--- title: Financial Hardship is Caused by Financial Illiteracy. description: Financial Literacy In Alberta To Achieve a Comfortable Retirement RRSP RSP Segregated funds life insurance financial planning critical illness insurance image: https://peaceofmindcoverage.ca/hubfs/AI-Generated%20Media/Images/make%20a%20split%20image%20of%20the%20same%20wooden%20table-3.jpeg --- [![Peace of mind logo](https://peaceofmindcoverage.ca/hubfs/Peace%20of%20mind%20logo.png)](https://www.peaceofmindcoverage.ca) - [Book a Discovery Call](https://peaceofmindcoverage.ca#hs_cos_wrapper_widget_1732530757324) - [Financial Products](https://peaceofmindcoverage.ca#hs_cos_wrapper_dnd_area-module-8) - [Financial Basics Explained](https://peaceofmindcoverage.ca/financial-basics-explained) - [Book a Discovery Call](https://peaceofmindcoverage.ca#hs_cos_wrapper_widget_1732530757324) - [Financial Products](https://peaceofmindcoverage.ca#hs_cos_wrapper_dnd_area-module-8) - [Financial Basics Explained](https://peaceofmindcoverage.ca/financial-basics-explained) [Book a Discovery Call](https://peaceofmindcoverage.ca/financial-basics-explained/financial-hardship-is-caused-by-financial-illiteracy#hs_cos_wrapper_widget_1732530757324) # Financial Hardship is Caused by Financial Illiteracy. [Peace Of Mind Coverage](https://peaceofmindcoverage.ca/financial-basics-explained/author/peace-of-mind-coverage) 04 December, 2024 ![Albertans need financial literacy in insurance investments rrsp rsp segregated funds](https://peaceofmindcoverage.ca/hubfs/AI-Generated%20Media/Images/make%20a%20split%20image%20of%20the%20same%20wooden%20table-3.jpeg) [![Learn financial literacy edmonton alberta](https://peaceofmindcoverage.ca/hs-fs/hubfs/AI-Generated%20Media/Images/make%20a%20split%20image%20of%20the%20same%20wooden%20table-3.jpeg?width=900&height=514&name=make%20a%20split%20image%20of%20the%20same%20wooden%20table-3.jpeg)](https://peaceofmindcoverage.ca/#hs_cos_wrapper_widget_1732530757324)   You likely have enough money to have a very comfortable retirement and never live paycheque to paycheque.  The difference between people who succeed in managing their finances and the rest is what they do with the money they have. Financial hardship and a weak retirement stem from a lack of financial literacy combined with impulsive decisions.  We all need foundational knowledge and a little coaching for making informed and effective decisions about money management. Without a solid understanding of basic financial principles, families and business owners will struggle to effectively put their cash to work, save adequately, or invest wisely, leading to a cycle of debt and financial hardship. Poor financial literacy will result in individuals living beyond their means, failing to plan for future expenses, and not taking advantage of [*investment opportunities*](https://peaceofmindcoverage.ca/#hs_cos_wrapper_widget_1732530757324) that could secure their financial future. As a result, 95% of people find themselves unprepared for retirement, relying solely on limited government pension schemes and various welfare programs, which results in a much lower standard of living, selling of the family home and even relying on your children to subsidize your day to day living. The use of an Expert Financial Analysis tool with Peace Of Mind Coverage Independent agents will act as a map to show you exactly where you are and that path to take to get you to where you want to be next week and over the next decades. [Book a meeting now to take control of your future. (Albert only at this time)](https://peaceofmindcoverage.ca/#hs_cos_wrapper_widget_1732530757324)   Interested in a career in finance? [Book a meeting now](https://peaceofmindcoverage.ca/#hs_cos_wrapper_widget_1732530757324) to see how we can help change your life no matter how high or low your current income level is.     Previous Post ###### [How Life Insurance Protects Against Unexpected Tax Bills in Canada](https://peaceofmindcoverage.ca/financial-basics-explained/how-life-insurance-prevents-unexpected-tax-bills-in-canada) Next Post ###### [Are The Banks On Your Side? The Answer Might (not) Surprise you...](https://peaceofmindcoverage.ca/financial-basics-explained/are-the-banks-on-your-side-the-answer-might-not-surprise-you) ### Similar Blog Posts [![](https://peaceofmindcoverage.ca/hs-fs/hubfs/AI-Generated%20Media/Images/Make%20happy%20black%20couple%20looking%20in%20a%20binder%20that%20is%20sitting%20flat%20on%20the%20table-2.jpeg?width=352&name=Make%20happy%20black%20couple%20looking%20in%20a%20binder%20that%20is%20sitting%20flat%20on%20the%20table-2.jpeg)](https://peaceofmindcoverage.ca/financial-basics-explained/are-the-banks-on-your-side-the-answer-might-not-surprise-you) #### [Are The Banks On Your Side? The Answer Might (not) Surprise you...](https://peaceofmindcoverage.ca/financial-basics-explained/are-the-banks-on-your-side-the-answer-might-not-surprise-you) [![](https://peaceofmindcoverage.ca/hs-fs/hubfs/AI-Generated%20Media/Images/a%20heterosexual%20couple%20looking%20at%20papers%20and%20an%20insurance%20agent%20holding%20a%20paper-2-1.jpeg?width=352&name=a%20heterosexual%20couple%20looking%20at%20papers%20and%20an%20insurance%20agent%20holding%20a%20paper-2-1.jpeg)](https://peaceofmindcoverage.ca/financial-basics-explained/how-life-insurance-prevents-unexpected-tax-bills-in-canada) #### [How Life Insurance Protects Against Unexpected Tax Bills in Canada](https://peaceofmindcoverage.ca/financial-basics-explained/how-life-insurance-prevents-unexpected-tax-bills-in-canada) [![Canadian Armed Forces members should consider their options for their pension](https://peaceofmindcoverage.ca/hs-fs/hubfs/Leopard_C2_Canadian_Forces.jpg?width=352&name=Leopard_C2_Canadian_Forces.jpg)](https://peaceofmindcoverage.ca/financial-basics-explained/releasing-from-the-canadian-armed-forces-read-this) #### [Releasing from the Canadian Armed Forces? Read this...](https://peaceofmindcoverage.ca/financial-basics-explained/releasing-from-the-canadian-armed-forces-read-this) Copyright © 2026 Peace of mind coverage All Rights Reserved. ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Peace Of Mind Coverage", "url" : "https://peaceofmindcoverage.ca/financial-basics-explained/author/peace-of-mind-coverage" }, "dateModified" : "2024-12-04T17:02:39.432Z", "datePublished" : "2024-12-04T17:02:39.000Z", "headline" : "Financial Hardship is Caused by Financial Illiteracy.", "image" : [ "https://peaceofmindcoverage.ca/hubfs/AI-Generated%20Media/Images/make%20a%20split%20image%20of%20the%20same%20wooden%20table-3.jpeg" ], "mainEntityOfPage" : { "@id" : "https://peaceofmindcoverage.ca/financial-basics-explained/financial-hardship-is-caused-by-financial-illiteracy", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://peaceofmindcoverage.ca/hubfs/Peace%20of%20mind_v1.jpg" } } } ```