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When it comes to financial decisions, most Singaporeans prefer a balanced approach that combines professional expertise and a human touch with AI-driven insights.
In the world of finance, artificial intelligence (AI) is no longer just a futuristic concept — it's become an everyday tool for managing money and investments. While fears and concerns about AI replacing human financial advisors persist, many Singaporeans are increasingly embracing AI as a valuable complement rather than a substitute.
Far from sidelining human expertise, AI is viewed as an additional aid that enhances financial decision-making, empowering advisors and clients alike with smarter, faster insights. A survey by MDRT revealed that when it comes to financial decision-making, most Singaporeans feel that AI helps improve the quality of financial advice, and more than half (55%) would prefer to work with financial advisors who use AI.
Notably, Singaporeans who currently work with financial advisors are significantly more likely to use AI (92%) to manage their personal finance compared to those who only worked with advisors in the past or never at all (66%). This reinforces the growing preference for a hybrid approach that combines human expertise with digital tools to support financial decision-making.
On the other hand, nearly 40% of individuals who have never engaged a financial advisor do not use AI for personal finance, indicating that a segment of the population still prefers a more self-directed approach.
While Singaporeans are generally receptive to the integration of AI, they show a clear preference for it to support administrative functions, such as general client communications (50%), automated assistance (47%), and marketing (47%), rather than core advisory tasks like predicting spending habits (38%) and providing financial planning recommendations (38%). Privacy remains a top concern, with many expressing discomfort over AI retaining personal information.
Other findings from the survey include:
- The most common applications across all age groups:
- Budgeting and expense tracking (50%),
- Automating and optimising investment strategies through robo-advisors (47%), and
- Receiving personalised financial advice (45%).
- While most Singaporeans embrace the use of AI by financial advisors, they also expect ethical and transparent use.
Methodology
The survey was conducted online by market research and insights agency Opinium between 1 to 11 April 2025, of which the sample consisted of 2,000 Singaporean adults and was weighted to be nationally representative based on age, race and gender.
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Lead image and infographics / MDRT
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