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:

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	3
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 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	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	66611	National Certificate: Wealth Management	Level 5	NQF Level 05	Passed the End Date - Status was "Reregistered"	2023-06-30	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.

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