Canadian interbank network Interac has come up with a creative way to promote mindful spending
Interac introduced a musical solution to soothe increasing financial anxiety among Canadians, caused by inflation and rising interest rates. The company released an elaborate music track designed to promote mindful spending.
Today, the vast majority of Canadians (9 of 10) are feeling financially squeezed, according to an Interac survey. Inflation and rising interest rates force two-thirds of Canadians to practice intentional spending. That presupposes purposeful purchasing decisions that live up to the household’s financial goals and personal values.
The survey showed that 67% of Canadian consumers are carefully planning their purchases. Moreover, over 50% say they are less likely to spend on impulse now than they were before the pandemic.
As six in 10 shoppers look for tools that encourage intentional spending, Interac has unveiled the Sound Shopping track. This music “provides a balanced backdrop to the shopping experience, intended to promote mindful spending at a time of financial anxiety”.
Within Interac’s research study, half of the participants listened to Sound Shopping, while a control group listened to typical in-store pop music. The participants observed that the Sound Shopping track made them feel calmer and was associated with a 98% purchase satisfaction rate.
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