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: 

Apply financial life skills 
SAQA US ID UNIT STANDARD TITLE
14780  Apply financial life skills 
ORIGINATOR
Chemical Industries SGB 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 06 - Manufacturing, Engineering and Technology Engineering and Related Design 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 1  NQF Level 01  4 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Passed the End Date -
Status was "Reregistered" 		 2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2026-06-30   2029-06-30  

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 standard is aimed at people who use or intend to use financial systems.

The learners who acquire the outcomes of this standard will know about and be able to demonstrate an understanding of personal finances.

The qualifying learner is able to:
  • Develop and operate a personal budget
  • Describe the benefits and limitations of banking systems
  • Use a bank account
  • Explain the functions and features of hire purchase
  • Use a personal documentation control system 
    		•

    LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners accessing this unit standard will have demonstrated competence against numeracy and literacy at ABET Level 3 or equivalent 

    UNIT STANDARD RANGE 
  • Elements of budget include fixed income (e.g. wage, salary, allowance), variable income (e.g. overtime, bonuses), fixed expenditure (e.g. rent and repayments of debt), and variable expenditure (e.g. clothing, food, school fees )
  • Deductions made include compulsory deductions and deductions authorized by the individual
  • Expense may include rent, services, food recreation, hire purchase and savings,
  • Explanations of saving, debt and breakeven to include causes, benefits and or consequences and appropriate actions that could be taken in each situation.
  • Basic banking services include safekeeping of money, investing/saving money, lending money as found in current, savings and loan accounts
  • Cost and benefits include the cost of the bank services provided, interest on investment/savings, cost of borrowing money
  • Reasons for selecting accounts include purpose, cost and benefits gained
  • Other financial institutions include "stokvels", short-term moneylenders, hire-purchase providers and investment advisors/organizations
  • Responsibilities of the bank include record keeping and security of clients money
  • Responsibilities of the client includes payment of money owed (costs, interest, repayment of capital) to bank and for the consequences of failure to make payments
  • Differences between banks and other financial systems include costs, access to services, benefits/interest offered, likelihood of loosing money/risk incurred through the use of services
  • Opening an account includes contacting a bank, completion of documentation and issue of bank documents and `banking cards`
  • Transactions include deposits and withdrawals at `the counter` and using automatic teller machines (ATMs)
  • Enquires include communication with bank staff and use of ATMs
  • Process to initiate further service includes identifying needs and discussing needs with bank staff
  • Documentation included in a personal documentation control system includes personal documents (identification and qualification >), employment and other contractual documents, banking documents
  • Personal documentation system includes filing, storage, access and replacement of documents
  • Benefits of keeping records include information for planning, proof of payments made, liabilities and income received 
    		•

    Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Develop and operate a personal budget. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. Elements of a personal budget are explained with reference to income and expenditure using examples that are relevant to an individual living in the formal sector (where banking is relevant) with household and other living expenses. 

    ASSESSMENT CRITERION 2 
    2. Salary advise documents/pay slips are explained with reference to total amount, deductions and net pay. 

    ASSESSMENT CRITERION 3 
    3. Personal expenses are explained in terms of amounts, regular or one-off expenses, priorities and dates of payment. 

    ASSESSMENT CRITERION 4 
    4. A document (statement) is prepared, in which income and expense for a period of time appropriate to the learner situation, is prepared. 

    ASSESSMENT CRITERION 5 
    5. The income and expense statement is explained with reference to saving, debt and breakeven. 

    SPECIFIC OUTCOME 2 
    Describe the benefits and limitations of commercial banking. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The basic services of a bank are explained in terms types of accounts and the benefits, costs and requirements for each of these types of account. 

    ASSESSMENT CRITERION 2 
    2. Reasons for selecting different types of account are explained with reference to needs that are relevant to an employee. 

    ASSESSMENT CRITERION 3 
    3. The differences between a bank and other financial institutions/systems are compared in terms of service provided, security and value. 

    SPECIFIC OUTCOME 3 
    Use a bank account. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. A bank account is opened in accordance with banking procedures. 

    ASSESSMENT CRITERION 2 
    2. Transactions are made in accordance with normal banking practice. 

    ASSESSMENT CRITERION 3 
    3. A statement is interpreted to establish amounts of money deposited, withdrawn, deducted, interest received and balance in the account. 

    ASSESSMENT CRITERION 4 
    4. Enquiries are made to gather information needed to use an account and to initiate use of other service offered by a bank. 

    SPECIFIC OUTCOME 4 
    The functions and features of hire purchase are explained. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The reasons for hire purchase are explained with reference to applications appropriate to the learners lifestyle. 

    ASSESSMENT CRITERION 2 
    2. The costs of direct and hire purchase are compared with reference to costs of goods or services and interest. 

    ASSESSMENT CRITERION 3 
    3. A hire purchase agreement is interpreted with reference to the benefits to, and obligations of, the individual entering into the agreement. 

    ASSESSMENT CRITERION 4 
    4. Lay-buy purchasing is compared with hire purchasing and direct purchasing with reference to cost, contractual obligations, benefits and risk. 

    SPECIFIC OUTCOME 5 
    A personal document control system is developed and maintained. 

    ASSESSMENT CRITERIA     

    ASSESSMENT CRITERION 1 
    1. The need for a personal document control system is explained with reference to documentation that is relevant to the learner. 

    ASSESSMENT CRITERION 2 
    2. A personal document control system is developed that meets the needs of the learner. 

    ASSESSMENT CRITERION 3 
    3. A personal documentation control system is demonstrated for a period that is appropriate to the budgeting time span (cycle) of the learner. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    The relevant Educational Training Quality Assurance Body (ETQA) will accredit providers offering learning towards this standard and will register assessors. They will also appoint the internal and external moderators. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
  • Relationship between amount of money borrowed and repayments needed
  • Relationship between savings, interest, debt and risk
  • Relationship between income, expenditure, debt and saving
  • Reasons for deductions including tax, UIF, medical and pensions
  • Terminology used in personal banking
  • Of expenses incurred and (potential) sources of income
  • Sequence of management - planning execution control. 
    		•


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Identify and solve problems in which responses display that responsible decisions using critical and creative thinking have been made with respect to effective use of ones income. 

    UNIT STANDARD CCFO ORGANISING 
    Organise and manage oneself and one`s activities (including documentation) responsibly and effectively to meet ones commitments and to achieve ones (financial) aspirations. 

    UNIT STANDARD CCFO COLLECTING 
    Collect, analyse, organise and critically evaluate information relating to ones earnings and expenses. 

    UNIT STANDARD CCFO COMMUNICATING 
    Communicate effectively using visual, mathematical and/or language skills in the modes of oral and/or written persuasion, with regard to making personal financial transactions and arrangements. 

    UNIT STANDARD CCFO DEMONSTRATING 
    Demonstrating and understanding that income and expenditure are a set of related systems that influence one`s personal life, that of others dependant on one, employers and other businesses and activities. 

    UNIT STANDARD CCFO CONTRIBUTING 
    Personal financial management enables the learner to take control of ones finances which facilitates achievement of one`s aspirations whilst contributing to society in a responsible manner. 

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

    UNIT STANDARD NOTES 
    Due the confidential nature of an individuals financial, personal activities and status; the assessment is limited to role-plays, case studies and exercises. Proof of an individual`s bank account, bank statements and use of a personal filing system cannot be required for assessment purposes. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Core  49552   General Education and Training Certificate: Environmental Practice  Level 1  NQF Level 01  Passed the End Date -
    Status was "Reregistered"     		 2023-06-30  LG SETA 
    Elective  22865   National Certificate: Chemical Operations  Level 1  NQF Level 01  Passed the End Date -
    Status was "Registered"     		 2005-10-09  Was CHIETA until Last Date for Achievement 


    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. A4 Consultancy CC 
    2. Amabamba Recruitment 
    3. AVAX SA 481 CC. T/A Mandisa Development Services 
    4. Buena Vista Learning Academy 
    5. Dee's Training (PTY) LTD 
    6. Elvis Koena Consulting (Pty) Ltd 
    7. IQ Skills Academy (PTY) LTD. 
    8. Josmap Training Institute 
    9. Mamuhle Academy 
    10. MARS Business Consulting 
    11. Mcebo Technologies 
    12. Mdaka Omnyama Trading and Projects 
    13. Mortarboard Training Solutions 
    14. Ndwamato Training Solutions (Pty) Ltd 
    15. Neopeo Trading & Projects 
    16. Networx for Career Development 
    17. Nkinane Trading Enterprise 
    18. NOBO Training and Development Services (Pty) LTD 
    19. PMA Holdings (PTY ) LTD. 
    20. Progressive School of Business and Engineering (Pty) 
    21. PTDEV (Pty) Ltd 
    22. Reflections Development Institute 
    23. RLSTP Training & Development (PTY) LTD. 
    24. Simmek Holdings 
    25. South African Corporate Training Association 
    26. Tasc Business Consulting and Training 
    27. Timothy Fasheun Group Enviromentors (Pty) Ltd 
    28. Transafric Consulting Pty Ltd 
    29. Umbuso Training Services 
    30. University of Venda 
    31. Washa 2 Training & Projects 
    32. Wildlife and Enviroment Society of South Africa 


    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.