Financial literacy is becoming more and more important in everyday life due to the increasingly complex and numerous financial products, tools and services that are rapidly growing on the global and dynamic market, citizens need it in order to make the right decisions in the market, prudently manage their personal finances and more easily overcome crisis situations and adapt changes in the market. The offer of financial tools is increasing, individuals with a lack of financial knowledge can find themselves at risk in the financial market, which is developing at an exponential rate today. Also, financial literacy contributes to the increasing awareness of consumers about various risks on the market, their rights and possibilities when making financial decisions. In this paper, we will define the term financial education, examine its role in the dynamics of economic growth in Croatia, EU members and third countries, and present national tools for promoting financial literacy in Croatia. Also, in the paper, we will present and comment on previously conducted research on the financial literacy of citizens in Croatia and the financial literacy of students at the University of Zagreb, as well as OECD data on financial literacy for Croatia. One of the most important reasons why it is necessary to take care of financial literacy is the excessive costs of financial illiteracy. We must be aware that the decisions of one individual have a significant impact on other entities and participants in the economy, and in this context it is necessary to prevent financial illiteracy from causing greater problems or instability in the economy.