Singaporeans trust robots more when it comes to money

Drastic changes in the finance profession may be imminent.

Will robots be handling your finances in the future?

Seven out of 10 Singaporeans have more faith in robots than their fellow men, a study by Oracle found.

According to a study, the pandemic has created financial anxiety and stress, with Singaporeans' financial anxiety, stress and sadness skyrocketing by 118%. Business leaders are the most affected, with financial anxiety and stress increasing by 157% and sadness by 200%, respectively.

Some concerns for business owners are about slow economic recovery or recession, budget cuts and bankruptcy, whilst consumers fear job loss, losing savings and never getting out of debt.

The 53% of those surveyed also reported losing sleep due to their personal finances.

With these growing concerns, more Singaporeans are increasingly trusting technology to help them with their finances, with 76% of Singaporeans saying they trust robots more than a human to manage finances.

Personal financial advisors may have to compete with machines as 72% of consumers would rather have the help of technology in managing their finances. Consumers in Singapore believe that robots can be helpful in detecting fraud, reducing spending, and making stock market investments.

The increasing trust on robots made 55% of Singapore business leaders believe that robots will replace corporate finance professionals in the next five years, whilst 47% of Singapore consumers think it will replace personal financial advisors in the next five years.