The wristband that gives you an electric shock if you overspend

Would you be willing to get an electric shock if it stopped you from spending too much money?

Well now you can in the form of a wristband which delivers a 255 volt shock every time you overspend.

If your funds go below a certain limit, you'll get an alert on your phone.

And if users go over their limit, the wristband goes off.

The Interact IoT (Internet of Things) app was developed by British firm Intelligent Environments.

And it can also be linked with smart devices such as Nest Thermostat to help you save money on your energy bills.

It works in the same way by giving you an alert on your phone if a user's account balance drops below their self-imposed spending limit.

The bank will then automatically turn the thermostat down to a user-defined temperature.

Just turning it down by three degrees could help people save as much as £255 a year, according to the Energy Saving Trust.

See the electric shock wristband in action below:

As yet, no banks have announced they are offering Interact IoT but Intelligent Environments are in talks to offer it in the future.

The firm's managing director David Webber said: "With cashless payments like contactless, direct debits, and Apple Pay, it’s unsurprising we lose track of spending, so we decided to solve this by enabling smart devices to manage our overspending for us.

"This means customers can now get complete control and oversight of their finances without having to lift a finger.

"Both Pavlok and Nest Thermostat are opt-in services so consumers can decide whether to switch them on or not.

"However, with the Pavlok integration users have told us they love it.

"They think it’s much better to get a little shock now, instead of a nasty one later."