Over the past decade, many countries have introduced financial education programs to enhance individuals’ financial knowledge and decision-making skills. However, whether financial literacy translates into rational financial behavior remains debated. This study investigates the issue through three key questions: (i) Does financial education improve financial literacy? (ii) Are financially literate individuals less prone to biases? (iii) What role do economic preferences—time and risk—play in this context? Using controlled laboratory experiments and field surveys, we find that while financial education enhances financial literacy, it does not significantly reduce most biases. Additionally, economic preferences, age, and gender influence acquired financial biases. These findings challenge the assumption that financial education alone leads to better financial decisions and highlight the need for a broader approach in policymaking.