Terry KS SINGAPORE, 28 JULY 2026 – As digital adoption in personal finance continues to rise, Singaporeans are increasingly using digital tools not only to manage their money but also for AI-generated advice to guide their financial decisions, according to a recent survey by MDRT. Digital channels have become deeply embedded in the financial lives of Singaporeans, with nearly nine in 10 (89%) using at least one platform, such as mobile banking apps, financial websites or AI-powered chat tools, to manage their finances or seek financial information.
Among these users, more than a third of Singaporeans (35%) now use AI tools for financial purposes, ranging from information gathering to real-world financial actions, signalling a growing shift towards AI-assisted financial management. Of those who have acted on AI-generated advice or used it as a starting point, 60% say it has influenced their savings or budgeting habits. Almost half (47%) have used it when choosing or switching financial products such as loans, credit cards or insurance plans, and two in five (40%) say it has informed major financial decisions, including large investments or property purchases. Nearly one in five AI users (19%) even rely primarily on AI-generated advice when making financial decisions, underscoring the technology’s expanding influence in shaping financial outcomes.
Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications, said Singaporeans are increasingly comfortable using technology in their everyday lives, and that more people are using AI to better understand financial concepts or prepare for financial conversations. However, she cautioned that AI is only as effective as the information it receives, noting that it may not identify gaps in a person’s thinking or ask follow-up questions that uncover important aspects of their financial situation, which means decisions based on incomplete or narrowly framed information could overlook critical considerations.
While AI tools are gaining traction, established digital platforms remain the most commonly used among Singaporeans, led by banking websites and mobile apps (52%), government financial portals (43%) and financial comparison websites (30%). That said, 29% use generative AI chat tools such as OpenAI’s ChatGPT and Google’s Gemini, while 14% turn to AI-powered chatbots offered by banks or financial institutions. Respondents mainly do so to better understand financial concepts such as mortgages, investing and taxes (54%), as well as to compare financial products such as loans, credit cards and insurance (51%). The appeal lies largely in convenience (57%) and cost accessibility (52%), alongside the ability to simplify complex information (40%) and the freedom to ask follow-up questions (37%).
Usage patterns also reflect different levels of engagement with emerging digital tools across generations. Millennials and Gen Z are more likely to use AI to actively manage their finances, including budgeting and financial planning, while Gen X and baby boomers tend to use it primarily as a source of information.
Despite AI’s growing role in personal finance, most Singaporeans (81%) remain measured in how they use these tools, turning to them primarily to build knowledge and explore options rather than replace professional advice. Among those who have not acted or would not act on AI-generated advice (36%), the top concerns were the lack of human oversight or reassurance (45%), the fear of bias or errors (36%), and the risk of generic or automated responses (36%).
Only 37% of Singaporeans who use AI tools are comfortable using them for personalized financial advice, and just 31% would use AI to review long-term financial plans, suggesting a strong preference for human guidance in financial decision-making. Those who currently work with a financial advisor show a similar preference, indicating that AI is seen more as a complement than a replacement to the client-advisor relationship.
Face-to-face interaction also remains highly valued. While digital communication is now widely accepted, around four in 10 Singaporeans who work with financial advisors still prefer meeting in person, particularly when discussing complex financial topics (42%), making important financial decisions (41%) or reviewing long-term financial plans (38%). In-person engagement becomes even more crucial during periods of market volatility or financial uncertainty, with half (50%) favouring face-to-face meetings with their advisors, highlighting the enduring importance of personal guidance and reassurance that direct human interaction provides when navigating critical financial decisions.
Ms Hoi said AI can provide answers based on a snapshot of information, but that financial planning goes beyond that, involving knowing the right questions to ask, understanding each individual’s unique circumstances, and helping clients adapt their plans as their lives and goals evolve. She added that the future lies in combining the speed and accessibility of AI with the empathy, judgment and long-term perspective that only trusted human relationships can provide, to help people make more informed and confident financial decisions.