SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Research the influence of culture and diversity on attitudes to creating and managing wealth 
SAQA US ID UNIT STANDARD TITLE
242566  Research the influence of culture and diversity on attitudes to creating and managing wealth 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 5  Level TBA: Pre-2009 was L5 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard does not replace any other unit standard and is not replaced by any other unit standard. 

PURPOSE OF THE UNIT STANDARD 
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:
  • 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 AND RECOGNITION OF PRIOR LEARNING 
    It is assumed that learners are competent in Communication and Mathematical Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    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. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Research cultural differences and customs and their implications for business in a multicultural context. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The cultural differences in different communities are compared in terms of attitudes to managing wealth. 

    ASSESSMENT CRITERION 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
     

    ASSESSMENT CRITERION 1 
    Needs and attitudes towards retirement are researched for diverse groups. 

    ASSESSMENT CRITERION 2 
    Attitudes to investment are explored for different cultural communities. 

    ASSESSMENT CRITERION 3 
    Entry strategies that are appropriate for different cultural markets are discussed with due regard for cultural differences. 

    ASSESSMENT CRITERION 4 
    Existing products are analysed to determine appropriate products for different cultural groups. 

    ASSESSMENT CRITERION 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
     

    ASSESSMENT CRITERION 1 
    Attitudes to risk cover and related needs are researched for diverse groups. 

    ASSESSMENT CRITERION 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
     

    ASSESSMENT CRITERION 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. 

    ASSESSMENT CRITERION 2 
    The implications and challenges of stereotyping clients are discussed with specific reference to issues of diversity and individual differences. 

    ASSESSMENT CRITERION 3 
    Implications of issues of diversity for client relations are explored as a means to being comfortable with diverse clients and dealing with difference. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
  • 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.
  • 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.
  • Moderation of assessment will be overseen by the relevant ETQA according to the moderation guidelines and the agreed ETQA procedures. 

  • UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    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. 

    UNIT STANDARD CCFO COLLECTING 
    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. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively in proposing entry strategies for retirement fund products. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    Search words: Culture; diversity, behaviour. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  57918   National Certificate: Short Term Insurance  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2023-06-30  INSETA 
    Elective  66611   National Certificate: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. AFRICAN UNION SKILLS DEVELOPMENT PTY LTD 
    3. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    4. Boland Public FET College - Central Office 
    5. CKP Development Agency (Pty) Ltd. 
    6. COLLEGE OF CAPE TOWN 
    7. College of Cape Town - Central Office 
    8. False Bay College 
    9. Intec College 
    10. Invuya Institute of Learning (Pty) Ltd 
    11. Masifunde Training Centre (Pty) Ltd 
    12. North Link College 
    13. Old Mutual Life Assurance Company South Africa 
    14. Ray Strodl Consulting (Pty) Ltd 
    15. Ripple Effect 4 (Pty) Ltd 
    16. Sanlam Life Insurance Ltd 
    17. Sanlam Life Insurance Ltd. 
    18. South Cape College 
    19. South Cape Public FET College - Central Office 
    20. The Institute of Health Risk Managers (Pty) Ltd 
    21. Umfolozi FET College - Central Office 
    22. Universal Healthcare Services (Pty) Ltd 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.