Implications Of Purchases
From Open Risk Manual
Definition
Implications Of Purchases. In the context of the Financial Competence Framework, Implications Of Purchases is a topic in the Money And Transactions subject matter domain.[1]
Competences
Mastering the role of Implications Of Purchases in financial literacy context requires the following competences:
Code | Competency Description | Competency Type |
---|---|---|
93 | Knows that some purchases may incur ongoing costs such as maintenance or storage | Knowledge |
94 | Is aware when subscriptions end and if they will be renewed automatically | Knowledge |
95 | Takes into account long-term implications of subscriptions and other purchases requiring repeated payments | Skill |
96 | Makes an informed decision about the overall impact of options to spread payments over time | Skill |
97 | Makes any ongoing payments as agreed | Skill |
98 | Makes an informed decision about whether to make large purchases immediately or in the future | Skill |
99 | Confident to apply knowledge of factors such as inflation and exchange rates when making a decision about whether to delay a purchase | Attitude |
References
- ↑ European Union/OECD (2022), Financial competence framework for adults in the European Union