1 in 3 Singaporeans Now Use AI for Financial Decisions, MDRT Survey Finds

More than a third of Singaporeans are now using artificial intelligence tools to manage their money, according to a new survey by the Million Dollar Round Table (MDRT), a global insurance and financial services trade association. The figure — 35% of 2,000 respondents — reflects a rapid shift in how everyday financial decisions are made in Singapore, from choosing insurance plans to comparing mortgage rates.

The survey, conducted by market research agency Opinium in April 2026, found that 89% of Singaporeans use at least one digital platform — mobile banking apps, financial websites, or AI-powered chat tools — to manage their finances or seek financial information. Among AI users, 60% said the technology had influenced their savings or budgeting habits. Nearly half (47%) used AI to choose or switch financial products such as loans, credit cards, or insurance plans, while 40% said AI informed major decisions like large investments or property purchases.

The numbers reveal a striking shift in trust: 19% of AI users said they rely primarily on AI-generated advice when making financial decisions. Generative AI chat tools like ChatGPT and Google's Gemini are the most popular entry point (29%), followed by AI chatbots embedded in banking apps (14%). The most common use cases are understanding financial concepts like mortgages, investing, and taxes (54%) and comparing financial products (51%).

Yet the survey also exposed clear limits to AI's role. Half of respondents said they prefer in-person engagement with financial advisors during periods of market volatility and financial uncertainty. 42% would meet their advisor face-to-face when discussing complex financial topics, and 41% when making important financial decisions. MDRT member Laura Hoi, a 22-year industry veteran, cautioned that AI "may not identify gaps in our thinking or ask follow-up questions that uncover important aspects of our financial situation" — a reminder that the technology remains a tool for information retrieval rather than holistic advice.

Why it matters for Singapore: The survey captures Singapore at a specific moment in its AI adoption curve — a population that is digitally sophisticated enough to experiment with AI for high-stakes financial decisions, but not yet willing to cede final say to algorithms. For Singapore's banks, insurers, and wealth managers, the data signals that AI-powered customer tools are no longer optional: they are the primary entry point for a growing share of clients. But the continued preference for human advisors during uncertainty means the winning strategy is not automation alone — it is augmentation, where AI handles research and comparison while humans manage relationships and judgement calls. Singapore's financial sector, already one of the world's most digitised, will be watched closely as a bellwether for how this hybrid model plays out.