Choosing Saving Products
From Open Risk Manual
Definition
Choosing Saving Products. In the context of the Financial Competence Framework, Choosing Saving Products is a topic in the Planning And Managing Finances subject matter domain.[1]
Competences
Mastering the role of Choosing Saving Products in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 163 | Knows about the different savings options available [or can find out easily] | Knowledge |
| 164 | Knows that different savings products may offer different combinations of fees, interest rates and tax relief and imply different types of risk | Knowledge |
| 165 | Knows that savings products may have different sustainability characteristics (environmental, social and corporate governance aspects) | Knowledge |
| 166 | Knows where to access suitable savings products | Knowledge |
| 167 | Understands that the choice of a particular savings or investing option may partly depend on the anticipated time horizon for reaching a savings goal | Knowledge |
| 168 | Knows how to assess the security of different savings methods | Knowledge |
| 169 | Knows that funds deposited on a bank account up to 100,000 EUR per person and per institution are protected under the deposit guarantee scheme | Knowledge |
| 170 | Takes precautions to keep saved money safe | Skill |
| 171 | Chooses saving products in line with one’s preferences, including sustainability preferences | Skill |
| 172 | Confident in choosing savings products in line with one’s preferences, including sustainability preferences, or asking advice if needed | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
