A recent survey by the Million Dollar Round Table (MDRT) has revealed that a significant 81% of Singaporeans are now utilising artificial intelligence (AI) tools to manage their personal finances. The survey highlights a growing trend towards digital financial tools, with applications such as budgeting, robo-advisors, and personalised financial advice being particularly popular among Gen Z and millennials.
The survey, conducted by Opinium, found that 72% of Singaporeans support financial advisers using AI, and 67% trust those who do. However, there is a strong demand for transparency, with 88% of respondents wanting to be informed when AI is used in financial services. Additionally, 84% of Singaporeans believe that AI in financial advising should be regulated, underscoring the importance of human oversight.
Despite the increasing adoption of AI, Singaporeans still value human expertise for core advisory decisions. AI is seen as a tool to support functions like communication and automation rather than replacing professional judgement. 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.”
Interestingly, the survey also found that those currently working with financial advisers are more likely to use AI (92%) compared to those who have never engaged an adviser (66%). This suggests a preference for a hybrid approach that combines human expertise with digital tools.
As AI continues to integrate into financial services, the call for ethical and transparent use remains strong, reflecting the need for a balanced approach that combines technology with human insight.
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