DCF Cymru Digital competence for Wales

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Skills for Life: Financial Literacy

Financial literacy is a 20 hour Skills for Life unit, one of the units learners combine into a Skills for Life or Skills for Work Award, Certificate or Diploma. Learners learn why managing money responsibly matters, how to save and invest, how to make sensible spending and borrowing choices, and how to plan and manage a personal budget. No criterion names a digital tool, but the unit overview expects learners to explore online banking and budgeting tools, and spreadsheets are the natural way to keep and monitor the budget the criteria require. Other digital work is researching saving and borrowing products, comparing prices online and spotting scams.

Awarding body
WJEC
Level
Entry Level 1 to Level 2
Guided learning hours
20
First taught
September 2027
Amount of digital work
Medium
Unit pack
Open the unit delivery and assessment pack
How this unit is assessed
  • Entry Level (Entry 1, Entry 2, Entry 3): Four learning outcomes with assessment criteria at Entry 1, Entry 2 and Entry 3. Evidence goes in a portfolio, internally assessed by the centre and externally quality assured by WJEC. 20 guided learning hours.
  • Level 1 and Level 2: Four learning outcomes with assessment criteria at Level 1 and Level 2. Evidence goes in a portfolio, internally assessed by the centre and externally quality assured by WJEC. 20 guided learning hours.

The digital skills in this qualification

  1. Keeping and monitoring a budget in a spreadsheet

    Assessed: In coursework (non-examination assessment, NEA)

    Learners use a simple personal budget at Entry 3, present a budget showing income, expenses and balance at Level 1, and monitor a detailed budget using realistic data at Level 2. The budget is required by the assessment criteria; a spreadsheet is not, but the pack lists digital spreadsheet records of income, expenditure or savings over time as evidence.

    DCF: Data and information literacy

    Getting pupils ready

    Year 7
    Pupils enter a week of pocket money and spending into a spreadsheet and use SUM and a subtraction formula to show what is left.
    Year 8
    Pupils set up a monthly budget sheet with income and expense categories, totals and a balance cell, and use conditional formatting to turn the balance red if it goes below zero.
    Year 9
    Pupils keep a budget for a young worker over three months from realistic wages and bills, chart spending by category and use the figures to suggest where to cut back.
    Show the specification wording and the DCF statements

    Where it is in the specification: Entry Level, learning outcome 4, assessment criterion E3 4.1, page 5; Level 1 and Level 2, learning outcome 4, assessment criteria L1 4.1 and L2 4.1, page 6; Sources of evidence, page 11

    “Monitor a detailed budget using realistic data.”
    Progression step 3

    • I can construct, refine and interrogate data sets within tables, charts, spreadsheets and databases to test or support an investigation.

    • I can use a range of spreadsheet formulae, e.g. + - / x, sum, average, max, min.

    Progression step 4

    • I can create a data capture form, capture data, search data and create a database and spreadsheet with appropriate data input method.

    • I can perform analysis on simple data sets including grouping data as appropriate.

    Progression step 5

    • I can use my data to explain and add validity to conclusions and, where possible, modify conclusions and/or hypothesis.

  2. Modelling changes to a budget and savings over time

    Assessed: Taught, but not assessed

    At Level 1 learners review the budget for changes in circumstances, and at Level 2 they analyse it and suggest improvements, with amplification on the effect of time, interest and inflation on savings. The pack suggests showing how small regular savings grow over time using a jar or spreadsheet; a what if spreadsheet model is a strong route but is not required.

    DCF: Problem-solving and modelling

    Getting pupils ready

    Year 7
    Pupils fill a spreadsheet column with a running total of saving 2 pounds a week for a year and read off when they could afford a chosen item.
    Year 8
    Pupils change the income cell in their budget spreadsheet to model fewer working hours and record which expenses they would cut to stay in balance.
    Year 9
    Pupils build a savings model with cells for regular deposit, interest rate and years, and test how changing each one affects the final amount.
    Show the specification wording and the DCF statements

    Where it is in the specification: Level 1 and Level 2, learning outcome 4, assessment criteria L1 4.2 and L2 4.2, page 6; amplification of LO3, page 8; Suggested activities, Entry Level, page 10

    “how small regular savings can grow over time (such as using a jar or spreadsheet)”
    Progression step 3

    • I can create and refine algorithms and flowcharts to solve problems, making use of features such as loops, Boolean values and formulae.

    Progression step 4

    • I can create a simple model or self-contained algorithm.

    Progression step 5

    • I can independently create and design models, and explain how they represent real-world problems, e.g. selecting and correctly using an appropriate method for illustrating a problem, such as a flowchart or spreadsheet.

  3. Researching saving, investment and borrowing products online

    Assessed: In coursework (non-examination assessment, NEA)

    Learners describe ways to save and invest at Level 1, and at Level 2 compare saving and investment products by risk, return and accessibility and evaluate borrowing options such as loans, credit cards, overdrafts and payday loans. The comparisons are required; online research is the likely method, with written or oral research reports listed as evidence and MoneyHelper, Citizens Advice and Money Saving Expert listed as resources.

    DCF: Sourcing, searching and planning digital content

    Getting pupils ready

    Year 7
    Pupils visit one bank's website and one credit union's website to find what a young saver account offers, and note the source of each fact.
    Year 8
    Pupils search for three savings accounts for under 16s, record the interest rate and access rules in a table, and say which website they trust most and why.
    Year 9
    Pupils research a bank loan, a credit card and a payday loan on a comparison site and a MoneyHelper guide, compare the costs and risks, and reference every source.
    Show the specification wording and the DCF statements

    Where it is in the specification: Level 1 and Level 2, learning outcomes 2 and 3, assessment criteria L1 2.1, L2 2.1 and L2 3.1, page 6; Sources of evidence, page 11; Resources available to support delivery, pages 11 and 12

    “written or oral reports on research into saving, investing, or borrowing options”
    Progression step 3

    • I can adjust keywords and search techniques to find relevant information.

    • I can begin to reference sources used in my work, and consider if content is reliable.

    Progression step 4

    • I can search a variety of sources using relevant search techniques with increased complexity.

    • I can evaluate the reliability of sources of information, justify my opinions and reasons for choices, and reference using appropriate methods.

    Progression step 5

    • I can search efficiently for information for my digital work and evaluate the reliability of sources of information, justifying opinions and reasons for choices, and I can reference work using appropriate methods.

  4. Comparing prices and avoiding online spending traps

    Assessed: Taught, but not assessed

    At Entry Level learners recognise good spending decisions and suggest how to spend wisely and avoid debt, and the amplification names comparing prices and looking for discounts. Comparing prices using supermarket flyers or online listings is a suggested activity, so the online part is not required.

    DCF: Health and well-being, Sourcing, searching and planning digital content

    Getting pupils ready

    Year 7
    Pupils look up the price of the same five groceries on two supermarket websites and highlight the cheaper option for each.
    Year 8
    Pupils screenshot an online advert or special offer for trainers and label the features designed to make them buy now.
    Year 9
    Pupils compare in-game purchases, a subscription and a one-off price for the same game and decide which is best value, explaining how the app encourages spending.
    Show the specification wording and the DCF statements

    Where it is in the specification: Entry Level, learning outcome 3, assessment criteria E2 3.1 and E3 3.1, page 5; amplification of LO3, page 8; Suggested activities, Entry Level, page 9

    “compare prices of common items using supermarket flyers or online listings”
    Progression step 3

    • I can identify marketing elements designed to draw my attention.

    • I can adjust keywords and search techniques to find relevant information.

    Progression step 4

    • I can make informed choices while making online choices, including making in-app purchases and clicking on adverts.

  5. Using online banking safely and spotting financial scams

    Assessed: Taught, but not assessed

    Entry 1 learners point out simple ways of keeping money safe, and the unit overview says digital competence is developed by exploring online banking, budgeting tools and secure money management. Citizens Advice is listed for information on scams. Online banking and scam awareness are taught content, not named in the assessment criteria.

    DCF: Identity, image and reputation

    Getting pupils ready

    Year 7
    Pupils look at sample emails and texts that claim to be from a bank and sort them into genuine and phishing, circling the warning signs.
    Year 8
    Pupils explore a demo banking app and list the security features it uses, such as a passcode, two step login and spending alerts.
    Year 9
    Pupils make a short guide for a younger sibling opening their first account, covering strong passcodes, secure websites and what to do if they are scammed.
    Show the specification wording and the DCF statements

    Where it is in the specification: Unit overview, integral and cross-curricular skills, page 4; Entry Level, assessment criterion E1 1.2, page 5; Resources available to support delivery, page 12

    “digital competence to explore online banking, budgeting tools, and secure money management”
    Progression step 3

    • I can understand how to protect myself from online identity theft, e.g. identifying secure sites, phishing, scam websites.

    Progression step 4

    • I can use strategies for guarding myself against identity theft and online scams that try to access my personal information.

Good to know

Links with other qualifications

The pack names GCSE Mathematics and Numeracy and GCSE Business as linked WJEC qualifications. GCSE Mathematics and Numeracy covers the same personal finance at a higher level, including budgeting, bills, interest and borrowing, and a spreadsheet budget model serves both. GCSE Business covers money from a business point of view. The pack names Home management and maintenance, Online safety, Personal development planning and Business finance as Skills Suite units to deliver alongside it, and Online safety in particular covers the scams and safe online banking this unit touches.

Source: WJEC Financial literacy unit delivery and assessment pack, read with the WJEC Entry 1 to Level 2 Skills for Life and Skills for Work specification, approved by Qualifications Wales, teaching from September 2027 (© WJEC CBAC Ltd 2026).