Category:Financial Landscape

Financial Landscape is one of the four content areas of the Financial Competence Framework^[1]

This content area covers the knowledge, skills and attitudes related to regulation and consumer protection; rights and responsibilities of consumers; the use of financial education, financial information and financial advice; financial products and services; scams and fraud; understanding of tax and public spending; and external influences on financial decisions.

This content area covers the characteristics and features of the financial world. The first set of competences relates to consumer protection and the rights and responsibilities of consumers. Rules on consumer protection help consumers preserve their financial well- being. Individuals should be aware of the obligations they assume when purchasing products or services.

It is important that adults are able to access trustworthy financial information, education and advice. The competences in this section cover competences related to the ability to find such information from verified sources, the role of financial education, as well as when and where to seek financial advice.

The financial landscape is largely influenced by the available financial products and services. A group of competences focuses on general characteristics of financial products and services. The section looks at the information that needs to be disclosed and includes competences related to the suitability of products and services.

Scams and fraud are becoming more prevalent throughout the financial landscape and can have significant financial consequences. In order to maintain financial well-being, adults should be aware of the existence of scams and fraud. The section contains competences related to the awareness and ability of individuals to react to fraudulent situations, including the ability to report scams and fraud to the relevant authority.

Taxes are an indispensable part of the financial landscape that individuals have to deal with during their life. Competences in this section relate to the need for individuals to be aware of the importance of taxes, their ability to file tax forms and the awareness of consequences if they fail to do so. The section also covers competences related to public spending for individuals to be aware what taxes are used for.

The last set of competences focuses on external influences. Individuals must be aware that their financial decision-making can be influenced by external factors, and that their financial decisions can have an impact on the society at large. The competences in this section focus on the awareness of such factors and of the importance of developing strategies to mitigate them, where possible.

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