The role of Mass media in financial literacy in third world countries becomes important since masses have little awareness on choices of investment options. This study investigates the role of mass media in financial literacy i.e. imparting of financial education to masses. For this purpose, a survey was conducted in which hundred respondents from Rawalpindi and Islamabad were taken. They were exposed to the questionnaire on financial numeracy and media effectiveness. The results show that majority of respondents were not aware of advanced concepts of financial numeracy and alternative investment options such as mutual funds. It was also found that majority of respondents showed their dissatisfaction on the coverage given to financial issues by media such as personal finances and demanded programming content related to investment advisory and personal financial planning. According to survey, mass media failed to motivate or persuade people to take financial decisions regarding investment to maximize their wealth.