Basics Of Long Term Planning

Definition

Basics Of Long Term Planning. In the context of the Financial Competence Framework, Basics Of Long Term Planning is a topic in the Planning And Managing Finances subject matter domain.

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