1 in 3 Singaporeans use AI for finances but prefer human advisors in crises

Of those using AI, 60% said that it has influenced their savings and budgeting habits.

More than 1 in 3 (35%) of Singapore now use artificial intelligence (AI) tools for financial purposes, according to a survey by Million Dollar Round Table (MDRT), an insurance and financial services trade association.

Of the 2,000 Singaporeans surveyed, nearly 9 in 10 (89%) use at least one digital platform such as mobile banking apps, financial websites, or AI powered chat tools to manage their finances or seek financial information.

Of the Singaporeans using AI for financial purposes, 60% say that it has influenced their savings or budgeting habits.

Almost half of the AI users (47%) have used it for choosing or switching financial products, such as loans, credit cards, or insurance plans. Two in five (40%) said that AI has informed major financial decisions like large investments or property purchases, MDRT found.

Nearly 1 in 5 (19%) of the AI users said that they rely primarily on AI-generated advice when making financial decisions.

Of the users, 29% use gen AI chat tools such as OpenAI’s ChatGPT and Google’s Gemini, whilst 14% turned to AI-powered chatbots offered by banks and financial institutions.

Their reasons for using AI include understanding financial concepts—such as mortgages, investing, and taxes (54%)– as well as to compare financial products (51%).

MDRT member Laura Hoi reminded users that “AI is only as effective as the information it receives.”

“It may not identify gaps in our thinking or ask follow-up questions that uncover important aspects of our financial situation. The risk is that decisions made based on incomplete information or narrowly framed questions may overlook critical considerations," said Hoi, a 22-year MDRT member.

Face-to-face interaction is still reportedly highly valued, according to MDRT, with 4 in 10 Singaporeans who work with financial advisers still preferring to meet in person.

Of those surveyed, 42% would meet with their financial advisors when discussing complex financial topics; 41% when making important financial decisions; and 38% when reviewing long-term financial plans.

Half (50%) of respondents prefer in-person engagement during periods of market volatility and financial uncertainty.

The survey, conducted by market research agency Opinium in April 2026, involved 2,000 Singaporean adult respondents.

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