A new report from H&R Block says only 1-in-5 of us will be making a contribution to our RRSP's this year.

Jeff Schwartz, the Executive Director of the Consolidated Credit Counselling Services of Canada says it's a case of people putting savings on hold and spending their money instead.

"That may not necessarily be the best thing. They could be struggling for whatever reason. Or the reality is they really want to adopt the "I want it, I buy it" attitude, as opposed to I should probably save a little bit for retirement."

Schwartz says ever since the 1980's we've seen a cultural shift from saving to spending.

He says a lot of that has to do with lower interest rates, and easy access to credit, which has lead to record debt levels for Canadians.

Schwartz says it's best to start young, even if only a little at a time, that money will grow and allow you an earlier and better retirement.

The RRSP deadline is Wednesday, March 1.

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