Based on the results of a survey conducted by The Strategic Counsel, BMO Retirement Institute Focus released a report that explores the psychology and the conflicting priorities that affect the establishment of a savings plan. Forty per cent of non-retirees have no retirement plan, and BMO wanted to know why. The report highlights that the desire to satisfy immediate needs encourages procrastination, so that additional information is an obstacle to decision making. The report identified other factors such as age, children and income, as barriers to retirement planning and savings for Canadians.