Singaporeans are increasingly turning to digital platforms and AI tools to manage their personal finances, according to a recent survey by MDRT. The survey reveals that 89% of Singaporeans utilise at least one digital platform, such as mobile banking apps or AI-powered chat tools, to handle their finances or seek financial information. Notably, 35% of these users employ AI tools for financial purposes, highlighting a shift towards AI-assisted financial management.
The survey indicates that nearly one in five AI users (19%) rely primarily on AI-generated advice for financial decisions. Among those who have acted on AI advice, 60% reported changes in their savings or budgeting habits, whilst 47% used AI when choosing or switching financial products like loans and insurance. Additionally, 40% of respondents said AI informed major financial decisions, including investments and property purchases.
Despite the growing reliance on AI, trust gaps persist. Only 37% of AI users are comfortable using these tools for personalised financial advice, and just 31% would use AI to review long-term financial plans. Concerns about the lack of human oversight and the potential for bias or errors remain prevalent.
Laura Hoi, a 22-year MDRT member, emphasised the importance of human expertise, stating, “AI can provide answers based on a snapshot of information, but financial planning goes beyond that. It’s about knowing the questions to ask and understanding each individual’s unique circumstances.”
The survey, conducted by Opinium, included 2,000 Singaporean adults and highlights the balance between digital convenience and the enduring value of human financial advice.
