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|
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