Income Needs
From Open Risk Manual
Definition
Income Needs. In the context of the Financial Competence Framework, Income Needs is a topic in the Money And Transactions subject matter domain.[1]
Competences
Mastering the role of Income Needs in financial literacy context requires the following competences:
| Code | Competency Description | Competency Type |
|---|---|---|
| 34 | Understands that expenditure should ideally not exceed income | Knowledge |
| 35 | Aware that it is important to have sufficient income when retired | Knowledge |
| 36 | Assesses current income needs and seeks ways to gain sufficient income to cover these needs | Skill |
| 37 | Makes a realistic assessment of expected income | Skill |
| 38 | Sets aside some income for retirement | Skill |
| 39 | Motivated to find a way to generate sufficient income to preserve current and future standard of living | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union
