More than half of Singaporeans consult AI for financial advice, according to survey

SINGAPORE: Artificial Intelligence has indeed become a necessity in Singaporeans life, especially in ensuring that people can be responsible with handling their money. According to the data released by Sun Life Financial Asia, more than half of the Singaporean population are now consulting generative AI tools for financial advice.

As reported by Yan.sg, with the use of AI, Singaporeans would ask these tools about allocating their budget for the month, when to dive into the insurance sector, how to buy and sell stocks, and the likes. 

Furthermore, the Monetary Authority of Singapore (MAS) is now studying how to regulate AI-powered financial services, showing that the Singapore government is also paying attention to this area.

However, it is always important to remember that AI is not capable of solving it all. To truly manage one’s finances, people still need to keep track of the accounts themselves.

Singaporeans’ Financial Literacy 

The report also discussed that 70% of the people felt that their literacy was only at a basic level. This further suggests that one of the ways to be financially responsible is to know exactly where every penny of their money goes. 

Singapore and the use of AI 

In other news about Singapore’s use of AI, there was a report where the country has topped Asia in AI readiness, according to Adobe’s 2025 Digital Government Index, which assessed countries based on digital services and user experience. 

This assessment covers three main areas: customer experience, website performance, and digital self-service, and the report focuses on improvements in digital self-service capabilities and optimisation of website usage. 

The city-state showed growth for its third consecutive year, having a total score of 65 in 2025, a 4.7% increase from its score in 2024. 

Read more about the news story here.