And finally…overspending teens in for a shock?

A new banking platform has been launched that promises to reduce overspending among millennials by breaking bad spending habits with forfeits such as having your heating automatically turned down or even the administering of electric shocks.

The platform – called “Interact IoT” - was devised by FinTech company Intelligent Environments and connects individuals’ bank details with smart devices such as Nest, which controls temperature in your house, and Pavlok devices, such as wristbands which deploy physical shocks.

Through the platform, each would be triggered by someone going beyond their spending limit.

According to Intelligent Environments, which has reassured prospective users that their private details will be protected by “bank-grade” security, 32 per cent of 18-24 year olds are afraid to look at their bank accounts.

David Webber, managing director at Intelligent Environments, 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.”

Intelligent Environments is currently in talks with banks and credit card companies and is hopeful that the platform will soon be available to the general public.