Our study looks at the effect of financial literacy on the short-term and long-term financial decisions and behaviors of individuals who are of different ages and life stages, i.e., 18 to 39 years old (Young adult); 40 to 59 years old (Middle-aged); and 60+ (Senior). Using the results from the 2018 Bangko Sentral ng Pilipinas Consumer Finance Survey, we constructed a financial literacy index based on two (2) components - financial attitude and financial aptitude. We then used ordinary least squares regression and logistic regression to determine the factors that affect financial literacy and to assess its impact on the financial behaviors of individuals. We find that, among the age groups, young adults display higher financial literacy than the middle-aged and senior cohorts. Moreover, income and education as well as having children and receiving domestic or foreign remittances are positively related to financial literacy. Regarding financial behavior, those with higher financial literacy, middle-aged and seniors are less likely to spend less than or equal to their income. Middle-aged persons are also less likely to have a loan-to-income ratio of less than one (1) while those with higher financial attitude scores are more likely to pay their loans on time. Individuals with higher financial aptitude and who are middle-aged and seniors tend to have retirement or pension plans. Additionally, they are more likely to have insurance and other plans.