Approved budgeting programme activity
Young people receiving Young Parent Payment are required to participate in and complete an approved budgeting programme.
The budgeting programme aims to provide young people with skills to help them competently manage their finances. It is expected that budgeting courses delivered as part of the Youth Service will generally meet the Ministry's guideline for an approved budgeting programme.
Young people must be referred to a provider from the list of authorised course providers contracted by the Ministry of Social Development.
The providers of the budgeting programme will provide a programme that is in line with the Youth Services Guidelines for the content of the approved budgeting programme.
In areas where there are no contracted budgeting providers, the Youth Service provider is expected to deliver the budgeting programme to the young people in their service.
Young people receiving Young Parent Payment are not subject to hardship obligations if they are accessing Special Needs Grants or Advance Payment of Benefit.
Recognition of prior learning
Prior learning can be recognised for clients who have previously completed budgeting programmes.
The client can be assessed as having met the requirement to participate in an approved budgeting programme if they have completed at least two unit standards in financial literacy.
Applicable unit standards
The following unit standards can be considered for prior learning:
Level | Unit standard |
1 | 24709 - Produce a balanced budget to manage personal finances 28088 - Demonstrate understanding of credit and debt on personal finances |
2 | 28094 - Produce a balanced household budget and adjust the budget to reflect changing financial circumstances 28096 - Demonstrate understanding of insurance products for personal financial capability |
3 | 28099- Analyse credit options and select strategies to manage personal finances 28100 - Develop a plan to achieve a long-term personal financial goal(s) |
This list is not exhaustive. Other unit standards in financial literacy can also be considered.
Providers can consult the NZQA website to confirm if a young person has completed an appropriate unit standard in Financial Capability
Incentive payments
Young people receiving Young Parent Payment can earn incentive payments for education and budgeting obligations if they meet certain criteria.
Legislation
- Obligations of young person granted youth support payment section 162 Social Security Act 2018
