Competency Framework: budgeting and cashflow

Technical Domains

5. Budgeting and cashflow

This domain is about issues relating to budgeting and cashflow, including: budgeting; household outgoings; increasing income; bank accounts; digital payments; using fin-tech; sources of support; scams; fraud and identity theft. The domain comprises Tiers 1, 2 and 3. 

5.1.1 Awareness of the principles of budgeting
5.1.2 Awareness of available tools to assist with budgeting and planning
5.1.3 Awareness of methods for reducing household outgoings (e.g. switching energy or mobile provider etc.)
5.1.4 Awareness of ways of increasing income (e.g. checking customers are receiving all the benefits to which they are entitled, selling unwanted goods etc.)
5.1.5 Awareness of the different types of bank accounts (e.g. current, savings, joint etc.) and the differences between them
5.1.6 Awareness of the basic process of how to open a bank account, including the suitable documentation needed
5.1.7 Awareness of how to set up regular payments (e.g. standing orders, direct debits)
5.1.8 Understanding of why a bank account is useful (e.g. keeping money secure; managing income/outgoings; receiving payments etc.)
5.1.9 Signpost or refer customers to appropriate sources of information on bank accounts, including price comparison sites
5.1.10 Awareness of scams and what to do if a customer has been the subject of a scam
5.2.1 Knowledge of how to complete (or assist/guide) a straight-forward personal budget sheet/financial statement
5.2.2 Knowledge of methods for reducing monthly outgoings
5.2.3 Facilitate customers to act on their own behalf where appropriate, with the aim of empowering them to budget and manage cashflow independently and change their behaviour
5.3.1 Detailed knowledge of how to draw up a comprehensive budget and use a budget planner to break down spending
5.3.2 Detailed knowledge of how to use toolkits and online calculators and how to advise on getting the best out of them
5.3.3 Facilitate customers to act on their own behalf where appropriate, with the aim of empowering them to budget and manage cashflow independently and change their behaviour

Training and qualifications

Find out about external training for the budgeting and cashflow domain.

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