This study attempted to develop a financial education program that effectively promotes financial health that encompasses both financial literacy and financial psychological areas of low-income adolescents. The program was developed and improved by adopting the action research method by repeating and applying evaluation and reflection through program development, execution, data collection, and analysis. In terms of the program's content, the two pillars of financial literacy and psychological education were sufficiently reflected, and activities based on the theories of financial therapy were included. The low-income adolescent financial health promotion program consisted of five sessions and was executed in two rounds for six and five participants, respectively. After the end of the first program, the second program, which was modified by reflecting the feedback and evaluation obtained from the study participants and experts, was executed. In both the first and second rounds, participants and experts showed high satisfaction and positive responses, and the problems of the first program improved in the second program. A paired t-test was employed to evaluate program effects. In both the first and second programs, financial literacy and dysfunctional financial beliefs have improved significantly after the education, but the changes were different depending on the emphasis of each program. Significant changes in most variables were found until a month later, suggesting the stability of the program effect.