Competency Details ( Financial Literacy ) | Financial Academy

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Financial Skills Framework

Skills Dictionary

Financial Literacy

Technical Skills

Basic knowledge of key financial concepts such as budgeting, saving, and investing.

Skill Code: T067

Level 1

Demonstrates a basic understanding of key financial concepts, including budgeting, saving, and the fundamentals of investing. Recognizes the importance of financial planning but has limited knowledge of tools and strategies to manage personal or organizational finances effectively.

Level 2

Understands core financial literacy principles, including the role of financial goal-setting, risk management, and compound interest. Can explain concepts like debt management and investment diversification. Recognizes the impact of financial behaviors on long-term outcomes and can identify common financial challenges.

Level 3

Possesses a detailed understanding of financial literacy concepts and their practical applications, such as retirement planning, tax optimization, and advanced savings strategies. Understands how economic factors influence financial decisions and can articulate the benefits of informed financial planning.

Level 4

Exhibits advanced knowledge of financial literacy frameworks, including strategies for financial resilience, wealth management, and financial well-being. Understands complex financial products and systems and can evaluate their implications for individuals or organizations. Demonstrates expertise in fostering financial literacy education.

Level 5

Demonstrates mastery in financial literacy by shaping educational strategies and organizational policies to enhance financial understanding. Recognizes emerging trends in personal finance and applies this knowledge to create innovative programs that promote financial wellness at an organizational or societal level.