AI chatbots now 3rd most-used investing tool among Singaporeans aged 18 to 40

SINGAPORE: About one in four (26%) Singapore residents aged 18 to 40 have been using artificial intelligence (AI) chatbots as an investing tool, making it the third most-used investing tool just after the typical watchlist (30%) and price alerts (27%), Singapore Business Review reported, citing a survey from Trust Bank and research agency Grapevine Consulting.

The report, however, noted that investors used AI primarily as “a research and decision-support tool.”

Still, while fully automated investing remained less common among investors, 93% were open to using AI in investing.

In fact, 15% said they would trust AI to invest entirely on their behalf. The majority, however, preferred a more guided approach, with 49% opting for hybrid or guided automation where they set their goals, approve major moves and let AI execute the investments.

Other investors in the city-state used investment tools such as portfolio trackers (24%), manual spreadsheets (23%), financial news aggregators (21%), technical analysis and charting tools (21%), and stock screeners (19%).

This comes as 65% of active investors are making investment decisions independently.

Some make investment decisions fully independently (34%), while others do it solo or discuss their decisions with family and friends (31%). The rest made investment decisions by following financial content (17%), through a financial advisor (12%), delegating to a robo-advisor (4%), or through community trades (2%).

Besides making use of AI, the report found that investors were also turning to social media platforms like YouTube (40%), Instagram and TikTok (32%), as well as Telegram and Discord (22%) for investment information.

Notably, 41% preferred short video explainers, followed by personal analysis (36%) and market commentaries (35%).

While 51% of respondents are actively investing, 33% have never invested due to fear of losing money, a lack of confidence to invest, and not knowing where to start. /TISG

Read also: More than half of Singapore’s affluent Gen Z investors look abroad as confidence in financial goals declines: HSBC