More Than Half of Singaporeans Now Use AI for Financial Advice, Survey Finds

More than half of Singaporeans now use generative AI tools for financial advice, according to a fresh survey from Sun Life Financial Asia. The findings reveal that everyday investors are turning to chatbots and AI assistants to allocate monthly budgets, navigate insurance options, and make stock trading decisions — a trend that the Monetary Authority of Singapore is actively studying as it considers how to regulate AI-powered financial services.

The survey underscores a broader shift in how Singaporeans manage money. Rather than waiting for traditional financial advisor appointments, users are asking AI tools for instant answers on everything from when to enter the insurance market to how to rebalance their portfolios. MAS has flagged this as an area requiring careful oversight, balancing innovation with consumer protection in a market where digital finance adoption is among the highest in Asia.

Singapore's openness to AI in finance is not happening in a vacuum. The city-state topped Asia in Adobe's 2025 Digital Government Index for AI readiness, scoring 65 points — a 4.7% increase from 2024 and its third consecutive year of growth. The index assessed customer experience, website performance, and digital self-service capabilities, all of which feed into the infrastructure that makes AI-powered financial advice possible.

The survey also highlighted a striking knowledge gap: 70% of respondents described their financial literacy as only basic. This suggests that AI is not merely a convenience but is filling a genuine void in financial education. However, the report cautioned that AI cannot replace human oversight entirely — users still need to track their own accounts and understand where every dollar goes.

Why it matters for Singapore: As AI becomes a default tool for personal finance, Singapore is at the forefront of a global experiment in how regulators, financial institutions, and consumers adapt. MAS's forthcoming framework for AI in financial services will set the tone for how the region's wealth management hub balances automation with accountability. For everyday Singaporeans, the message is clear: AI can help, but financial literacy still starts with knowing your own numbers.