Nearly nine in 10 Singaporeans now use digital platforms, including AI-powered chat tools, to manage their personal finances or seek financial information, according to a new survey by MDRT, the global association of financial services professionals.

The survey, conducted by Opinium among 2,000 Singaporean adults in April 2026, found that 89 per cent use at least one digital platform — such as mobile banking apps, financial websites, or AI-powered chat tools — for financial management or information. More than a third of Singaporeans (35 per cent) now use AI tools specifically for financial purposes, ranging from information gathering to real-world financial actions.

AI’s growing influence on financial decisions

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

Generative AI chat tools such as ChatGPT and Gemini are used by 29 per cent of Singaporeans, while 14 per cent turn to AI-powered chatbots offered by banks or financial institutions — most commonly to understand financial concepts like mortgages, investing and taxes (54 per cent) and to compare financial products (51 per cent). Convenience (57 per cent) and cost accessibility (52 per cent) were cited as the biggest draws.

“Singaporeans are increasingly comfortable using technology in their everyday lives. I’m seeing more people use AI to better understand financial concepts or prepare for financial conversations, which is helpful. However, AI is only as effective as the information it receives,” said Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications.

Trust gaps persist despite rising adoption

Despite rising AI adoption, most Singaporeans (81 per cent) 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 per cent), the top concerns were a lack of human oversight or reassurance (45 per cent), fear of bias or errors (36 per cent), and the risk of generic or automated responses (36 per cent).

Only 37 per cent of Singaporeans who use AI tools are comfortable using them for personalised financial advice, and just 31 per cent would use AI to review long-term financial plans. Around four in 10 Singaporeans who work with financial advisors still prefer meeting in person for complex financial topics, with that preference rising to half (50 per cent) during periods of market volatility or financial uncertainty.

“AI can provide answers based on a snapshot of information, but financial planning goes beyond that. I believe the future is about combining the speed and accessibility of AI with the empathy, judgment, and long-term perspective that only trusted human relationships can provide,” said Ms Hoi.