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.Â
- Tier 1
- Tier 2
- Tier 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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