A growing number of Singaporeans are turning to artificial intelligence (AI) to manage their finances, with 81% now using AI-powered tools to track expenses, optimize investments, and receive personalized financial advice, according to a new survey by the Million Dollar Round Table (MDRT).
The survey of 2,000 adults conducted by Opinium shows widespread uptake of AI across younger demographics, with adoption highest among Gen Z (87%), millennials (86%), and Gen X (78%).
In contrast, just 37% of baby boomers reported using AI for financial decision-making, reflecting generational differences in digital comfort and trust.
Budgeting and expense tracking (50%) emerged as the most popular use case, followed by robo-advisory investment tools (47%) and AI-generated financial advice (45%).
While Singaporeans are increasingly embracing AI, many still favor a hybrid approach that combines digital tools with professional financial advisors.
Public confidence in AI is bolstered by government efforts to strengthen digital capabilities and ensure responsible use within the financial sector, according to MDRT’s Gregory Fok.
The findings also highlight a growing openness to AI among financial advisors and their clients: 72% of respondents support the use of AI by advisors, and 67% express trust in those who do.
However, there are clear expectations around regulation and transparency. Eight in 10 Singaporeans want to be informed when AI is used in financial advice, and 84% support regulatory oversight to ensure ethical deployment.
Current clients of financial advisors are particularly receptive—92% use AI in personal finance compared to 66% among non-clients—yet also demand higher levels of disclosure.
The survey also revealed that Singaporeans prefer AI to support administrative functions like client communication (50%) and automated assistance (47%) over more judgment-based tasks such as predicting spending habits or offering core planning advice.
Despite privacy concerns around AI’s use of personal data, sentiment remains largely positive. A strong majority (88%) say AI has enhanced the quality of financial advice by improving integration of financial goals, reducing bias, and tailoring long-term strategies.
With 55% of respondents more inclined to work with advisors who incorporate AI, the findings underscore a clear trend: the future of personal finance in Singapore lies in a hybrid model where human expertise and AI co-exist to deliver better financial outcomes.
Business News Asia