This Wristband Will Shock You Into Sticking to Your Budget

Technology is constantly evolving to make our lives easier. You have an app that you do your banking on. You have an app that you track your exercise on. You have apps that help you keep up with family and friends. If you can think of it, there’s probably an app for it.

One of the more recent pieces of developed technology was designed to help you stick to your budget and save money. It isn’t an app but it is a wristband that will train your mind to not spend so much money. But, how?

It shocks you (and not in the “oh my gosh!” kind of way). A British company has teamed up with Pavlok (a company that gives users an electric shock to break bad habits) to trigger an electric shock when the user is spending too much money.

The wristband technology has been designed by Intelligent Environments. According to Telegraph, he innovation will detect when the user is overspending by connecting to their bank account. When the band detects overspending in your account, it connects to Pavlok and you will receive a shock.

David Webber, chief executive of Intelligent Environments, said the project, “is all about giving customers the choice to control how they spend money.”

To use the wristband, you will download an app. Each user sets their own spending limits and decides how they would like the program to respond to their spending habits. The program, Interact IoT, interacts accordingly. If the user goes over their spending limit or their bank balance goes underneath the threshold they’ve set, you will receive a shock through your arm.

You can also set Interact IoT to do other things when you spend a little too much money. It will alter the temperature in your home if you overspend as well. If you turn your thermostat up only three degrees, you can save hundreds of dollars each year.

Many people are intrigued by the idea, however, most are concerned with the security surrounding the technology. Webber said that the wristband is completely secure. “There’s absolutely no financial or personal information passing into the devices,” he said. However, just like many apps, younger generations are more likely to use it.

The wristband is something that the company feels many people could benefit from, however, Webber said that millennials found it most interesting. Most millennials that Intelligent Environments surveyed said that they were very likely to try it. People 50 and older seemed to be wary when it came to the wristband technology. However, it is likely that it will still be quite some time before the technology is widely available.

Intelligent Environment’s clients include the Bank of Ireland, Sainsbury’s Bank, Lloyd’s Bank and Toyota’s financial services business. The wristband software is currently available. However, the company says that it will take at least six months before banks offer it to their customers (if they decide they will be offering it to their customers).

What do you think about this technology? Would you use it?

Photo: Flickr: Maurizio Pesce