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 THAT HAS PASSED THE END DATE: 

Describe the financial life cycle of an individual 
SAQA US ID UNIT STANDARD TITLE
14523  Describe the financial life cycle of an individual 
ORIGINATOR
SGB Financial Services 
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  10 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Registered" 
2003-08-13  2006-08-13  SAQA 0249/03 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2007-08-13   2010-08-13  

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 is replaced by: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
230077  Describe the financial life cycle of an individual and how this influences financial decisions  Level 5  Level TBA: Pre-2009 was L5   

PURPOSE OF THE UNIT STANDARD 
This Unit Standard is intended for learners in the financial services sector who work in product development, marketing, product supplies, management or call centres or who give financial advice or engage in wealth management or financial planning.

The qualifying learner is capable of:
  • Analysing the needs and wants of an individual at different stages in his/her life cycle.
  • Describing the income and expenditure typical at different stages of an individual`s life.
  • Explaining the interrelationship between an individual`s basic needs and wants and stage in the financial life cycle.
  • Interpreting critical events that trigger entry into a new stage in the financial life cycle. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    There is open access to this Unit Standard. Learners should be competent in Communication and Mathematical and Financial Literacy at NQF Level 4. 

    UNIT STANDARD RANGE 
    The Unit Standard range assumes an income on the part of the client, but does not preclude individuals without a regular income.

    Events that trigger entry into a new stage in the financial life cycle include, but are not limited to, new position at work, promotion, retrenchment, upgrading qualifications, marriage, divorce, addition to the family, death in a family, age of individual, age and education level of children, purchasing a home. 

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Analyse the needs and wants of an individual at different stages in his/her life cycle. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Theories relating to needs and the life cycle of an individual are used to create a model that illustrates the needs and wants of an individual at different stages in his/her life cycle. 

    ASSESSMENT CRITERION 2 
    2. The effect of attitudes and values on an individual's perception of needs and wants is explained with examples. 

    ASSESSMENT CRITERION 3 
    3. The attitudes and values of at least three individuals are surveyed and applied to the model and deviations from the model are explained for each individual. 

    SPECIFIC OUTCOME 2 
    Describe the income and expenditure typical at different stages of an individual`s life. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. The change in attitudes and values of an individual over time are explained with reference to the impact of change on income and expenditure. 

    ASSESSMENT CRITERION 2 
    2. The expenditure for three people of different ages but with the same income is compared in terms of acquisition of assets, savings/investments and preservation of capital. 

    ASSESSMENT CRITERION 3 
    3. Case studies are used to draw a profile of a typical individual at different stages of life. 

    SPECIFIC OUTCOME 3 
    Explain the interrelationship between an individual`s basic needs & wants in financial life cycle. 
    OUTCOME NOTES 
    Explain the interrelationship between an individual`s basic needs and wants and stage in the financial life cycle. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Stages of the financial life cycle are plotted on a time line and correlated with the basic needs of an individual at each stage. 

    ASSESSMENT CRITERION 2 
    2. Events that can be planned for are plotted on a timeline and potential financial solutions are suggested to ensure the least possible financial disruption. 

    ASSESSMENT CRITERION 3 
    3. Five possible lifestyle choices are analysed and the analysis is used to predict the potential impact of each choice on the individual's financial situation. 

    SPECIFIC OUTCOME 4 
    Interpret critical events that trigger entry into a new stage in the financial life cycle. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    1. Events that can trigger entry into a new stage in the financial life cycle are named and an indication is given of the potential financial impact of each event. 

    ASSESSMENT CRITERION 2 
    2. Changes in the external environment that can impact on an individual's financial life cycle are identified with reference to the political, legislative, social, economic and physical environments. 

    ASSESSMENT CRITERION 3 
    3. Possible solutions to manage changes from one stage in the financial life cycle to another are proposed for three different scenarios. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA (INSQA framework for assessment and moderation). 

    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 suggesting ways to manage change from one stage in the financial life cycle to another. 

    UNIT STANDARD CCFO COLLECTING 
    The learner is able to collect, organise and critically evaluate information in order to create a model that illustrates the relationship between needs and the financial life cycle. 

    UNIT STANDARD CCFO COMMUNICATING 
    The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and/or written presentations in explaining his/her model. 

    UNIT STANDARD CCFO DEMONSTRATING 
    The learner is able to demonstrate an understanding of the world as a set of related systems in explaining the interrelationship between stages in life and the financial life cycle. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    UNIT STANDARD NOTES 
    This unit standard has been replaced by unit standard 230077, which is "Describe the financial life cycle of an individual and how this influences financial decisions", Level 5, 8 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Fundamental  49834   National Certificate: Financial Services: Long-Term Risk Assessment  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Fundamental  23973   National Certificate: Financial Services: Wealth Management  Level 5  Level TBA: Pre-2009 was L5  Passed the End Date -
    Status was "Registered" 
    2006-08-13  Was INSETA until Last Date for Achievement 
    Fundamental  49860   National Diploma: Financial Services: Long-Term Risk Assessment  Level 5  NQF Level 05  Reregistered  2023-06-30  INSETA 


    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. CKP Development Agency (Pty) Ltd. 
    2. Sanlam Life Insurance 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.