Basics Of Long Term Planning
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Definition
Basics Of Long Term Planning. In the context of the Financial Competence Framework, Basics Of Long Term Planning is a topic in the Financial Landscape subject matter domain.[1]
Competences
Mastering the role of Basics Of Long Term Planning in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
233 | Understands the importance of having an eye on the longer-term even when short-term needs are pressing | Knowledge |
234 | Understands that long-term planning may require different types of financial product from those used for emergency savings | Knowledge |
235 | Recognises that the actions needed to achieve longer-term plans may need adjusting over time | Knowledge |
236 | Understands the importance of making plans for the end of life including considering the financial requirements of dependents, making decisions about how outstanding costs, debts and assets should be distributed, and writing a will, where relevant | Knowledge |
237 | Makes financial plans for future positive and negative life events that are likely to have financial consequences | Skill |
238 | Identifies strategies to take action [overcome procrastination] when making longer-term plans | Skill |
239 | Identifies strategies to balance immediate needs and wants with longer-term plans, so to achieve longer-term financial goals | Skill |
240 | Monitors the changing value of investments, assets and liabilities | Skill |
241 | Takes into account predictable fluctuations in income and expenditure when making longer-term plans | Skill |
242 | Takes into account all personal and household assets and liabilities when considering longer-term needs | Skill |
243 | Takes into account the possibility that family or community members will need financial support in the longer-term | Skill |
244 | Puts plans in place to cover current living expenses for dependents and arrange for the distribution of outstanding costs, debts and assets at the end of life, and checks these from time to time | Skill |
245 | Values long-term financial planning as a way of maintaining or increasing financial well-being | Attitude |
246 | Confident to make changes to longer-term financial plans if necessary | Attitude |
247 | Confident to put long term financial plans into action | Attitude |
248 | Motivated to consider the longer-term financial needs of dependents | Attitude |
References
- ↑ “European Union/OECD (2022), Financial competence framework for adults in the European Union