This study investigated the relationship between financial knowledge and financial well-being and included the moderating role of propensity to plan. This study used the Consumer Financial Protection Bureau’s measure of financial well-being as it explains consumers’ subjective sense of it. Results from the 2016 National Financial Well-Being Survey showed that financial knowledge and a propensity to plan were associated positively with financial well-being. This study also confirmed that the propensity to plan plays a moderating role that enhances the positive association between financial knowledge and financial well-being. Results from this study provide insights for financial practitioners, educators, and policymakers who help US households improve their financial well-being.