Financial Literacy had emerged as a critical life skill in today’s rapidly evolving economic environment, particularly for youth in transitional academic stages. This study investigates the level of financial literacy awareness among pre-University commerce students in Karnataka and evaluates the readiness of commerce teachers to promote such education, alongside the extent of institutional support. A quantitative research design was adopted, involving 82 respondents equally divided between students and teachers. Descriptive statistics and cross-tabulation analyses were used to explore perceptions related to financial literacy, the adequacy of teacher preparedness, and institutional practices. Findings revealed a strong collective acknowledgement of the importance of financial literacy in decision-making, with 97.5% of students and 100% of teachers agreeing or strongly agreeing on its significance. However, discrepancies were noted between students’ perceptions and teacher-reported training, and significant variation was observed across different institution types regarding support mechanisms. Private aided institutions exhibited higher institutional involvement, while private unaided institutions displayed inconsistency. Encouragingly, both genders and all geographic categories showed high interest in adopting real-life financial teaching scenarios and attending professional development programs. The study highlights the urgent need for formal integration of financial literacy into the commerce curriculum, structured teacher training programs, and a collaborative approach among stakeholders to ensure equitable and impactful financial education.