As Canada's 5th annual Financial Literacy Month draws to a close, it's an ideal time to reflect on transforming good will and awareness into action.For many Canadians, one of the greatest financial risks remains their own misperceptions about investing and saving. A national survey of investor attitudes recently conducted for AGF Management Limited, reveals that many individuals deferred seeking professional financial planning advice until they saved at least $25,000. Not only that, Canadians are overwhelmed by multiple priorities: focusing on reducing financial debt and saving for retirement, thereby squandering the significant benefits of starting early.Those are just two examples of hurdles that carry an increasingly steep cost. And while they certainly highlight the need for greater financial literacy and knowledge, they also represent an urgent call to action.Given how widespread such misperceptions are, it's no surprise that only 18% of those surveyed by AGF ranked investing for retirement as their top priority. By contrast, close to one-third of Canadian investors flagged debt reduction as a top financial priority, eclipsing the need to save or invest.At a time when there is a proliferation of financial information and choices, many Canadians feel daunted by the prospect of developing a long-term financial plan. Admittedly, it can be hard to know where to start and who to trust. Geopolitical volatility and market upheaval add to that challenge.All of that combines to make debt reduction a far simpler, if short-term, financial choice.According to the AGF survey, Canadians continue to be uncertain about how to find professional financial advice when it comes to developing such a plan. One- in-five do not work with a financial advisor. The most common reason cited for not using one is that they had either not met one or felt they did not have enough money to approach one. Those who had approached an advisor had saved an average of $50,000 before they did so.That failure to balance debt reduction with savings, to make informed choices and to develop clear financial plans is alarming – especially in the context of the challenges that lie ahead for Canadians. Many private sector pension plans are under extreme pressure. Individuals need to be properly prepared to manage inter-generational wealth transfers over time. And then there is the soaring price of caring for a population that is living longer.But the onus to improve Canada's base level of financial literacy doesn't just fall to individuals – the financial industry has to find more meaningful ways to engage Canadians earlier, build trusted partnerships and directly address both perceived and real impediments.This requires everything from such basic steps as how to find an advisor, what questions to ask and managing expectations to addressing some of the cultural taboos that make many parents reluctant to speak frankly about money or to involve their children in the budgeting and planning process. Ongoing education, both at home and at school trumps all.To understand how best to get more Canadians proactively engaged in their own financial future, AGF's investor survey divided the research among a number of distinct demographic and gender groups. After all, averages and one-size-fit-all approaches are the antithesis of what is needed on this front.Men, especially younger ones, expressed the most confidence in their knowledge. By contrast, women were more tentative about their expertise and were more focused on shorter-term objectives such as paying bills and reducing debt.Millennials (18 to 34) juggle the most financial priorities: 43% are saving to buy a house or condo, 21% are paying or saving for a child's education or care, while 15% are helping to care for elderly parents.As the youngest population group, they have the greatest upside for beginning to save and invest. But they also have the least trust in advice from financial planning firms. That element of trust is particularly important to women. They indicated that they feel comfortable turning to parents/grandparents for financial advice as compared to men.Awareness and a clear picture of the situation are important first steps in addressing the financial literacy challenge. However, for Canadians – and for the financial service industry – it is the next steps that are the most critical. And that starts with advice, partnership and a plan.Blake C. Goldring is Chairman and Chief Executive Officer of AGF Management Limited. He was named President in 1997, Chief Executive Officer in 2000 and Chairman in 2006. Under his leadership, AGF has grown to be a premier independent investment management company with operations in Canada, the United States, Europe and Asia.