This wearable helps control your finances by giving you electric shocks when you spend too much

midian182

TechSpot Editor
Staff member

Most of us are guilty of spending more than we should every now and again, but would you be willing to wear a wristband that sends a 255-volt electric shock into your body should you spend more than a pre-set limit?

British company Intelligent Environments believes many people are so worried about the dangers of overspending that they would prefer having the wearable shock them than risk going into debt. The firm’s Interact IoT system, which is said to be the world’s first ever Internet of Things banking platform, uses a couple of unique methods to reign in bad spending habits.

The first of these involves the Pavlov band. Named after the famed physiologist known for his work in classical conditioning, the device already helps wearers stop smoking, eating bad food, biting nails, sleeping in, and more. By shocking a user whenever they indulge in their habit, they’re conditioned to have a negative association with it and therefore, hopefully, quit.

Intelligent Environments system lets customers set a spending limit on their bank accounts and credit cards. When they approach that limit, a notification arrives on their phone and the Pavlov will vibrate, but should they continue to spend and exceed the limit, they’ll feel the full wrath of the band’s electric fury.

The IoT platform has another, less invasive way of helping people get control of their finances by connecting to other smart devices, such as Google’s Nest Thermostat. As with the Pavlov, if a customer breaches their self-imposed spending limit, the thermostat will be turned down to a user-defined temperature – as a way of saving money across the year, rather than trying to freeze them as a punishment.

Intelligent Environments said it “anticipates many discussions with banks and credit card companies to bring the Interact IoT platform to their customers in the near future.” The company has previously worked with a number of large financial institutions in the UK, and is responsible for the “world’s first” smartwatch banking app.

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misor

TS Evangelist
I am a very frugal man. since this device can give electric shocks when spending too much, can I power it by spending nothing? ;) just give your wallets to your wives... I mean lock your wives in your houses. ;)
seriously, people who need shock to prevent/remind them of overspending seriously needs psychiatric/psychological help.
 
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Uncle Al

TS Evangelist
I bet the lawyers will love this one! Piles and piles of bodies in front of the Macy's check out line! This will certainly have an over all effect on the NYC population! LOL
 

madboyv1

TechSpot Paladin
I'd imagine I'd get used to the shock pretty quickly since I've been really bad this year so far... =/
 

BSim500

TS Evangelist
Another desperate "we must find something, ANYTHING to make wearables relevant to non keep-fit fanatics" thing.

- If you have a spending problem but aren't aware of it, then it would never occur to you to buy one. Same reason alcoholics in denial won't go buying themselves alcohol consumption tracking wearables.
- If you have a spending problem and it starts shocking you, then all you'll do is take it off because if you don't have the discipline to rein in spending then you also won't have the discipline to not remove it. Or use insulating tape.
- If you don't have a spending problem, then you'll be kicking yourself for spending money on a device whose anti-spending function is useless.
- And if you have undiagnosed epilepsy, you're screwed.

"The firm’s Interact IoT system, which is said to be the world’s first ever Internet of Things banking platform"
^ And that sounds like another thing to steer well clear of... In fact here's a useful tip - every time you read an "IOT" article, copy the text into notepad, hit CTRL-H, enter Find What: "Internet of Things", and Replace With : "Unsecured Network", and you'll gain a whole new appreciation for how much silly "solution looking for a problem" sh*t is being pushed now that the smartphone / tablet markets have reached saturation point...
 

Skidmarksdeluxe

TS Evangelist
C'mon man, give me strength. If one cannot control ones spending they need more help than just a 225V shock from an overpriced gimmick but some will believe the marketing crap and splash out only to never, ever wear it.
 

Trillionsin

TS Evangelist
The first shock it should give you is for buying the bracelet itself.
OH THERE IT IS. I was gonna say it if nobody else did. Comes with a free shock after purchase! lol Can you increase the effects of the shock depending on how stupid it is? The first shock should be a pretty good jolt!
 

ShadowDeath

TS Addict
Man... you guys need to watch the 5/22/16 episode of Shark Tank. The guy who owns this business was called out as a con artist on that shot real quick.