A recent survey by MDRT reveals that a significant 81% of Singaporeans are utilising artificial intelligence (AI) tools for managing personal finances, including budgeting, robo-advisors, and personalised advice. Despite this widespread adoption, there is a strong demand for transparency and regulation, with 88% of respondents wanting to be informed when AI is used in financial services and 84% supporting regulatory measures.
The survey highlights that younger generations, such as Gen Z and millennials, are leading the charge in AI adoption, with 87% and 86% usage rates respectively. In contrast, only 37% of baby boomers are using AI, indicating a more cautious approach. Gregory Fok, a 19-year MDRT member, noted, “The government’s efforts to strengthen AI capabilities have boosted public confidence in AI use within the financial sector.”
Whilst 72% of Singaporeans agree that financial advisers should be allowed to use AI, and 67% trust those who do, there remains a preference for human expertise in core advisory roles. AI is seen as a tool for supporting functions like communication and automation rather than making key financial decisions.
Jaslyn Ng, an eight-year MDRT member, emphasised the importance of a balanced approach: “Financial decision-making is never a one-size-fits-all process. Embracing a hybrid approach that includes AI can help explore different strategies.”
The survey, conducted by Opinium, involved 2,000 Singaporean adults and underscores the critical role of financial advisers in ensuring responsible AI integration. As AI continues to play a complementary role, the demand for ethical and transparent use remains a priority for Singaporeans.
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