the financial
services sector
LEARNING ASSUMED TO BE IN PLACE:
It is assumed that learners are competent in Communication and Mathematical Literacy
at NQF Level 4.
8.
SPECIFIC OUTCOMES AND ASSESSMENT CRITERIA:
Specific Outcome 1:
Research cultural differences and customs and their
implications for business in a multicultural context
Assessment Criteria:
1.1
The cultural differences in different communities are compared in terms of
attitudes to managing wealth.
1.2
Perceptions relating to a selected group are analysed and challenged to inform
financial advice.
Specific Outcome 2:
Apply knowledge of culture and diversity to
approaches to retirement provision and investment
practices
Assessment Criteria:
2.1
Needs and attitudes towards retirement are researched for diverse groups.
2.2
Attitudes to investment are explored for different cultural communities.
L5 influence culture 18 June 2006
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2.3
Entry strategies that are appropriate for different cultural markets are discussed
with due regard for cultural differences.
2.4
Existing products are analysed to determine appropriate products for different
cultural groups.
2.5
The underlying investment options of different investment vehicles are analysed
to match investments to attitudes and values.
Specific Outcome 3:
Analyse attitudes to risk cover in different cultural
groups
Assessment Criteria:
3.1
Attitudes to risk cover and related needs are researched for diverse groups.
3.2
Existing products are analysed and a financial solution is proposed for a selected
group with specific needs and values.
Specific Outcome 4:
Discuss the implications of cultural differences for
business in the financial services sector
Assessment Criteria:
9.
4.1
Issues and circumstances that have influenced own world view are examined in
order to better understand one’s personal attitudes and values and their impact
on relationships.
4.2
The implications and challenges of stereotyping clients are discussed with
specific reference to issues of diversity and individual differences.
4.3
Implications of issues of diversity for client relations are explored as a means to
being comfortable with diverse clients and dealing with difference.
ACCREDITATION AND MODERATION:
1. Anyone assessing a candidate against this Unit Standard must be registered as
an assessor with the relevant ETQA or ETQA where a Memorandum of
Understanding (MOU) exists with the relevant ETQA.
2. Any institution offering learning that will enable achievement of this Unit Standard
must be accredited as a provider through the relevant ETQA or ETQA where a
Memorandum of Understanding (MOU) exists with the relevant ETQA.
3. Moderation of assessment will be overseen by the relevant ETQA according to
the moderation guidelines and the agreed ETQA procedures.
10.
RANGE STATEMENT:
The typical scope of this Unit Standard is:
 Issues of culture and diversity, social group affiliations and membership of
organisations.
 Cultural diversity in South Africa, Africa and the world.
 Risk cover includes, but is not limited to death, funeral, disability, dread disease,
trauma and short term insurance.
 Cultural differences include, but are not limited to, urban/rural diversity,
geographic, gender and age.
11.
NOTES:
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
CRITICAL CROSS FIELD and DEVELOPMENTAL OUTCOMES:
This Unit Standard supports in particular, the following Critical Cross-field
Outcomes at Level 5:
1. The learner is able to identify and solve problems in which responses show
that responsible decisions using critical and creative thinking have been
made in proposing solutions with due regard for cultural diversity.
2. The learner is able to collect, organise and critically evaluate information in
analysing the underlying investment options of different investment vehicles
and researching cultural differences and customs.
3. The learner is able to communicate effectively in proposing entry strategies
for retirement fund products.
Search words: culture; diversity, behaviour
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