The correct answer is true.
It is true that college education for children and retirement are two major goals that require financial planning.
People need to save enough money when they are actively working because if they want to be parents, a college education is costly. They need to save money early in their professional lives in order to have the chance to pay college tuition, dorms, and more. The other reason for saving money is retirement. And for both situations, financial planning is necessary to keep control of the situations.