AI Is Becoming Singaporeans’ New Financial Assistant
AI is reshaping how Singaporeans manage their money, but the rise of digital advice has yet to diminish the value of human financial advisors.
Nearly nine out of ten Singaporeans now use digital platforms—including AI-powered tools—to manage their finances or seek financial information, according to a survey by the Million Dollar Round Table (MDRT). More than one-third already use AI for financial purposes, ranging from budgeting to researching investment opportunities.
(Graphic: MDRT)
The findings indicate that AI is moving beyond information gathering. Among respondents who use AI, 19 percent said they rely primarily on AI-generated advice when making financial decisions, while many reported using the technology to influence savings habits, compare financial products and even support major investment or property decisions.
Popular Especially by Younger Consumers
Generative AI platforms such as ChatGPT and Google Gemini are gaining traction, particularly among younger consumers. Users cite convenience, lower costs and the ability to simplify complex financial concepts as key reasons for adopting the technology.
(Graphic: MDRT)
However, the survey also highlights the limits of AI in wealth management. Most respondents continue to view artificial intelligence as a complement rather than a replacement for professional advice. Concerns over the lack of human oversight, potential errors and generic recommendations remain widespread. Around four in ten clients still prefer face-to-face meetings with advisors when discussing complex financial matters, while half favour in-person consultations during periods of market volatility.
The findings underscore a broader shift in Singapore’s wealth management industry: while AI is becoming an increasingly important tool for both clients and advisors, trust and personalised guidance continue to be central to long-term financial relationships.
