Singaporeans Receptive to AI for Non-Advisory Tasks
The use of artificial intelligence in personal finance is being widely embraced by Singaporeans but mainly for tasks not related to advice.
Nearly three-quarters (72 percent) of Singaporeans agree that financial advisors should be allowed to use artificial intelligence (AI) with 67 percent trusting those who do, according to a survey by MDRT (Million Dollar Round Table), an association for financial professionals.
However, they prefer that this be used to support administrative functions such as general client communications (50 percent), automated
assistance (47 percent) and marketing (47 percent) rather than «core advisory tasks» like predicting spending habits (38 percent) and providing recommendations for financial planning (38 percent).
Top Use Cases
Currently, 81 percent of Singaporeans are already using AI tools for personal finance with the most common applications being expense tracking (50 percent), automating and optimizing investment strategies through robo-advisors (47 percent) and receiving personalized financial advice (45 percent).
As expected, usage amongst Gen Z (87 percent), millennials (86 percent) and Gen X (78 percent) was higher than baby boomers (37 percent).
Human Touch Preferred
The survey notes that most Singaporeans still value professional advice with AI simply playing a complementary role, suggesting a preference for a human touch.
88 percent of respondents in the city-state said that AI has helped enhance the quality of advice, especially in integrating financial goals (51 percent), reducing human errors and emotional bias (50 percent), supporting long-term planning (49 percent) and tailoring recommendations (49 percent).
The survey was conducted online by market research and insights agency Opinium in April 2025 with 2,000 Singaporean adults, weighted to be nationally representative based on age, race and gender.
