A sizeable chunk of Singapore citizens use AI when making financial decisions but most prefer human advice for when complexities arise.

More than a third (35 per cent) of Singaporeans use artificial intelligence tools for financial purposes, ranging from gathering information to acting on AI-generated advice, according to a survey by MDRT, the Million Dollar Round Table. 

The findings point to a broader shift in how digital tools are used for personal finance in the city-state, where 89 per cent of respondents already use at least one digital platform to manage money or seek financial information.

The survey was conducted online by Opinium between 6 and 9 April 2026, among a nationally representative sample of 2,000 Singaporean adults.

Among Singaporeans who have acted on AI-generated advice, 60 per cent say it has influenced their savings or budgeting habits, 47 per cent have used it when choosing or switching financial products such as loans, credit cards or insurance; and 40 per cent say it has informed major decisions including large investments or property purchases. Nearly one in five AI users (19 per cent) say they rely primarily on AI-generated advice when making financial decisions.

The results are further evidence that private bankers, wealth advisors and other professionals should realise how extensively clients use AI. The rise of this technology is forcing financial sector professionals to rethink their value proposition and how to stay relevant – a topic the editor of this news service ruminated on here.

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The MDRT survey found that banking websites and mobile apps remain the most widely used digital channel, cited by 52 per cent of respondents, ahead of government financial portals (43 per cent) and comparison websites (30 per cent). Generative AI chat tools such as ChatGPT and Gemini are used by 29 per cent of Singaporeans, while 14 per cent use AI chatbots offered by banks or financial institutions, mainly to understand financial concepts or compare products. Convenience and cost were cited as the main draws.

Usage varies by generation: Millennials and Gen Z are more likely to use AI actively for budgeting and financial planning, while Gen X and Baby Boomers tend to use it primarily to gather information.

The report said that 81 per cent of Singaporeans remain “measured” in their use of these tools, turning to them mainly to build knowledge rather than replace professional advice. 

Among those who have not acted on AI-generated advice, the main concerns were a lack of human oversight (45 per cent), fear of bias or errors (36 per cent) and the risk of generic responses (36 per cent). 

Only 37 per cent of AI users said they were comfortable using the tools for personalised financial advice, and 31 per cent would use AI to review long-term financial plans. Preference for in-person contact with advisors increases during market volatility, with 50 per cent of respondents favouring face-to-face meetings in such periods, against 42 pr cent for complex financial topics generally.