The Money Guidance Competency Framework
Technical knowledge domains

5. Budgeting and cashflow

5.1.1Awareness of the principles of budgeting
5.1.2Awareness of available tools to assist with budgeting and planning
5.1.3Awareness of methods for reducing household outgoings (e.g. switching energy or mobile provider etc.)
5.1.4Awareness of ways of increasing income (e.g. checking customers are receiving all the benefits to which they are entitled, selling unwanted goods etc.)
5.1.5Awareness of the different types of bank accounts (e.g. current, savings, joint etc.) and the differences between them
5.1.6Awareness of the basic process of how to open a bank account, including the suitable documentation needed
5.1.7Awareness of how to set up regular payments (e.g. standing orders, direct debits)
5.1.8Understanding of why a bank account is useful (e.g. keeping money secure; managing income/outgoings; receiving payments etc.)
5.1.9Signpost or refer customers to appropriate sources of information on insurance products, including price comparison sites.
5.1.10Awareness of scams and what to do if a customer has been the subject of a scam
5.2.1Knowledge of how to complete (or assist/guide) a straight-forward personal budget sheet/financial statement
5.2.2Knowledge of methods for reducing monthly outgoings
5.2.3Knowledge of how to make digital payments and use online digital banking facilities and apps
5.2.4Knowledge of typical day to day and often overlooked expenses that should be budgeted for
5.2.5Knowledge 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
5.2.6Knowledge of how to address concerns about fraud or identity theft
5.2.7Awareness of basic banking product features, benefits, exclusions and warranties
5.2.8Knowledge of a variety of methods of income maximisation
5.3.1Detailed knowledge of how to draw up a comprehensive budget and use a budget planner to break down spending
5.3.2Detailed knowledge of how to use toolkits and online calculators and how to advise on getting the best out of them
5.3.3Facilitate 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

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 MAS 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 MAS 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 and 2 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 sending an email to MoneyPractitioners@MaPS.org.uk.

Qualifications

ABBE Level 3 Diploma in Domestic Green Deal Advice

CICM Level 3 Diploma in Money and Debt Advice

CICM Level 2 Diploma in Money and Debt Advice

CICM Level 2 Certificate in Money and Debt Advice

City & Guilds Level 2 Award in Fuel Debt Advice in the Community

You and Your Money (DB125)

Training

Quaker Social Action – Financial capability – Train the trainer

Quaker Social Action – Starting conversations about money – workshop

Shelter – Financial Capability for Advisers

The Money Charity – Non-Profit 2 Hour Money Workshop and Non-Profit Full Day Money Workshop

The Money Advice Trust – Wiseradviser – Introduction to money advice (England & Wales)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Northern Ireland)

The Money Advice Trust – Wiseradviser – Introduction to money advice (Scotland)

Institute of Money Advisers – Working with Deficit Budgets

Advice NI – Better Budgeting

Advice NI – Money management for mental wellbeing

NEA – One Day Introduction To Domestic Energy Efficiency

NEA – Money Management and Avoiding Fuel Debt

NEA – Changing Energy Related Behaviour and Fuel Poverty

Christians Against Poverty – CAP Money Course

Christians Against Poverty – CAP Life Skills

Money Advise Trust – Wiser Advisor – Standard Financial Statement

Money Advise Trust – Wiser Advisor – Basic Banking Rights

Money Advise Trust – Wiser Advisor – CASHflow: How to use the tool effectively

Money Advise Trust – Wiser Advisor – Get started with the Common Financial Statement (CFS): A How-to guide for advisors

Money Advise Trust – Wiser Advisor – Supporting clients with deficit budgets

Money Advise Trust – Wiser Advisor – Supporting debt clients with money management skills

Information and guidance sources of support

Budgeting:

The Money Advice Service – Budgeting information, tools and templates

Increasing income:

The Money Advice Service – How to sell your old stuff on eBay

The Money Advice Service – Make sure you’re getting the right entitlements

Reducing outgoings:

The Money Advice Service – Quick cash finder tool

The Money Advice Service – How to save money on household bills

Income maximisation:

The Money Advice Service – Income maximisation guidance

Bank accounts:

The Money Advice Service – How to manage your bank account

Scams:

The Money Advice Service – A beginner’s guide to scams

Budget planner:

The Money Advice Service – Budget planner tool

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