Personal financial planning is an important part of financial well-being today. Rising inflation, a large array of different financial products, an increasing number of online banks and services as well as an increasing number of financial responsibilities require more and more effective management of current income and assets by means of saving, investing & planning for the future. The way in which people are educated is especially important for financial well-being. For the planning of personal finances, financial education is needed in order to support financial literacy, responsible saving and prudent investment decisions. In addition, financial education promotes long-term financial security. people with higher levels of educational exposure typically possess greater financial knowledge & apply better financial behaviours and decision-making in terms of budgeting or saving or investing in financial products, debt management, and retirement planning, as well as in managing financial risks through diversification. This research paper has been designed to review and critically evaluate the impact that formal education has on personal financial planning amongst individuals. In order to answer the research question, a variety of secondary data has been collated from a range of sources, including relevant academic journals, academic papers, Government reports and published studies. The material has been selected on the basis that it was relevant and was published between the years 2001 and 2025. The primary themes identified throughout the body of knowledge, which have been used to explain the impact that education has upon financial planning, include financial education and financial literacy, savings behaviour, investments & long-term financial planning & finally, debt and financial management. The research also identifies the fact that those individuals who are best equipped financially are those who have formally been educated and who have gone on to draw up personal financial plans, hold sufficient emergency funds and who invest by spreading risk through a variety of different products in order to avoid getting into unnecessary debt. Even with the increase in the levels of education available to citizens of developing countries such as India, there is little improvement in their financial literacy. Hence, there is a great required inculcate practical financial undersatnding in the school curriculum and also in the college curriculum so that individuals can develop into financially literate and confident citizens and go on to become economically stable and be able to develop into good personal financial planners.