Lack of financial literacy is one of the reasons for quite massive poverty of the population. The reason is banal - many people do not really understand what money is, do not effectively earn, foolishly spend,... Financial literacy should be given from the 1st grade of school, and the game "Right earning and right spending" - in kindergarten!
In some countries, financial literacy is a government program. Study, for example, how this process is organized in Finland - from the curriculum for the youngest children to courses for adults.
Education is key in every aspect of life. Let no one be deceived that education doesn't pay. Even if it doesn't pay financially, then it pays in several other areas of living. Ignorance is a disease and illiteracy resonates ignorance too, so both have an adverse effect. If something is unknown, then it's only right that knowledge on that subject is acquired as it'd aid further dissections and acquaintances to it too.
Without the right mindedness to how finance is generated, managed, should be expenses and should be saved, then financial stability isn't certain. One has to know what he's doing before he can even try to be perfect at it. Without the right financial knowledge being grasped, then I'm so certain that it'll be difficult to bask fully in a financial environment. Finance is one key factor in the world today and once an error is made on it, then it sure would affect other factors of living in their own separate ways.
Education has a greater impact on the future, especially when it is provided at a young age. Incorporating financial literacy into education programs is an important topic that should be included in every education system. Growing up knowing certain things can put children in an advantageous position.
You are right, mistakes made in finance affect many things. The right financial knowledge acquired as a result of the right education enables a person to use this advantage.
We need to overcome our deficiencies not only as children but at any age. Just because we didn't learn something at the time doesn't mean we can't learn it later.