At the same time, some uneducated people can manage their finances very nicely. They know better where to invest and where not to invest.
Many rich and educated people also will take the help of some financial advisers to help in deciding about the place to park their funds.
Even very good educated people also waste their money on waste expenses. They may purchase some items by paying more money and some people wisely bargain and wait for a chance for some rebates and discounts and purchase at a very low price. It all depends on their general knowledge and common sense more than on the level of education.
Our grandparents who were illiterates also had the basic native awareness of controlling expenses, saving, having some emergency provision fund etc. But they did not know about the alternatives, choices, relative benefits, etc. But if one has education in addition to financial discipline then he can take better financial decisions.