Financial education is found to enhance asset-building abilities of low-income and vulnerable households, and can help improve saving and general financial decision-making (Bell & Lerman, 2005; Lusardi, 2008). However, other studies indicate that financial education programs have limited impact on self-evaluated financial literacy and have little link to better financial behaviors (Mandell & Klein, 2009). The purposes of this study are: 1) to determine whether financial education can effectively improve financial literacy, and 2) to examine whether situational influences on emotions impact the relationship between financial education and financial literacy.