SAQA

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SOUTH AFRICAN QUALIFICATIONS AUTHORITY

REGISTERED UNIT STANDARD THAT HAS PASSED THE END DATE:

Research costs associated with marriage, birth, divorce and death in own circumstances

SAQA US ID	UNIT STANDARD TITLE
10714	Research costs associated with marriage, birth, divorce and death in own circumstances
ORIGINATOR
SGB Financial Services
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-
FIELD			SUBFIELD
Field 03 - Business, Commerce and Management Studies			Finance, Economics and Accounting
ABET BAND	UNIT STANDARD TYPE	PRE-2009 NQF LEVEL	NQF LEVEL	CREDITS
Undefined	Regular	Level 3	NQF Level 03	4
REGISTRATION STATUS		REGISTRATION START DATE	REGISTRATION END DATE	SAQA DECISION NUMBER
Passed the End Date - Status was "Registered"		2002-06-12	2005-06-12	SAQA 0742/02
LAST DATE FOR ENROLMENT		LAST DATE FOR ACHIEVEMENT
2006-06-12		2009-06-12

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.

This unit standard is replaced by:

US ID	Unit Standard Title	Pre-2009 NQF Level	NQF Level	Credits	Replacement Status
119681	Research costs associated with marriage, birth, divorce and death in own circumstances	Level 3	NQF Level 03	4

PURPOSE OF THE UNIT STANDARD

Learners who achieve this unit standard can recognise the costs associated with personal lifelong decisions and use strategies for better long-term financial management and planning.

The qualifying learner is capable of:

Understanding the financial implications of the different forms of marriage contract that are legal in South Africa.

Understanding the financial implications of having a family.

Assessing the financial implications of divorce.

Explaining the need for a will and financial planning in the event of death.

LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING

There is open access to this unit standard. Learners should be competent in Communication, Mathematical Literacy and Financial Literacy at NQF Level 2.

UNIT STANDARD RANGE

The typical scope of this unit standard is:

Marriage contracts include traditional, community of property, ante nuptial contract and other forms of contract recognised in South Africa including common law partnerships.

Judgements on the suitability of different marriage contracts do not include moral judgements.

Different circumstances governing decisions around marriage contracts include age, wealth and assets, employment prospects, obligations from previous marriages.

Costs of education include state and independent school options for compulsory schooling, Further Education and Higher Education.

Ways of managing costs associated with funerals include funeral policies, burial/funeral societies, investments, savings and stokvels.

Specific Outcomes and Assessment Criteria:

SPECIFIC OUTCOME 1

Explore the financial implications of the different forms of marriage contract that are legal

OUTCOME NOTES

Explore the financial implications of the different forms of marriage contract that are legal in South Africa.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The various forms of marriage contract that are legal in South Africa are named and an indication is given of who is involved in the negotiation of each type of marriage contract.

ASSESSMENT CRITERION 2

2. The financial implications of entering into contracts for each kind of marriage are investigated and compared from the perspective of both parties.

ASSESSMENT CRITERION 3

3. A judgement is made and supported as to which form of marriage contract is most advantageous under different circumstances.

ASSESSMENT CRITERION 4

4. The financial advantages and disadvantages of keeping joint banking and/or other accounts are explored and an indication is given of the associated risk.

ASSESSMENT CRITERION 5

5. The concept of suretyship is explained and responsibility for a spouse's/partner's debts is indicated for the different forms of marriage contract.

SPECIFIC OUTCOME 2

Explain the financial implications of having a family

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. Possibilities for family planning and the prevention of unwanted pregnancies are researched with due regard for own cultural and religious sensitivities.

ASSESSMENT CRITERION 2

2. The costs associated with pregnancy, birth and the first year of a child's life are investigated and presented as a budget.

ASSESSMENT CRITERION 3

3. The costs of educating a child are explored and a decision made on how best to provide financially for a child's education.

ASSESSMENT CRITERION 4

4. The costs of medical care for a child are identified and options for providing medical care are compared for three case studies.

ASSESSMENT CRITERION 5

5. Non-medical and educational costs associated with raising children are listed for a selected stage in a child's life.

SPECIFIC OUTCOME 3

Explain the financial implications of divorce

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The implications of legal entitlement and splitting assets and liabilities in the event of a divorce are explored using case studies.

ASSESSMENT CRITERION 2

2. The costs of a divorce are investigated and an indication is given of how costs can be minimised to the advantage of both parties.

ASSESSMENT CRITERION 3

3. The legal obligations for financial support after a divorce are explained for both the spouse and dependent children.

ASSESSMENT CRITERION 4

4. The consequences of neglecting to pay maintenance are explained and an indication is given of the legal recourse available to the custodian parent.

SPECIFIC OUTCOME 4

Explain the need for a Will and financial planning in the event of death.

ASSESSMENT CRITERIA

ASSESSMENT CRITERION 1

1. The financial and legal implications on beneficiaries of dying intestate are compared to dying testate.

ASSESSMENT CRITERION 2

2. The functions and duties of an executor are listed and an indication is given of how one could select an executor and the associated costs of fulfilling this function.

ASSESSMENT CRITERION 3

3. The kind of bequests and requests that could be included in a last will and testament are discussed and consideration is given to the possible consequences of complicated instructions in a last will and testament.

ASSESSMENT CRITERION 4

4. The need for ensuring that a will is lodged in a safe and accessible place is explained with reference to the implications if a will is lost, destroyed or inaccessible at the time of death.

ASSESSMENT CRITERION 5

5. A will is drafted taking into account personal circumstances and minimum legal requirements.

ASSESSMENT CRITERION 6

6. The costs associated with the death of a relative are investigated and possible ways of managing finances associated with funerals are explored for own circumstances.

ASSESSMENT CRITERION 7

7. The executor's fee and estate duty are calculated for three different circumstances.

UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS

This unit standard will be internally assessed by the provider and moderated by a moderator registered by INSQA or a relevant accredited ETQA. The mechanisms and requirements for moderation are contained in the document obtainable from INSQA, - INSQA framework for assessment and moderation.

Critical Cross-field Outcomes (CCFO):

UNIT STANDARD CCFO IDENTIFYING

The learner is able to identify, solve problems and make decisions relating to making personal lifelong decisions relating to marriage contracts, family planning, divorce and funeral provision.

UNIT STANDARD CCFO WORKING

The learner is able work effectively with others as a member of a team in researching the costs of child rearing at different stages in a child`s life.

UNIT STANDARD CCFO ORGANISING

The learner is able to organise and manage him/herself effectively by investigating costs and drafting a personal will suitable to his/her current circumstances.

UNIT STANDARD CCFO COLLECTING

The learner is able to collect, organise and critically evaluate information by investigating and exploring various financial options.

UNIT STANDARD CCFO COMMUNICATING

The learner is able to communicate effectively using visual, mathematics and language skills in the modes of oral and written presentation when presenting the findings of their investigations.

UNIT STANDARD CCFO DEMONSTRATING

The learner is able to demonstrate an understanding of the world as a set of related systems by recognising his/her financial responsibilities associated with lifelong planning for self and own dependants.

UNIT STANDARD CCFO CONTRIBUTING

The learner is able to participate as a responsible citizen in the life of local, national and global communities by beginning to understand the responsibilities of planning for ones long term future, and the implications of entering into contracts with others.

UNIT STANDARD NOTES

This unit standard has been replaced by unit standard 119681, which is "Research costs associated with marriage, birth, divorce and death in own circumstances", Level 3, 4 credits.

QUALIFICATIONS UTILISING THIS UNIT STANDARD:

	ID	QUALIFICATION TITLE	PRE-2009 NQF LEVEL	NQF LEVEL	STATUS	END DATE	PRIMARY OR DELEGATED QA FUNCTIONARY
Fundamental	49089	National Certificate: Financial Services	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Fundamental	48494	National Certificate: Financial Services Management	Level 3	NQF Level 03	Passed the End Date - Status was "Reregistered"	2012-06-30	INSETA
Fundamental	20177	National Certificate: Insurance	Level 3	NQF Level 03	Passed the End Date - Status was "Registered"	2004-10-10	Was INSETA until Last Date for Achievement
Fundamental	20774	National Certificate: Insurance: Long Term: Risk Assessment	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2004-12-05	Was INSETA until Last Date for Achievement
Elective	48783	National Certificate: Financial Services	Level 2	NQF Level 02	Passed the End Date - Status was "Reregistered"	2023-06-30	INSETA
Elective	48493	National Certificate: Financial Services: Wealth Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2007-02-11	Was INSETA until Last Date for Achievement
Elective	24396	National Certificate: Risk Management	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2006-10-08	Was INSETA until Last Date for Achievement
Elective	21796	National Certificate: Short Term Insurance	Level 4	NQF Level 04	Passed the End Date - Status was "Registered"	2005-06-12	Was INSETA until Last Date for Achievement

PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD:

This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.

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