I think the problem has more to do with the complexity of financial activity. It's not clear-cut, and so many factors (including systemic factors beyond an individual's control) affect individual outcomes. So, the "same" financial activity can cause different outcomes for different individuals. There's also the reality that (not limited to financial education) that people do not retain what is "taught", and the fact people don't always do what they know to be the "right" activity - often for legitimate reasons.

See, for example:

http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1869323

https://www.academia.edu/1581296/Is_financial_literacy_education_the_solution_to_credit_crises

http://www.tandfonline.com/doi/abs/10.1080/02680939.2012.690163?journalCode=tedp20

https://www.researchgate.net/publication/253732153_Teen_Financial_Knowledge_Self-Efficacy_and_Behavior_A_Gendered_View

Article Teen Financial Knowledge, Self-Efficacy, and Behavior: A Gendered View

Yes, I know that I don't always practice what I know to be right, especially when it comes to shopping. I think that females may be more vulnerable in this regard.

Many thanks,

DFJ.

Not really Debra - shopping is not the problem, and men have their own shopping problems that are just not represented in the zeitgeist of stereotypes. In fact, at least in Canada, women on average have FAR better financial outcomes than men. It's more about systemic issues. Look at this:

http://jcacs.journals.yorku.ca/index.php/jcacs/article/view/34299

In fact, I am running an international Project (Brazil, Portugal, Romenia) in which both are theoretically related in the framework we want to test.

Financial education is not just about explaining market mechanisms and instruments.As it has also to do with the need for self-imposed debiasing investment rules, the correlation with behavioral finance is very strong.

I totally agree with Fabrizio. So far, all research has been based on content. We need now to study the connection.

I am thankful for the valuable comments from all worthy intellectuals. 

As per my understanding, financial education is a systematic process of acquiring knowledge related to finance. Whereas, financial literacy is outcome of financial education process which help in making appropriate financial decisions that help to improve the well being of the individuals. Kind comments are requested, please.

What is difference between financial education and financial literacy? - ResearchGate. Available from: https://www.researchgate.net/post/what_is_difference_between_financial_education_and_financial_literacy [accessed May 1, 2016].

Slippery distinction.I guess that if you have complete knowledge, then it is also likely that you make choices which are appropriate for you.

So lack of complete knowledge leads to inappropriate choices. Is it only knowledge which makes appropriate choices?

Knowledge is a necessary but not sufficient condition. As I said, in order to avoid big mistakes you also need to get rid of cognitive/emotional distortions.