More than 1 in 3 (35%) of Singapore now use artificial intelligence (AI) tools for financial purposes, according to a survey by Million Dollar Round Table (MDRT), an insurance and financial services trade association.

Of those using AI, 60% said that it has influenced their savings and budgeting habits. Of the Singaporeans using AI for financial purposes, 60% say that it has influenced their savings or budgeting habits. Two in five (40%) said that AI has informed major financial decisions like large investments or property purchases, MDRT found. Nearly 1 in 5 (19%) of the AI users said that they rely primarily on AI-generated advice when making financial decisions. Their reasons for using AI include understanding financial concepts—such as mortgages, investing, and taxes (54%)– as well as to compare financial products (51%).