This paper uses data from the National Financial Capability Surveys performed by the Financial Industry Regulatory Authority (FINRA) to examine the impact of financial education on respondent’s financial knowledge and financial behavior. Influential variables such as income, age, education, gender, and ethnicity are controlled for to distill the most accurate measure of contribution from financial education. The results show that financial education has a greater contribution to conceptual financial knowledge and less to financial behavior. Overall, the effect of financial education on respondents in general is minimal, especially compared to controlling variables. This paper confirms the concerning levels of financial illiteracy in America as evident from the survey results, and contributes evidence towards the limited efficacy of existing financial education altering financial decision making.