At a time when wealth managers and private bankers are exploring AI use cases, the survey shows that among the wider Singaporean adult population, they are at ease with using this tech to manage their finances.

Singaporeans are increasingly embracing AI for managing their personal finances. A survey of 2,000 adults shows that 81 per cent of them already use AI tools for this purpose.

The survey, by MDRT, an association of investment professionals, adds to growing interest in the use cases for AI in financial services, including the wealth management sector (see articles here and here). 

The most common applications across all age groups include budgeting and expense tracking (50 per cent), automating and optimising investment strategies through robo-advisors (47 per cent), and receiving personalised financial advice (45 per cent). However, AI adoption varies across generations.

While Gen Z (87 per cent), Millennials (86 per cent), and Gen X (78 per cent) are using it at growing rates, Baby Boomers (37 per cent) remain the least likely to use AI, reflecting a more cautious attitude towards using AI in everyday financial decision-making.

“The government’s efforts to strengthen AI capabilities have boosted public confidence in AI use within the financial sector,” Gregory Fok, a 19-year MDRT member, said. “For younger, tech-savvy consumers especially, using AI tools feels more intuitive and accessible, which has helped accelerate adoption and build greater trust in AI-powered financial services.”

Singaporeans are getting comfortable with financial advisors using AI, reflecting a broader acceptance of AI in the delivery of financial services. Nearly three in four (72 per cent) Singaporeans agree that financial advisors should be allowed to use AI, and 67 per cent trust those who do.

However, this enthusiasm is tempered by strong calls for regulation and transparency. 

This survey was conducted online by market research and insights agency Opinium between 1 and 11 April. 

Founded in 1927, MDRT (Million Dollar Round Table) is a global association of life insurance and financial services professionals from 85 nations and territories and more than 700 companies.