New technology conquers overspending impulses

New wearable technology has been launched that claims to be able to stop you overspending. The SaveZap from First Direct is a slim wristband, fitted with advanced GPS technology. It identifies when you are approaching 'personal spending hotspot' and the device will help you keep away.

The wristband will allow you to determine your own personal spending hotspots - where you feel you currently spend too much - and will help you exercise restraint, by delivering a short electric shock when you are approaching.

The shock delivered will vary in intensity according to the proximity of the hotspot. There will also be adjustable shock amplification if you need even more motivation to stay away. Full details are available on the savezap website

Would you wear one?

Wearable technology has been hailed as the greatest innovation trend of 2016. The market grew 57% last year, and eMarketer expects a similar growth this year. There were some commentators who expected the Apple Watch to kill off demand for specialised technology like the Fitbit, and the SaveZap, but this hasn't been the case, as the affordability of wristbands opens them to a wider market.

There are already wearables being developed that can monitor sun exposure and advise on sunscreen application. There are even ones that measure the quality of your sleep and change the temperature around you in order to help you improve your sleep patterns. It was only a matter of time before wearables made it to the world of personal finance.

There are, however, those who warn about the potential risks of hackers targeting wearables. The fact that wearables share data with apps means data will pass between devices, so security will need to be tough enough to stop hackers using SaveZap as a way into your phone. Then, of course, there's the question of whether a determined hacker could interfere with the system of electric shocks.

At the moment, there is no news as to when the SaveZap will be released, although there are people who expect it could hit the market on 31 October, or 1 April next year. It will make a major announcement about the product on its website at 12pm today.