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2
Table of contents
About ASIC’s Be MoneySmart ................................................................................................................ 4
Overview .............................................................................................................................................. 4
Purpose of the workbook ................................................................................................................. 4
Audience .......................................................................................................................................... 4
Unit of competency supported ......................................................................................................... 4
Assessment ..................................................................................................................................... 5
Recognition of prior learning (RPL) ................................................................................................. 5
Student resources required for this module ..................................................................................... 5
Module 4: Debt management .................................................................................................................. 6
Assessment activity 1: Using MoneySmart calculators ....................................................................... 6
Assessment activity 2a: Comparing debt products ............................................................................. 8
Assessment activity 2b: The impact of saving................................................................................... 11
Assessment activity 3a: Paying off credit cards ................................................................................ 13
Assessment activity 3b: Comparing credit cards............................................................................... 14
Assessment activity 4: Making the right choice ................................................................................. 16
Assessment activity 5: Staying out of debt ........................................................................................ 17
Optional activity: Check your credit report ......................................................................................... 17
Assessment activities summary ............................................................................................................ 18
Trainer/assessor templates ................................................................................................................... 19
Competency record ........................................................................................................................... 19
Assessment record sheet .................................................................................................................. 19
Supervisor/third party declaration ...................................................................................................... 26
3
About ASIC’s Be MoneySmart
Overview
ASIC’s Be MoneySmart resource has five modules to help people develop the skills, knowledge and
behaviours required to effectively manage their own personal finances.
Module 1 – Saving, budgeting and spending
Module 2 – Personal tax
Module 3 – Superannuation
Module 4 – Debt management
Module 5 – Insurance
Each module comprises an online resource featuring the real-life stories of people who are working
through the challenges of managing their finances. A Trainer/Assessor Guide and Student Workbooks
support the modules.
You should refer to the copies of ASIC’s Be MoneySmart online modules provided by your training
organisation, or alternatively they can be found on ASIC's MoneySmart website at
moneysmart.gov.au/teaching.
Purpose of the workbook
This workbook is designed to be used in conjunction with ASIC’s Be MoneySmart online modules. A
teacher, trainer or workplace assessor can assess the completed activities.
Audience
These materials are designed for use by registered training organisations (RTOs) for vocational
education and training (VET) delivery and assessment. They may be used as part of an Australian
Apprenticeship, pre-apprenticeship or a pre-vocational program. However, they may also be used in
workplaces, schools, adult and community learning organisations or even as an adjunct to the
services provided by counselling and advisory organisations.
Unit of competency supported
These materials support the Be MoneySmart (FNSFLT301) unit of competency from the Financial
Services Training Package (FNS). This unit describes the performance outcomes, skills and
knowledge required to develop, maintain and enhance understanding of personal finance matters,
including taxation, superannuation and insurance.
The Be MoneySmart unit is an elective unit within the Certificate III in Financial Services Training
Package and can be imported for use in other training qualifications.
No licensing, legislative, regulatory or certification requirements apply to this unit at the time of
publication.
4
Assessment
The assessment activities in this workbook relate to competency standards and are aligned with the
Financial Services Training Package (FNS) according to information provided by the official National
Register of Information on Training Packages, training.gov.au (TGA).
This workbook provides activities and advice to enable the student to supply the trainer/assessor with
the evidence required to demonstrate competency in Be MoneySmart (FNSFLT301) including the
ability to:
 demonstrate knowledge of personal financial matters
 set personal financial goals and access opportunities for mentoring or advice on them
 access information to build on and maintain knowledge of factors affecting personal finances.
Once the student has completed the module and this workbook, they will need to arrange to complete
the oral assessment questions.
Templates for the trainer/assessor and the student to sign are at the end of this workbook.
Recognition of prior learning (RPL)
Students can use the assessment activities in this workbook to identify their current competency and
as evidence to support formal recognition of prior learning (RPL). Students might already have some
or all of the skills required for this unit. If students believe they can demonstrate these skills, they
should speak with their trainer/assessor about applying for skills recognition.
Student resources required for this module
 Student Workbook
 Computer and link to online module
 ASIC’s MoneySmart Interest-free deal calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/interest-free-deal-calculator
 ASIC’s MoneySmart Personal loan calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/personal-loan-calculator
 ASIC’s MoneySmart Mortgage calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/mortgage-calculator
 ASIC’s MoneySmart Credit card calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/credit-card-calculator
 Calculator
 Copies of a credit card statement
5
Module 4: Debt management
Time: 1 hour online and 2 hours Student Workbook
Watch the videos at screens 2 and 3.
Assessment activity 1: Using ASIC's MoneySmart calculators
Select a character scenario to follow or write one yourself. Use the table below to work through some
key considerations when deciding to make a purchase by accessing credit.
Scenarios
Your task
Bec’s television has broken down and she has
decided to buy a new one to replace it. She
went into a shop to check out the televisions
and decided on the spot to buy a huge ‘smart’
television, using a 12-month interest-free deal,
after talking to the salesperson. Bec was so
excited that she didn’t wait to shop around and
thought that the interest-free deal sounded
good. The television costs $1598.
Go to ASIC's MoneySmart Interest-free deal
calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/interest-freedeal-calculator and work out how much Bec will
really be paying for her television.
‘Want’ or ‘Need’?
Does Bec ‘want’ or ‘need’ this television?
Explain your answer.
What would happen if Bec couldn’t pay her full
instalment or if she missed a payment? Check
the advice provided on the Interest-free deal
calculator.
............................................................................
............................................................................................
............................................................................
............................................................................................
............................................................................
............................................................................................
............................................................................
............................................................................................
Will bought his dream car for his work at a cost
of $25 000 using a secured personal loan over
five years charging 9.5% interest with a $10 per
month account fee. Will found that he couldn’t
keep up the car loan repayments.
Go to ASIC's MoneySmart Personal loan
calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/personal-loancalculator and work out how much Will’s loan
was costing him.
‘Want’ or ‘Need’?
Did Will ‘want’ or ‘need’ this car? Explain your
answer.
Per month:...........................................................................
Total cost:............................................................................
Per month:...........................................................................
Total cost:............................................................................
............................................................................
............................................................................
............................................................................
6
Scenarios
Your task
Sally is a ‘snow bunny’ and loves to ski. The
trouble is skiing is an expensive hobby. Sally’s
friends have asked her to go on a ski holiday to
New Zealand in three months and she hasn’t
had time to save any money. Sally is thinking
about taking out an unsecured personal loan of
$3000 over 2 years at 13.9% interest with a $10
per month account fee. Sally needs to cover the
cost of a ski package, flights and spending
money.
Go to ASIC's MoneySmart Personal loan
calculator moneysmart.gov.au/tools-andresources/calculators-and-tools/personal-loancalculator and work out how much Sally’s loan
will cost her.
Per month:...........................................................
Total cost:............................................................
‘Want’ or ‘Need’?
Does Sally ‘need’ or ‘want’ this holiday? Explain
your answer.
............................................................................
............................................................................
............................................................................
............................................................................
Develop your own scenario to work on. Select a
‘large ticket’ item that you might plan to
purchase (e.g. house, white goods, car etc.).
List a realistic price for the item. Assume that
you will require either a personal loan or a
home loan (if you are planning a house
purchase). Check the market rate for the type of
loan you will need by visiting at least two
different providers, including one bank and one
credit union or building society.
Go to ASIC's MoneySmart Personal loan
calculator
moneysmart.gov.au/tools-andresources/calculators-and-tools/personal-loancalculator
OR if you are planning a house purchase go to
ASIC's MoneySmart Mortgage calculator
moneysmart.gov.au/tools-andresources/calculators-and-tools/mortgagecalculator
How much do you plan to borrow?
How much will your loan cost you?
............................................................................
Per month:...........................................................
Over what period of time will you repay the
loan?
Total cost:............................................................
............................................................................
What will the interest rate be?
............................................................................
‘Want’ or ‘Need’?
Do you ‘need’ or ‘want’ this item? Explain your
answer.
............................................................................
............................................................................
7
Scenarios
Your task
............................................................................
Assessment activity 2a: Comparing debt products
Tip:
Use a debit card not a credit card
Obtain a debit card to avoid the high interest charged on credit cards and to make purchases
using your own money to help avoid running into debt.
Watch the videos at screens 4 and 5.
If you were looking for a car, you wouldn’t buy the first one you saw. It’s the same when you borrow.
Look at lots of different products and compare interest rates, features, fees and charges. A small
difference in the interest rate can make a big difference to your repayments over time.
8
Using the internet to assist you in your research, select two different debt products and apply these to
each of the scenarios outlined in Assessment activity 1 above.
Explore the range of debt products available and how they might impact on how much Bec, Will, Sally
or you would have to pay for credit.
Make sure you check current interest rates and use either ASIC's MoneySmart Personal loan
calculator or ASIC's MoneySmart Credit card calculator. Go to moneysmart.gov.au/tools-andresources/calculators-and-apps/personal-loan-calculator or moneysmart.gov.au/tools-andresources/calculators-and-tools/credit-card-calculator.
If you are investigating home loan products, go to moneysmart.gov.au/borrowing-and-credit/homeloans/choosing-a-home-loan for a list of products.
9
Scenario
Bec
Wants to borrow $1598
and wants to pay this
back over 12 months.
Will
Wants to borrow
$25 000 and wants to
pay this back over
5 years.
Sally
Wants to borrow $3000
and wants to pay this
back over 2 years.
Your own scenario
Debt product 1
Debt product 2
Product type: ..................................
Product type: ...................................
.......................................................
........................................................
Interest rate: ...................................
Interest rate: ....................................
Monthly payment: ...........................
Monthly payment: ...........................
Total payment: ...............................
Total payment: ................................
Product type: ..................................
Product type: ...................................
.......................................................
........................................................
Interest rate: ...................................
Interest rate: ....................................
Monthly payment: ...........................
Monthly payment: ...........................
Total payment: ...............................
Total payment: ................................
Product type: ..................................
Product type: ...................................
.......................................................
........................................................
Interest rate: ...................................
Interest rate: ....................................
Monthly payment: ...........................
Monthly payment: ...........................
Total payment: ...............................
Total payment: ................................
Product type: ..................................
Product type: ...................................
.......................................................
........................................................
Interest rate: ...................................
Interest rate: ....................................
Monthly payment: ...........................
Monthly payment: ...........................
Total payment: ...............................
Total payment: ................................
Tip:
VET FEE-HELP
Some people are eligible to borrow money from the government to pay for course tuition fees.
VET FEE-HELP is available to assist eligible students studying higher level vocational
education and training (VET). Higher level VET qualifications are at the diploma level and
above. For further information regarding eligibility requirements visit studyassist.gov.au. There
are loan fees associated with this type of debt.
10
Assessment activity 2b: The impact of saving
Watch the videos at screens 4 and 5 again.
Help Bec, Will and Sally to make their savings work for them by putting their money into an account
where it will grow. Savings accounts are great because you can earn compound interest on your
savings.
Work through the scenarios in the table below to find out how Bec, Will and Sally might save for their
goals.
Scenario
Question
Answer
Bec
How much money will
Bec need to save
each month?
Go to ASIC's MoneySmart
Savings goals calculator
moneysmart.gov.au/tools-andresources/calculators-andtools/savings-goals-calculator
Bec decides she wants to save up to
purchase a ‘smart’ television that costs
$1598. She has an initial deposit of $300
and she wants to purchase the new
television in 12 months. She decides to
put money into an interest-earning
savings account with a fixed interest rate
of 4.5%.
Will
Will is 21 years old and has decided he
would like to purchase his first home in
seven years’ time. Will is committed to
saving $500 per month and already has
an initial deposit of $3000. He has
selected a savings account that has an
interest rate of 5.00% per annum (before
fees and tax).
Savings per month:
...............................................
What will the balance
of Will’s account be
after seven years?
Go to ASIC's MoneySmart
Compound interest calculator
moneysmart.gov.au/tools-andresources/calculators-andtools/compound-interestcalculator
Balance: .................................
Compound frequency is monthly.
Sally
Sally is 23 and she wants to purchase
her first home in seven years’ time. Sally
decides to open a bank account to save
a deposit. She is committed to saving
$300 per fortnight and already has an
initial deposit of $1200. Sally selects an
account with an interest rate of 5.00%
per annum (before fees and tax).
What will the balance
of Sally’s account be
after seven years?
Go to ASIC's MoneySmart
Compound interest calculator
moneysmart.gov.au/tools-andresources/calculators-andtools/compound-interestcalculator
Balance: .................................
Compound frequency is monthly.
11
Tip:
Saving for goals
The best way to save for short-term or long-term goals is to reduce your spending on
non-essential items, like entertainment, dining out, memberships or subscriptions. It is often
easier to stay on top of your spending if you use cash, EFTPOS or a debit card when shopping
instead of using a credit card or signing up to interest-free deals.
Tip:
Lenders’ mortgage insurance
Lenders’ mortgage insurance (LMI) is a type of insurance that credit providers take out to
protect themselves from borrowers not being able to repay the loan. The fee the lender
charges you for LMI can be many thousands of dollars and is usually added to your home loan
amount.
Credit providers normally charge you a one-off fee to cover this insurance if you borrow more
than 80% of the value of your home.
Whether you are charged LMI will also depend on your loan to value ratio (LVR). This is a
percentage that is calculated by dividing the amount of your home loan by the purchase price
(or appraised value) of the property you want to buy.
You can avoid paying LMI by saving a deposit that is more than 20% of the value of your
home. If it is not possible for you to save this much, you’ll need to factor the cost of your credit
provider’s mortgage insurance into your loan.
Generally, the higher the equity you have in the property (or the lower the LVR), the less
chance the lender will charge you a fee for LMI, and where they do, the fee will be less.
You may get a refund of some of the LMI premium you pay if your loan is paid out or if you
refinance in the first year or two. But if you refinance your home loan, you may have to pay a
new LMI premium (especially if you are increasing your loan amount).
12
Assessment activity 3a: Paying off credit cards
Watch the videos at screen 6.
Find a credit card statement to use for this activity. Use one of your own or ask the permission of a
family member to use theirs. The statement tells you how long it will take to pay off the credit card
balance using the minimum monthly amount. It will also identify how much you will need to pay per
month to pay off the balance in a couple of years. If you are not comfortable finding a statement,
assume a balance of $5000 and a minimum monthly payment of 2%.
Use ASIC's MoneySmart Credit card calculator. Go to moneysmart.gov.au/tools-andresources/calculators-and-tools/credit-card-calculator to see what happens if you increase the
monthly payment. Write your answers below.
 What is the original balance and minimum monthly payment?
 What happens if you increase the minimum payment by $40?
 What happens if you increase the minimum payment by $80?
Notes
13
Assessment activity 3b: Comparing credit cards
Watch the videos at screen 6 again.
The type of credit card you choose depends on how you want to pay off your debt. When comparing
credit cards you should consider interest rates, features, fees and charges, and interest-free periods.
You can access credit card comparison websites on the internet to help you choose which credit card
might be the right one for you.
Comparison websites can be helpful when you’re shopping around for insurance, credit cards, home
loans, investments or bank accounts. When using comparison websites you should:
 identify key features to compare
 shop around
 make a short list of potential products
 get more details
 make an informed decision.
Go to moneysmart.gov.au/borrowing-and-credit/borrowing-basics/using-comparison-websites to find
out more about using comparison websites.
Credit card features
Card A
Card B
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
.............................................
Account interest-free period
Interest rates
Annual fee
Other features
Credit card limit
14
Tip:
Credit card: whose money?
Credit cards allow you to borrow money up to a certain limit as long as you make regular
minimum repayments. Most credit cards have an annual fee. Credit cards tend to have higher
interest rates than other forms of credit, and the rate can vary depending on what features the
card offers. You are charged interest on all outstanding transactions if you don’t pay your full
balance each month.
If you have a card without an interest-free period, you pay interest either from the day you
make a purchase or from the day your monthly statement is issued. Unless you use a card
that has an interest-free period, is fee-free and you pay it off in full each month, buying items
with a credit card will always cost you more than if you pay with cash.
Some people make the mistake of thinking that their credit card limit is their money to spend.
Don’t forget that it is in your best interests to spend as little as you can on credit as it is not
your money and you may have to pay interest to use it.
15
Assessment activity 4: Making the right choice
Watch the videos at screens 7 to 9.
Consider again the scenarios in Assessment activity 1. Using the information you have learnt
throughout this module, review the original decisions made by Bec, Will, Sally or the decision you
made for yourself in your own scenario.
What advice would you provide to each character? Should they use a particular debt product? If so,
which one suits them best? Or, rather than using a debt product, should each character:
 buy something cheaper
 save some money first
 change their plan?
Write your advice in the table below. Add the information and advice for your own scenario.
Character
Original choice
Bec
Debt product: interest-free deal
Will
Debt product: secured personal loan
Sally
Debt product: unsecured personal
loan
Your advice
You
16
Assessment activity 5: Staying out of debt
Watch the videos at screens 7 to 9 again.
It is easy to borrow money these days – and even easier to get into debt. Don’t give up if you are
having trouble managing your debts. There are always options available to you and people who can
help you. Visit moneysmart.gov.au/managing-your-money/managing-debts and select one category
to explore. Create and list three tips that you could share with others who are struggling to manage
their debts.
Topics may include:
 making repayments
 trouble with debt
 problems paying your mortgage or rent
 dealing with debt collectors, including phone and internet providers
 consolidating and refinancing debts
 financial counselling
 free legal advice
 how to get out of travel debt.
Tip 1
Tip 2
Tip 3
Optional activity: Check your credit report
If you have a credit card, a personal loan or a home loan, consider getting a free credit report from a
credit-reporting agency. Use the list of credit-reporting agencies on ASIC's MoneySmart website. Go
to moneysmart.gov.au/borrowing-and-credit/borrowing-basics/credit-reports#Get.
Tip:
Credit-reporting agencies
Don’t search for credit-reporting agencies over the internet, as you may find fake sites offering
‘free credit reports’ that are really out to scam you. If you want to contact a credit-reporting
agency online, type its URL into the address bar of your web browser.
17
Assessment activities summary
Trainers or assessors should use this template to record details of any issues/feedback they
wish to provide to the student in relation to their responses to the assessment activities.
Alternatively they can record feedback next to the appropriate activity in the body of the
Student Workbook.
I declare that completion of the assessment activities in this Student Workbook is my
own work.*
* Students need to arrange for this Student Workbook to be submitted to their trainer/assessor
for signing.
.......................................................
.......................................................
....................
Student name
Student signature
Date
.......................................................
.......................................................
....................
Trainer/assessor name
Trainer/assessor signature
Date
Comments
18
Trainer/assessor templates
Competency record
After assessment the competency record should be completed and signed by the student,
trainer/assessor and the supervisor. If competency is not achieved at the first attempt, strategies to
address gaps in performance need to be identified and a time for reassessment arranged.
Assessment record sheet
FNSFLT301 Be MoneySmart
Element
Performance criteria
Evidence provided/
observed/context
1. Demonstrate an
understanding of
personal financial
matters
1.1 Determine how career
choice, education and
skills affect income
and goal attainment
Module 1: A3, Q2
1.2 Identify short- and
long-term financial
goals
Module 1: A3, Q2, Q6
1.3 Identify tax matters
relating to personal
income
Module 2: A1a, A1b,
A2a, A2b, A3, Q1, Q2,
Q3, Q4, Q5, Q6, Q7
1.4 Evaluate impact of
consumer and
financial behaviour on
personal spending
Module 1: A1, A2, Q5
1.5 Evaluate how
insurance and other
risk-management
strategies protect
against financial loss
Module 5: A1a, A1b,
A2a, A2b, A2c, A3, Q1,
Q2, Q3, Q4, Q5, Q6
1.6 Identify the
components of
superannuation
relevant to individual
income earners
Module 3: A1, A2, A3a,
A3b, A4a, A4b, A4c, A5,
Q1, Q2, Q3, Q4, Q5, Q6
2.1 Compare the
benefits and costs
of alternatives in
spending decisions
Module 4: A1, A2a, A4,
Q3, Q4
2.2 Identify the purpose of
planning personal
finances
Module 1: A4a, A5, Q3,
Q4
2. Manage personal
finances
Initial and
date
Module 4: A2b
19
Element
Performance criteria
Evidence provided/
observed/context
2.3 Make personal
financial choices
based on logical
decision-making
Module 1: A4a, A5, A6,
Q4
Initial and
date
Module 3: Q2
Module 4: A2a, A2b, A4,
A5
3. Build knowledge of
personal financial
matters
2.4 Evaluate the
consequences of
personal financial
decisions, including
contracts
Module 4: A2a, A4, Q2,
Q4
2.5 Develop methods and
systems (including
electronic) to stay in
control of personal
cash flow, spending
and use of debt
Module 1: A4a, A5, Q1
3.1 Explore and evaluate
factors that affect
personal credit
worthiness
Module 4: A2b, A3a, Q1
3.2 Seek advice from a
specialist or mentor
where required
Module 1: A1, Q5
3.3 Develop systems for
maintaining up-to-date
knowledge about
personal finances and
career opportunities to
achieve goals
Module 1: Q5
3.4 Identify reliable
sources of ongoing
information relevant to
personal career and
financial goals
Module 1: Q5
Module 2: A1a
Module 4: A5, Q5
Module 2: A1b, A2b, A3
Module 3: Q5
Module 4: A5
Critical aspects for assessment
Evidence provided/
observed/context
Evidence of the ability to demonstrate knowledge of
personal financial matters
Module 1: A1, A2, A4a,
A4b
Initial and
date
Module 2: A2a, A2b
Module 3: A3a, A4
Module 4: A4, A5, OA
20
Critical aspects for assessment
Evidence provided/
observed/context
Initial and
date
Module 5: A1a, A1b, A3
Evidence of the ability to set personal financial goals
and access opportunities for mentoring or advice on
them
Module 1: A3, Q2, Q6
Evidence of the ability to access information to build on
and maintain knowledge of factors affecting personal
finances
Module 1: A4a, A5, A6,
Q5
Module 3: A1
Module 2: A3, A4
Module 3: A2, A3a, A3b,
A4a, A4b, A5, Q5
Module 4: A1, A2a, A2b,
A3a, A3b, A5
Module 5: A1a, A2a,
A2b, A2c, A3
Required skills
Evidence provided/
observed/context
Initial and
date
Numeracy and technology skills to:
Calculate interest and loan repayments and surplus or
deficit funds
Module 4: A1, A2b, A3a
Use a calculator, budget and loan calculator tools
Module 1: A4a, A5
Module 2: A2b, Q6, Q7
Module 3: A3a, A3b, Q6
Module 4: A1, A2a, A2b,
A3a
Module 5: A2a, A2b
Use internet information
Module 1: A4a, A5, A6
Module 2: A3, A4
Module 3: A2, A3a, A3b,
A4a, A4b, A5, Q5
Module 4: A1, A2a, A2b,
A3a, A3b, A5
Module 5: A1a, A2a,
A2b, A2c, A3
Implement safe e-security practices for online banking
and transactions
Module 1: A5
Self-management skills to:
Manage cash flow to pay bills on time
Module 1: A2, A4a, A4b
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Required skills
Evidence provided/
observed/context
Develop and use a budget to control income and
expenses
Module 1: A4a
Create a savings and spending plan to achieve
financial goals
Module 1: A4a, A5, A6
Learning skills to maintain knowledge of budgeting and
saving techniques
Module 1: A4a, A5, A6
Required knowledge
Evidence provided/
observed/context
Initial and
date
Module 4: A2b
Module 4: A2b
Initial and
date
Debt management:
Responsible use of credit
Module 4: A2a, A3a, Q3
Advantages of debit cards
Module 1: Q1
Module 4: A2a, A2b, Q5
Consequences of debt default
Module 4: A3a, A5, Q4
Attitude towards credit and spending
Module 1: A1
Module 4: A4
Options for debt repayment:
VET Fee-Help
Module 4: A2a
Personal loans and payment plans
Module 4: A1, A2a, A3a,
A4, Q3
Employee entitlements under:
Fair Work Act
Module 3: A3
Equal opportunity legislation
Module 3: A3
Superannuation Act
Module 3: A3
Income Tax Assessment Act
Module 2: A3
Taxation Administration Act
Module 2: A3
Credit history and saving:
How to establish and maintain a good credit history
Module 4: A3a, A4, A5,
OA, Q1
Importance of saving money as a concept to assist and
improve life situation
Module 1: A5
Module 4: A2b, A4
Insurance matters:
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Required knowledge
Evidence provided/
observed/context
Value of insurance
Module 5: A1a, A1b,
A2a, A2b, A2c, A3, Q5,
Q6
Disclosure obligations
Module 5: A2c, A3
Initial and
date
Suitable insurance covers:
Personal income
Module 3: A2, A4c
Module 5: A3
Trade tools, including mobile phone
Module 5: A3, Q6
House
Module 5: A2a, A2b,
A2c
Car
Module 5: A1a, A1b, Q5
Health
Module 5: A3, Q4
Personal implications of taxation matters:
Role of the Australian Taxation Office and why we pay
tax on income
Module 2: A2a, A3
Personal tax liabilities and allowable deductions
Module 2: A2a, A2b, A4,
Q1, Q2, Q3, Q4
Tax rates
Module 2: A2a, Q3
Lodgement dates
Module 2: A3, Q5
Awareness of goods and services tax (GST), pay as
you go (PAYG), Australian business number (ABN),
tax file number (TFN) and business activity statements
(BAS)
Module 2: A4
Principles of budgeting, cash flow and saving, including:
Role of credit and savings in establishing personal
wealth
Module 1: A4a
Understanding of financial institutions and their
savings, investment and credit products
Module 1: A5, A6
Module 4: A2b, Q2, Q3,
Q4, Q5
Module 4: A2a, A2b,
A3b, A4
Personal financial aspects of:
Bank accounts:
Savings
Module 1: A5
Module 4: A2b
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Required knowledge
Evidence provided/
observed/context
Credit
Module 4: A2b, A3b, Q2,
Q3, Q4, Q5
Investment
Module 1: A6
Initial and
date
Insurance:
Health
Module 5: A3, Q4
Car
Module 5: A1a, A1b, Q5
Phone
Module 5: A3, Q6
Warranty
Module 5: A3
Tools
Module 5: A3
Household
Module 5: A2a, A2b,
A2c, Q3
Income protection
Module 3: A2, A4c
Module 5: A3
Superannuation:
Types of funds – retail versus industry
Module 3: A2
Fund options – death or total and permanent disability
(TPD) insurance
Module 3: A1, A2
Contracts:
Phones
Module 4: Q1
Data
Module 4: A5
Tenancy
Module 4: A5
Finance
Module 4: Q2
Superannuation matters:
Planning for the future
Module 3: A1
Power of compound interest
Module 3: A3a, Q4
Module 4: A2b
Superannuation guarantee
Module 3: A3a, Q1, Q6
Co-contributions
Module 3: A3a, A3b
Personal contributions
Module 3: A3a, A3b, Q2,
Q3
Fees and charges
Module 3: A1
24
Required knowledge
Evidence provided/
observed/context
Value of consolidating super funds
Module 3: A5
Locating lost super
Module 3: A4a, A4b, Q5
Initial and
date
25
Supervisor/third party declaration
I confirm that I have observed the student perform the tasks associated with the elements,
performance criteria, critical aspects for assessment and required skills and knowledge for
this unit efficiently and consistently over the allocated timeframe.
........................................................
.......................................................
...................
Supervisor/third party name
Supervisor/third party signature
Date
Assessor declaration
I confirm that I have observed the student demonstrate the skills associated with the
elements, performance criteria, critical aspects for assessment and required skills and
knowledge for this unit competently.
........................................................
.......................................................
...................
Assessor name
Assessor signature
Date
Student*
........................................................
Student name
* Students need to arrange for this Student Workbook to be submitted to their
trainer/assessor for signing.
ASIC’s MoneySmart Teaching initiative builds the consumer and financial literacy capabilities
of young Australians by developing knowledge, skills, values and behaviours to enable them
to make confident, informed consumer choices and responsible financial decisions that are
essential to their future financial wellbeing. To access more ASIC's MoneySmart Teaching
packages, resources, calculators, apps and consumer information visit moneysmart.gov.au.
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