Code: 3.1.2 · Adults
Sources of risks
Descriptors
Knowledge
What you can do at this level
- Ksustainableresiliencedaily-lifelarge-majority
Aware of possible risks with financial implications (political, economic, environmental and personal factors such as long life expectancy)
- Ksustainableresiliencedaily-lifelarge-majority
Knows why it is important to be aware of low-probability, high-cost events, such as risk of climate-related events
- Kresiliencedaily-lifelarge-majority
Aware of the (possible) risks related to financial products, including: making inappropriate product choices, using variable interest rate products, committing to fixed interest rates in a variable interest rate environment, and taking out products in foreign currencies
Skill
What you can do at this level
- Sresiliencedaily-lifelarge-majority
Assesses the financial risks associated with personal decisions, life choices, and external events
- Sresiliencedaily-lifelarge-majority
Considers the risks of significant projects or purchases
- Sresiliencedaily-lifelarge-majority
Takes into account the risk of changes in circumstance, including job loss, increased outgoings, or other external events
- Sresiliencedaily-lifelarge-majority
Takes into account the risk of losing some or all household income through ill-health, disability or death of a family member
- Sresiliencedaily-lifelarge-majority
Takes into account the types of risks from different financial products
Attitude
What you can do at this level
- Aresiliencedaily-lifelarge-majority
Motivated to mitigate risks when necessary
- Aresiliencedaily-lifelarge-majority
Confident to make considered decisions when risks become apparent
- Learning outcome types
- K — What you need to know: theoretical understanding and factual information.
- S — What you can do: practical and technical abilities.
- A — How you approach things: values, dispositions and behaviours.