Approved Money Management Courses Operational Guidelines

Table of Contents

Introduction

The Financial Management Program aims to improve the financial knowledge, skills, capabilities and financial resilience of vulnerable individuals and families to alleviate the immediate impact of financial stress, and to coordinate a national approach to reduce problem gambling.

Approved money management courses are one of the available services delivered by FaHCSIA funded organisations to support the objectives of the Financial Management Program.

An approved money management course is a course identified by FaHCSIA as containing topics including: budgeting; money planning; savings and spending; goal setting; an introduction to banking; credit and credit cards; debt; the cost of credit; money loans and rights and responsibilities.  All courses will undergo an assessment process within FaHCSIA to determine if they meet the course characteristics and delivery requirements.

The course characteristics are specified in the Social Security Matched Savings Scheme (Income Management) Payment (Approved Courses) (FaHCSIA) Determination 2010.

Approved money management courses help participants to develop an understanding of how to manage their money, plan for the future, and find out what financial services are available to them.

Completion of an approved money management course is one of the eligibility requirements for the Matched Savings Payment.

Approved money management courses are offered primarily by FaHCSIA funded Money Management Services, but are also offered by some Commonwealth Financial Counselling services, Emergency Relief services and some non FaHCSIA funded organisations. 

Approved money management courses are delivered in small groups or one-on-one through face-to-face sessions. Pre course material is provided to participants when they register for a course to enable them to understand the course they will be participating in and start preparing a basic budget.

Approved money management courses are available to participants free of charge.

There are 10 subject areas that must be covered during an approved money management course:

  1. Budgeting
  2. Money Planning (money decisions and prioritising)
  3. Savings and Spending (spending leaks, shopping tips, needs versus wants)
  4. Goal setting
  5. Introduction to banking (opening accounts, account types, different ways to pay, fees)
  6. Credit and credit cards
  7. What is debt?
  8. The cost of credit
  9. Money Loans
  10. Consumer Rights and responsibilities

These subject areas are based on the Financial Literacy Competency Standards from the Financial Services Training Package (FNS04).

Important note

These Operational Guidelines set out the requirements for all organisations delivering an approved money management course.

It is a requirement of their funding agreements, that all FaHCSIA funded Financial Management Support Services (Money Management Services, Commonwealth Financial Counselling Services and Emergency Relief organisations) operate in accordance with these Guidelines when delivering an approved money management course.

Non FaHCSIA funded organisations must also deliver approved money management courses in accordance with the relevant provisions of these Guidelines.

Return to Top

Chapter 1 - Provider roles and responsibilities 

Organisations delivering an approved money management course are required to operate in accordance with their FaHCSIA Funding Agreement (if applicable) and these approved money management course Operational Guidelines.

In delivering an approved money management course you must:

  1. notify FaHCSIA if the content of your approved money management course is altered Chapter 12

  2. meet FaHCSIA‘s approved money management course delivery requirements including the registration process Chapters 2 & 6

  3. give priority to compulsory income management clients Chapter 7

  4. deliver the course free of charge to all participants Chapter 13

  5. keep appropriate records and data (reporting templates will be provided by FaHCSIA) Chapter 15

  6. provide ongoing support to participants (if requested) and refer participants to Centrelink when they have completed their approved money management course Chapters 10 & 11

  7. provide each person who completes their course with a Certificate of Completion (certificate template and identification process will be provided by FaHCSIA) Chapter 9

  8. work collaboratively with the Financial Management Resource Support Unit to access training for workers (only applicable for FaHCSIA funded organisations delivering MoneyBusiness as an approved money management course) Chapter 4

  9. provide FaHCSIA with projected quarterly training course schedules showing the locations and dates of courses to be conducted (using the template supplied by FaHCSIA). Chapter 8

Return to Top

Chapter 2 - Approved money management course characteristics and delivery requirements 

An approved money management course is a course identified by FaHCSIA as containing the following characteristics based on the Financial Literacy Competency Standards from the Financial Services Training Package (FNS04) and must cover the 10 identified subject areas listed below:

  • FNSFLIT201B- Develop and use a personal budget:
    1. Budgeting
    2. Money Planning (money decisions and prioritising)
    3. Saving and spending (spending leaks, shopping tips, needs versus wants)
  • FNSFLIT202B- Develop and use a savings plan:
    1. Goal setting
    2. Introduction to banking (opening accounts, account types, different ways to pay, fees)
  • FNSFLIT203B- Develop understanding of debt and consumer credit:
    1. Credit and credit cards
    2. What is debt?
    3. The cost of credit
    4. Money loans
    5. Consumer rights and responsibilities

Each organisation delivering an approved money management course is able to decide how best to deliver the course, taking into account the needs and environment of its clients, its’ own circumstances, organisation structure and FaHCSIA’s delivery requirements.

Organisations, for example, may choose to deliver the course in several sessions over one day, or choose to deliver different components over a longer period.

All organisations delivering an approved money management course must:

  • give priority to compulsory income managed clients participating in the Matched Savings Payment initiative Chapter 7
  • make approved money management courses available to participants free of charge if the organisation is FaHCSIA funded. Other organisations will not be reimbursed for delivering courses or for the course approval process, similarly participants will not be reimbursed for costs they incur to participate in a course delivered by a non FaHCSIA funded organisation   Chapter 13
  • tailor the course delivery to the needs and situation of the participants and must conduct courses in small groups or on a one to one basis
  • deliver each course over a minimum of six hours
    • Courses can be conducted over a number of sessions, over a period of time.
  • Deliver their courses through face to face sessions
    • Courses can also include some online sessions in conjunction with majority (a minimum of 75%) of the training delivered as face-to-face workshops/lessons.

Return to Top

Chapter 3 - Delivering MoneyBusiness as an approved money management course 

ANZ developed MoneyBusiness in partnership with FaHCSIA in 2005. MoneyBusiness has brought together ANZ's knowledge and experience in financial literacy and the Australian Government's overview of service delivery.

MoneyBusiness was developed with the purpose of helping to build the money management skills and confidence of Indigenous Australians and assist in building a stronger savings culture. 

ANZ and FaHCSIA have agreed to make MoneyBusiness available for delivery as:

  1. community education workshops; and/or
  2. an approved money management course.

MoneyBusiness is delivered through organisations funded by FaHCSIA under the Financial Management Program.  Some Commonwealth Financial Counselling and Emergency Relief service providers will also deliver MoneyBusiness as an approved money management course.

MoneyBusiness as an approved money management course should be referred to as the 'MoneyBusiness Course'.

Important note: FaHCSIA now requires all Money Management Service providers delivering services in locations where Income Management applies to deliver the MoneyBusiness Course as part of their core service offer.

Money Management providers have previously only delivered MoneyBusiness as a series of community education workshops and utilised the range of tools and resources that support the workshops.  MoneyBusiness will still be delivered as community education workshops in the same way it has been previously. 

To meet the approved money management course characteristics and delivery requirements some changes to the delivery of MoneyBusiness have been made, however no changes have been made to the existing content.

In order to ensure MoneyBusiness when delivered as an approved money management course includes the course characteristics and delivery requirements issued by FaHCSIA, all service providers and their workers are required to undertake specific training. This training is delivered by the Financial Management Resource Support Unit (FMRSU).

The FMRSU will contact Money Management providers before they are required to commence delivery of an approved money management course.

You must work with the FMRSU to ensure your Money Management workers are trained to deliver MoneyBusiness as an approved money management course. Chapter 4

Return to Top

Chapter 4 - Training for Financial Management Support Services 

Training and support will be made available to all FaHCSIA funded organisations delivering MoneyBusiness as an approved money management course.  This training is provided through the Financial Management Resource Support Unit (FMRSU) and is mandatory for those organisations delivering MoneyBusiness as an approved money management course.

This training and support will not be provided to organisations wishing to deliver an approved money management course other than MoneyBusiness, however these organisations will be provided with materials to assist the participant registration process, Certificates of Completion and other materials around the Matched Savings Payment. Chapter 6

A list of providers delivering MoneyBusiness as an approved money management course will be available to the FMRSU Client Manager who will then be responsible for making contact with each provider and arranging to deliver training as necessary.

Training and support will be available in alignment with the rollout schedule for the new model of income management. 

Important note:  Service Providers must work collaboratively with the FMRSU to ensure all workers have completed the 'MoneyBusiness as an approved money management course' training prior to delivering the course.

  • The Training and support will include topics such as:
  • What is income management?
  • Income management – what's different what's new?
  • What is the Matched Savings Payment?
  • What is an approved money management course?
  • Roles and responsibilities for services delivering an approved money management course.
  • Registration processes for clients.
  • Access and ongoing support for clients.
  • Client's responsibilities.
  • Course delivery schedule.
  • Record keeping, data collection and reporting.
  • Centrelink requirements from providers – list of courses.
  • Delivery requirements.
  • Meeting the needs of participants.
  • Referrals with Centrelink.
  • MoneyBusiness course content and priority topics.
  • Issuing a Certificate of Completion
  • Claiming the Matched Savings Payment
  • Presentation skills

All Money Management Services must work in partnership with their Financial Management Resource Support Unit (FMRSU) Client Manager to ensure they meet all the approved money management course requirements if delivering MoneyBusiness as an approved money management course.

FaHCSIA funded Commonwealth Financial Counselling and Emergency Relief services will also have access to FMRSU assistance and training if they have been funded to deliver MoneyBusiness as an approved money management course.

Return to Top

Chapter 5 - Delivering an approved money management course other than MoneyBusiness 

FaHCSIA funded Financial Management Support Service providers and non-FaHCSIA funded organisations that wish to deliver an approved money management course other than MoneyBusiness must ensure that the alternative course is approved by FaHCSIA.

Course owners will be responsible for ensuring their course has been submitted to FaHCSIA for assessment and for providing any course materials requested by FaHCSIA to assist the assessment process.

Only courses that are assessed as meeting the approved money management course characteristics and delivery criteria will be added to the list of approved courses published on the FaHCSIA website. Only courses included on the list of approved money management courses will qualify participants for the Matched Savings Payment.

Organisations delivering an approved money management course, other than MoneyBusiness, must deliver the course in accordance with the relevant provisions of these Guidelines.   

Training will not be provided to organisations delivering an approved money management course other than MoneyBusiness. However, FaHCSIA will provide organisations delivering other approved money management courses with 'registration pack' materials upon request. These materials can be requested via email to moneymanagement.courses@fahcsia.gov.au

For more information on the registration process, Chapter 6

Return to Top

Chapter 6 - Registering clients to participate in your approved money management course 

The registration process for approved money management courses allows participants to commence their savings pattern prior to their first face-to-face course session.

This means that a person's 13 week minimum qualifying savings period for the Matched Savings Payment can begin on the day they register for an approved money management course, rather than on the day they attend their first face-to-face session.

Important note: When a person registers for a course, you must issue them with the 'registration pack' supplied by FaHCSIA through the FMRSU and details of the dates of their face-to-face sessions.  The materials provided will help them to understand the course, including basic information on budgeting and saving, and you can offer further assistance to help them develop a savings pattern while they are waiting for their face-to-face course sessions to begin.

FaHCSIA will provide 'registration pack' materials to all FaHCSIA funded Financial Management Support Services delivering MoneyBusiness as an approved money management course. These materials will be provided by the Financial Management Resource Support Unit (FMRSU) during training of Financial Management Support Service providers in delivery of an approved money management courses. Chapter 4

The 'registration pack' materials will include:

  • A simple budget planner to assist participants to start thinking about their spending habits before they commence their face-to-face sessions
  • Information on the savings pattern they will be required to demonstrate to Centrelink when claiming the Matched Savings Payment
  • A fact sheet on approved money management courses
  • An information sheet that you will need to use to record their registration date and the dates of their face-to-face sessions.

The registration process involves:

  1. A person who is interested in undertaking an approved money management course self refers or is referred to your service by Centrelink or another service.
  2. The person tells you that they would like to participate in the Matched Savings Payment scheme and/or attend your next available approved money management course.
  3. You note/register the date the person has agreed to participate and add this to your registration records. (Form supplied by FaHCSIA)
  4. You will need to refer back to this date when completing the person's Certificate of Completion. Chapter 7
    • The registration date will be the course 'start date' for the purposes of the Matched Savings Payment.
  5. Upon registering a client you must send them a 'registration pack' that includes a basic budget sheet, information about savings patterns for the Matched Savings Payment, notice of the date they have registered for your course, and the date of their face-to-face sessions.
  6. If the person does not attend face-to-face sessions with the course provider they have registered with, but attends a course with another provider, they will also need to register with the new provider.
    • The registration date with the first provider cannot be used as the start of the person's savings period unless they complete the course with that provider.
  7. When a person completes their course, you must issue them with a Certificate of Completion using the template supplied by FaHCSIA. Chapter 7
  8. When filling in the Certificate of Completion, you must include the date the person registered for the course as the 'course start date'.
    • In most cases the registration date will be before the date of the first face-to-face session, but sometimes a person will be able to start their course immediately.
  9. You should encourage people who have completed your approved money management course to take their Certificate of Completion to Centrelink so they can claim the Matched Savings Payment. Chapter 8

Important note:  Centrelink is responsible for assessing a person's eligibility for the Matched Savings Payment and for issuing the payment.

  1. When processing claims for the Matched Savings Payment, Centrelink will use the course start date (from the Certificate of Completion) as the earliest date for a persons qualifying savings period.
    • A later date can be agreed between the person and Centrelink if the person does not want to start their savings pattern as soon as they register for their course. The 13 week qualifying savings period can begin any time on or after the date the person registers for their course.
  2. After the client has completed your approved money management course you should offer continuing assistance to help them meet their savings goals. Chapter 9

Return to Top

Chapter 7 - Priority access for compulsory income managed clients 

Approved money management courses are open to everyone, however priority must be given to individuals on compulsory income management.

Only those participants who receive a Centrelink income support payment and are on compulsory income management can be eligible for the Matched Savings Payment.

FaHCSIA expects the majority of clients referred to Money Management and Commonwealth Financial Counselling Services to undertake an approved money management course will be referred by Centrelink, and will be on compulsory income management.

Where a client self refers, or is referred by an agency other than Centrelink, you should ask them if they are on compulsory income management.

If they are not on compulsory income management you can still register them to complete a course, but if you have limited places and a compulsory income managed person later wants to register for a course you may need to ask the non income managed person to reschedule to a later course.

You must advise non-compulsory income managed clients registering for your course that you may require them to vacate their place if a compulsory income managed person requires a place.

Return to Top

Chapter 8 - Course Schedules 

Organisations delivering approved money management courses under their funding agreement with FaHCSIA must provide FaHCSIA with quarterly reports showing the dates and locations of courses to be delivered for the following quarter.

The information collected will be passed to Centrelink to help them assist clients and to help them to make successful referrals.

These reports must be submitted using the template provided by FaHCSIA. Templates must be submitted before the start of the reporting period, and can be updated by submitting a replacement report as required.

Reasons why service providers may need to provide an updated course schedule include, but are not limited to:

  • adding or removing scheduled courses in response to demand
  • delivering services in new or additional locations
  • cancellation or rescheduling of courses due to significant weather events
  • cancellation or rescheduling of courses in individual communities due to sorry business
  • cancellation or rescheduling of courses for staffing reasons.

When a service provider commences delivery of approved money management courses part way through a reporting period, they must submit a course schedule for the remainder of the reporting period. This report must be provided as soon as practicable, and no later than 14 days after commencing course delivery.

Reporting periods for the purposes of the approved money management course schedules are:

For each financial year:

Period 1: 1 July – 30 September

Period 2: 1 October - 31 December

Period 3: 1 January -  31 March

Period 4: 1 April – 30 June

Important note: If the reporting periods specified under Item F of the Schedule attached to your FaHCSIA Funding Agreement are different from the reporting periods in these Guidelines, you should use the reporting periods specified in your funding agreement.

Course schedule reporting templates will be supplied to service providers during training delivered by the Financial Management Resource Support Unit. Alternatively, requests for templates can be made to FaHCSIA via email to: moneymanagement.courses@fahcsia.gov.au

Completed reports must be submitted to FaHCSIA in accordance with the instructions set out in Item F of the Schedule attached to your FaHCSIA Funding Agreement.

Reporting templates

Return to Top

Chapter 9 - Certificates of Completion 

It is a requirement of FaHCSIA funded Money Management, Commonwealth Financial Counselling and Emergency Relief Services delivering an approved money management course that they issue Certificates of Completion to participants who have participated in all face-to-face sessions or workshops.

Certificates must be issued using the certificate template supplied by FaHCSIA.

All relevant fields on the template must be completed and certificates supplied to participants at the completion of their course.

Using the template supplied by FaHCSIA will ensure certificates meet the minimum requirements and enable Centrelink to easily identify that the client has completed an approved money management course.

Service providers will be able to include their service logo and the name of their course in the template.

A Certificate of Completion must be issued to each participant.

Certificates must include the following information:

  1. The full name of the participant
    • Full names are required to enable easier identification of participants
  2. The name of the course
    • E.g. MoneyBusiness Course
  3. The name of the organisation delivering the course
     
  4. Course commencement and completion dates
    • The course commencement date is the date the person registered for their course, not the date of their first face-to-face session
  5. Course Id and Provider Id numbers (as provided by FaHCSIA)
    • The course Id and Provider Id will be provided by the FMRSU during training to deliver MoneyBusiness as an approved money management course. Both course Id and provider Id will need to be included on the Certificate of Completion to allow FaHCSIA and Centrelink to monitor participant outcomes (e.g. how many people who completed a course have been successful in their savings habit and have received the Matched Savings Payment)
    • A Course Id and Provider Id will also be provided to non-FaHCSIA funded organisations when their course has been approved.

Certificates must be signed by a representative of the organisation delivering the approved money management course.

FaHCSIA will provide an electronic copy of the certificate template which can be printed with the organisations crest/logo and approved course name.

An example of a completed Certificate of Completion.

Example of Certificate of Completion

If you have not received a template for the certificate during training delivered by the FMRSU, you can request a copy by emailing moneymanagement.courses@fahcsia.gov.au

Return to Top

Chapter 10 - Referring participants to Centrelink and supporting claims for the Matched Savings Payment 

FaHCSIA funded services are expected to offer support to participants before, during and after participation in an approved money management course.

When participants have completed their course and you have provided them with their Certificate of Completion you should recommend they contact Centrelink to discuss their eligibility for the Matched Savings Payment.

The eligibility requirements for the Matched Savings Payment are:

  • the individual has completed an approved money management course
  • the individual has demonstrated a savings pattern over at least 13 weeks from the commencement/registration of their approved money management course, or a later date chosen by the client and
  • the individual must be on compulsory income management.

Only those individuals subject to new income management in the NT under one of the compulsory categories, or under the Child Protection Measure in WA, will be eligible to receive the Matched Savings Payment.

During the approved money management course you should be encouraging participants to develop a savings habit. Participants must be able to demonstrate to Centrelink that they have accumulated a savings amount (i.e. they have more savings at the end of their savings period than they had at the start of their savings period) and have been savings for at least 13 weeks.

You should offer assistance to participants during regular servicing or community visits. Chapter 11

For more information on savings periods and savings amounts see the Question and Answer Fact Sheet.

Return to Top

Chapter 11 - Providing ongoing support for participants 

Providing ongoing support to participants is considered by FaHCSIA to be best practice for organisations delivering approved money management courses under their funding agreement with FaHCSIA.

Ongoing support, provided as part of regular servicing, will help to ensure people who have completed an approved money management course have the best opportunity to use the information they have gained during their course. Support will help participants to continue the savings habits they have developed during their course.

Participants who were not able to commence their savings while undertaking the approved money management course may require assistance to develop a savings plan once they are ready to start saving.  Participants may require assistance following their course to establish a savings pattern to support their claim for the Matched Savings Payment.

Examples of support you should provide to participants include, but are not limited to:

  1. Assistance to set up a dedicated savings account
  2. Assistance to help develop a budget and to identify potential sources of savings
  3. Explaining the eligibility requirements for the Matched Savings Payment, including referring participants to Centrelink for further information or to query the progress of their claim
  4. Use of internet banking

Return to Top

Chapter 12 - Notifying changes to course content 

When determining the suitability of a financial literacy or education course as an approved money management course, FaHCSIA will check that the course content and delivery requirements are consistent with the criteria developed for approved money management courses.

Important note: Following FaHCSIA approval of a course, details of any course content changes must be provided to FaHCSIA to allow FaHCSIA to determine if the content still meets the approved money management course criteria.

When notifying FaHCSIA of your course content changes you should provide any course materials that are affected by the proposed changes and you must provide any new/revised content.

Following assessment of the new/revised content FaHCSIA will contact you and advise if your course approval status is affected by the changes. 

Details of course content changes can be submitted to FaHCSIA via email: moneymanagement.courses@fahcsia.gov.au

Or via regular mail to:

Money Management Strategies
Money Management Branch
Department of Families, Housing, Community Services and Indigenous Affairs
P.O. Box 7576
Canberra Business Centre
Canberra ACT 2610

Return to Top

Chapter 13 - Delivering courses free of charge 

It is a requirement of FaHCSIA funded organisations delivering an approved money management course that the course be delivered free of charge to participants.

FaHCSIA funded Money Management Services will be required, under the terms of their funding agreements with FaHCSIA, to deliver approved money management courses free of charge as part of their core service offer. It is also a requirement for those Commonwealth Financial Counselling and Emergency Relief Services delivering an approved money management course that they make courses available at no cost to participants.

The majority of participants in approved money management courses delivered by Money Management, Commonwealth Financial Counselling and Emergency Relief Services will be compulsory income managed clients who do not have capacity to pay fees to participate in the course.

Participation in an approved money management course is an enabler for individuals to gain an understanding of how to develop a savings habit and to better manage their money.  Requiring these individuals to contribute to the cost of their course would reduce the incentive for their participation and reduce the 'reward' offered through the Matched Savings Payment.

Non-FaHCSIA funded organisations that choose to deliver an approved money management course will not be reimbursed for any costs associated with the delivery of their course or for any costs they incur through the course assessment and approval process.

Participants will not be reimbursed for any associated costs incurred for participating in an approved money management course.

Return to Top

Chapter 14 - reporting requirements 

FaHCSIA funded Service providers must provide reports to FaHCSIA in accordance with the terms and conditions of their funding agreements.

Reporting requirements concerning approved money management courses are contained in Section 1.4 and Section 2.2 of the 'Financial Management Program, Money Management Services Performance Report'.

Under Section 1.4 you must report:

  • the number of participants who have undertaken the approved money management course in the reporting period.

Under Section 2.2 you must report:

  • on the type of activities you undertook, including how many people attended, how many and how often sessions were held, client achievements and any significant challenges you faced and how you overcame these.
An example of reporting for approved money management courses under Section 2.2 is provided below for reference:
Description of activities How many people attended? How many and how often were sessions held? Clients' achievements Describe any significant challenges and how these were overcome
approved money management course 24 2 courses completed  during this reporting period – each course held over 3 fortnightly sessions 20 people completed the 2 courses Weather conditions forced us to reschedule another course we had planned to deliver.

You must also report course schedules in accordance with the rules set out in Chapter 8 of these guidelines.

Return to Top

Chapter 15 - Record keeping requirements 

It is a requirement of FaHCSIA funded Service Providers delivering an approved money management course to maintain the following records:

  • Details of all individuals who have registered to participate in an approved money management course, including their name and the date they have registered to participate in a course. Chapter 6
  • Copies of Certificates of Completion for all individuals who have completed an approved money management course. These records must be retained for a period of 36 months from the date of issue. Chapter 6
  • Copies of quarterly course schedules as provided to FaHCSIA. Chapter 8

It is not necessary to retain hard (paper) copies of these records if they can be reproduced when requested (e.g. if electronic copies are available).

Important note: Records must be retained, or must be able to be reproduced for the period specified above, including after you have stopped delivering an approved money management course or after your funding agreement with FaHCSIA has expired.

The record keeping requirements set out in these Guidelines only relate to records associated with the delivery of an approved money management course. These requirements are additional to any record keeping requirements specified in the funding agreements between FaHCSIA and Service Providers.

Return to Top

Content Updated: 20 June 2012