A company has made a new product to help us save money. It is a wristband that gives us an electric shock if we spend too much. The wristband, called Pavlok, is linked to our bank account. It knows how much money we have. If there is not enough money in our bank account when we buy something, the wristband gives us a 255-volt electric shock so we don't overspend. The company wants to help bank customers with their money. So far, no banks have said they would offer the Pavlok to their customers. They could start doing this in the future.
The Pavlok wristband is part of the Internet of Things. Everything in our life will be connected to the Internet. The Pavlok CEO said people liked the idea of the electric shock wristband. Shoppers said it was better than getting a big shock when they saw their credit card bill. The CEO said the Pavlok is good for people who cannot stop spending. They have weak or no willpower. He said many young people are like the bird the ostrich. They stick their heads in the sand to escape real life. They buy things without thinking about how much money they have in their bank.