More than half of Canadians, at 57%, reported making a contribution to their registered retirement savings plan (RRSP) in 2015, according to a post-RRSP deadline study for Toronto-based Bank of Montreal (BMO).

However, this is a drop from 2014, when 65% of Canadians reported contributing to their RRSP.

The study also found that Canadians contributed an average of $3,737 this year, which is approximately $200 more than what was contributed in the past two years.

“While it’s great to see that a majority of Canadians contributed this year and that the average contribution size is higher than in previous years, it’s a concern that the percentage of those who put money towards their RRSPs is down,” says Chris Buttigieg, senior manager, wealth planning strategy, BMO Financial Group.

Canadians should consider investing a small amount of money each month through a continuous savings plan, suggests Buttigieg, to avoid worrying about producing a large lump sum right before the deadline.

The study also examined why Canadians did or did not contribute to an RRSP. The most popular reason was contributing is the responsible thing to do, with 43% of Canadians saying this is the case. Slightly more than one-third of respondents said they want the tax refund. One quarter of Canadians stated they worry about not having enough money saved for retirement, which was the least popular reason.

Of those who did not contribute, their reasons included not having enough money (38%); prioritizing other expenses (25%); and using other types of investments, such as the tax-free savings accounts (21%).

The poll also asked Canadians how they plan on using any money received from the Canada Revenue Agency for making an RRSP contribution. One-third plan on saving or investing their refund; 15% will pay down their mortgage; 13% will look at home renovations; and 11% will travel or purchase leisure items.

Pollara Strategic Insights conducted the survey for BMO between Feb. 24 and Feb. 25. It used an online sample of 1,002 adult Canadians.