A British firm has developed a new product to help us save money. The product is a wristband that gives us an electric shock if we spend too much money. The wristband is called Pavlok. It is linked our bank account. It knows how much money we have the bank. If we go shopping and there is not enough money our bank account, the wristband delivers a 255-volt electric shock our wrist. This warns us not to overspend. The company is called Intelligent Environments. It wants to work banks to help customers their money. So far, no banks Britain have said they would offer the Pavlok their customers. They could start doing this the future.
The Pavlok wristband is part the Internet of Things. This is the idea that everything our life will be connected the Internet. The CEO Intelligent Environments, David Webber, said people liked the idea the Pavlok. Shoppers would rather get a small electric shock the store from the wristband than get a big shock later when they see their credit card bill. Mr Webber said the Pavlok would be great people who cannot stop spending because they have no willpower or their willpower is weak. He added that many young people suffer the "ostrich effect". This is when people stick their heads the sand and buy things rather than look how much money they have their bank.