Gambling poses significant financial as well as psychological and behavioral risks. Nevertheless, research on the relationship between Financial Literacy and gambling is relatively scant, with few attentions paid to adolescents (Barone & Graffigna, 2025). This contribution investigates the role of financial literacy on gambling-related cognitive distortions, that play a key role in the development of problem gambling in adolescence (Study 1). Once verified its role, we tested the efficacy of educational activities aimed at increasing financial literacy (Study 2). In Study 1, participants were 1,256 Italian adolescents (55% boys; Mage = 16.7). Financial literacy was measured through an ad-hoc test. Adolescents were classified in two groups based on low or high performance. Based on the effect of financial literacy and impulsivity on debt burden in adults (Ottaviani & Vandone, 2018), we tested a mediation model in which financial literacy had an indirect effect on gambling-related cognitive distortions through impulsivity. This model was confirmed, indicating that adolescents more capable in terms of financial literacy were less likely to develop gambling-related cognitive distortions through impulsivity. Findings persisted after the introduction of sex and age as covariates. In Study 2, participants were 197 Italian adolescents (81% males, Mage = 16.9). Financial Literacy was measured through some items of the Financial Literacy Test (Ranyard et al., 2009). To foster financial literacy, educational activities based on facilitating the comprehension of basic financial concepts and terms and incentivizing the awareness of the meaning of money were developed. The conceptual change model was employed. The activities were verified with experimental and a control group and pre-test and post-test measurement sessions. A significant interaction effect was obtained, indicating that only adolescents in the experimental group significantly improve financial literacy. This contribution will allow researchers to better understand the financial literacy in adolescent gambling.