Education in financial planning teaches (simple present tense) me how to save money for my children’s college education.

Could someone tell me if this is correct?

Right!

Yes, the sentence you provided is grammatically correct. However, it seems like you are trying to express the idea that education in financial planning is an ongoing process that continuously teaches you how to save money for your children's college education. In that case, you might consider using the present continuous tense instead, like this:

"Education in financial planning is teaching me how to save money for my children's college education."

This way, you emphasize that the education is an ongoing process that is currently teaching you these skills.