Finances

This domain looks at whether an individual will be able to manage their bank and/or CPF account, and financial transactions.

  • A tool, the Coins and Costs Test can be used to test the ability to recognize coins, and knowledge of prices of objects.

  • The following are topics that our assessors have found relevant for exploration in an assessment of financial capacity. This was modelled after a conceptual model for financial capacity by Marson et al., (2000) and adapted at a learning event with out fellow assessors.

Link to Marson et al., (2000)

Suggested topics of exploration and Associated Tasks

    • Numbers

    • Arithmetic (Numbers)

    • Naming coins/currency

    • Counting coins/currency

    • Coins/currency relationship

    • Income and expenses

    • Prioritizing expenses

    • Allocation of expenses

    • Bill payments

    • Card transactions

    • Understanding value of items

    • Financial transactions

    • Understanding of promotion

    • Awareness of different payment modes

    • E-payment modes

    • Banking concepts

    • Understanding of savings

    • Understanding of information about a banking account

    • Using a bank account

    • Application process of credit cards

    • Managing debts and liabilities

    • Managing a credit card

    • Forms of financial assets

    • Understanding concepts related to financial assets

    • Managing taxes

    • Navigating financial risks