More than ever, Americans need to be financially savvy. The past few years have shown that mortgages can be complicated, business-cycle downswings severe, and investing far from obvious. And, for many of us, saving is not easy. Creating a successful financial life takes a high level of know-how and stamina. Not surprisingly, efforts to increase financial literacy among Americans have won wide support. But new studies show that the relationship between financial literacy and the ability to make and stick with good financial choices is a complicated one. Financial literacy is necessary, but often insufficient. There’s frequently a big leap from knowing what to do in principle and actually making it happen in daily life. Making better financial choices is similar to eating healthier or exercising. Good intentions can be side-tracked by common pitfalls. The good news is that we’re beginning to understand those pitfalls much better. More importantly, we’re finding workable strategies to help overcome challenges.