5. Budgeting and cashflow | The Money and Pensions Service

Tier 1

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 insurance products, including price comparison sites.
5.1.10	Awareness of scams and what to do if a customer has been the subject of a scam

Tier 2

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	Knowledge of how to make digital payments and use online digital banking facilities and apps
5.2.4	Knowledge of typical day to day and often overlooked expenses that should be budgeted for
5.2.5	Knowledge of the advantages and risks of using fin-tech (e.g. money management apps, online/ mobile banking, digital payments etc.) and how it can assist with budgeting and monitoring income and outgoings
5.2.6	Knowledge of how to address concerns about fraud or identity theft
5.2.7	Awareness of basic banking product features, benefits, exclusions and warranties
5.2.8	Knowledge of a variety of methods of income maximisation

Tier 3

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

Further information

Here you will find further information to help meet the competencies in the framework and in doing so your customers too.

It includes relevant training and qualifications to the particular domain (identified by a mapping exercise carried out in 2019). These links are provided for your information and should not be interpreted as approval or endorsement of the materials.

It also includes links to further information on a range of relevant domain topics. Many of these links go to the MoneyHelper website, where you can get up to date information on most of the topics along with links to other organisations and sources of support.

This information is by no means exhaustive but our intention is that it will strengthen and grow over the course of the future programme.

We have put together a directory of further information to help you meet the competencies in the framework that will also support the people you help too.

It includes relevant training and qualifications for each domain (identified by a mapping exercise carried out in 2019).

The links to training and qualifications are provided for your information and should not be interpreted as approval or endorsement of the materials. Before signing up, it is important to check the credentials of the organisation if you are not familiar with them.

Things to think about include:

Will you get professional or recognised accreditation?
Can you get recommendations from your network?
Could you negotiate discounts by grouping together with other practitioners?

There are also links to further information on a range of relevant domain topics. Many of these links go to the MoneyHelper website, where you can get up to date information along with links to other organisations and sources of support. You can signpost people to these sources or use them as a basis for direct guidance. This information will be very useful for supporting your skills and knowledge in tiers 1, 2 and 3 technical domains.

Bear in mind this information is intended as a starting point and we plan to add further resources as we become aware of them to create a comprehensive database that will strengthen and grow as the programme develops.

Please do let us know of any training, qualifications or information resources that you use and think would help other practitioners by contacting us.