Category:Money And Transactions

From Open Risk Manual

Money and Transactions is one of the four content areas of the Financial Competence Framework[1]

This content area covers the knowledge, skills and attitudes related to: the different forms of money and currencies; income; prices, payments and purchases; and the importance of financial records and contracts.

The main goal of this content area is to establish and identify the competences necessary to understand the different characteristics of money, how to obtain it as income, how to exchange it for goods and services and the importance of keeping track and having records of how it is obtained and exchanged.

These topics cover some of the most basic and fundamental competences. Understanding the characteristics of money is very important, as money underpins financial well-being and it can take different forms. The income-related competences are essential for financial resilience and are relevant for many other competences such as budgeting, saving and retirement.

Competences in the section on prices, purchases and payments aim to cover areas related to exchanging money for services and products and transferring money. An individual with these competences would seek the most advantageous prices for products and services, and the most efficient methods to purchase them.

Finally, the last section covers financial contracts and records, which are fundamental to keep track of financial transactions and agreements signed by the individual. The competences in this section refer to knowledge related to requesting, maintaining and understanding financial records and contracts.


  1. “European Union/OECD (2022), Financial competence framework for adults in the European Union