Financial Life Skills

This programme is modular, aligned to Unit Standards and delivered in flexible formats by an accredited training provider. There are 3 modules, each comprising 2 sessions of 2.5 hours, totalling 15 hours in all. Each delegate will be provided with a programme manual in the form of a ring-binder which builds up as each module is covered. For the scope and outcomes of the 3 modules, you are encouraged to view the relevant unit standards on the SAQA web-site: www.saqa.org.za,

MODULE 1: BUDGETS – (unit standard 10718) learning how to construct and manage a personal budget, using the knowledge to save money – NQF level: 2, credits: 3

MODULE 2: BANKING – (unit standard 10716) understanding the costs, benefits, risks and responsibilities of running bank accounts; using the knowledge to make informed personal choices and save money – NQF level: 2, credits: 3

MODULE 3: CREDIT – (unit standard 10715) understanding the real cost of credit, instalment sale contracts and their impact on personal disposable income; ability to make informed decisions on available types of credit; avoiding a debt trap – NQF level: 2, credits: 3

BENEFITS

• Raised levels of self confidence, morale & motivation
• Greater ability to “cope”, less time spent on counseling and damage control
• Improved industrial relations
• Increased residual income, which could have more impact than a pay increase
• Training to Unit Standards, can be assessed if required
• Qualifies for Skills Levy rebate

BUDGETS

This unit standard provides a broad introduction to constructing and managing a personal budget. It is one of a series of unit standards on financial literacy intended to empower learners to manage their own finances responsibly. The focus is knowledge, skills, values and attitudes in relation to the learner’s own context.

• Tracking and categorising own current expenses.
• Compiling a plan to get the most for one’s money.
• Using a personal budget to manage own money.
• Implementing a savings plan as part of one’s budget.

• The learner is able to identify and solve problems and make decisions relating to the use of his/her own budget.
• The learner is able to collect, organise and critically evaluate information by investigating own past expenses and planning to be able to balance one’s own accounts and save for future needs.
• The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations when explaining the parts of a standard budget.
• The learner is able to organise and manage him/herself by undertaking personal financial planning and constructing and using a personal budget.
• The learner is able to collect, organise and critically evaluate information relating to budgeting.
• The learner is able to demonstrate an understanding of the world as a set of related systems by recognising how the use or lack of use of a budget impacts on his/her own life and those family members for whom one is responsible.

BANKING

This unit standard provides a broad introduction to personal banking and its associated costs; it is an aspect of financial literacy intended to empower learners to manage their own finances responsibly. The focus is knowledge, skills, values and attitudes in relation to the learner’s own context.

• Comparing costs and benefits of using banking institutions to save money.
• Researching the financial costs of banking.
• Understanding the risks and responsibilities of opening and running various bank accounts.
• Making an informed choice about own banking.

• The learner is able to identify and make decisions relating to the use of banking facilities and personal savings.
• The learner is able to collect, organise and evaluate information by investigating various banking options and their costs.
• The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations to explain the costs and benefits of banking as opposed to keeping money as cash.
• The learner is able to organise and manage him/herself by successfully opening a bank account after having investigated various possibilities.
• The learner is able to work effectively with others as a member of a team in discussing matters relating to banking.
• The learner is able to use science and technology effectively when using a calculator to calculate interest and the cost of credit.
• The learner is able to demonstrate an understanding of the world as a set of related systems through an understanding of banking institutions.
• The learner is able to participate as a responsible citizen in the life of local, national and global communities by safely storing and responsibly using the services of banking institutions.

CREDIT

This unit standard provides a broad introduction to the real cost of credit. It is one of a series of unit standards on financial literacy intended to empower learners to manage their own finances responsibly. The focus is knowledge, skills, values and attitudes in relation to the learner’s own context.

• Understanding the different kinds of credit available and the implications of credit contracts.
• Researching the cost and possibility of credit in relation to a home loan.
• Identifying the impact of credit on the purchase of household and personal items and how the use of credit adds to the cost of an item.
• Making an informed decision on whether or not to purchase goods on credit.
• Understanding a contract instalment sale agreement.
• Making a decision about what goods should/should not be purchased on credit.
• Understanding the danger of becoming caught in a debt spiral.

• The learner is able to identify and solve problems and make decisions relating to the use of credit in his/her own life by understanding the consequences of buying on credit.
• The learner is able to collect, organise and critically evaluate information by investigating avenues of credit, calculating the effects of varying interest rates and ensuring credit options meet his/her own specific needs.
• The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentations when explaining the terms of the contract or contract installment sale and the rights and responsibilities of the supplier and purchaser under the contract.
• The learner is able to organise and manage him/herself by undertaking personal financial planning.
• The learner is able to collect, organise and critically evaluate information relating to credit options.
• The learner is able to use science and technology effectively and critically when using a calculator to calculate interest and the cost of credit.

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