Money Fit by DRS is proud to announce Allie Disponette of Lexington, Kentucky as the recipient of the 2024–2025 $1,000 Money Fit Scholarship. From a competitive pool of 453 applicants who shared insights about credit, debt, savings, and budgeting, Allie, a University of Kentucky freshman, was chosen. The applicants this year provided valuable insight into the financial knowledge and concerns of college and high school students across the nation.
Notable Findings from the Scholarship Survey for the Years 2024–2025
Where Students Gain Knowledge of Money Only 8% of students would rather learn about money from their teachers or schools; this is a significant drop: 47 percent – Guardians and parents 26% – Banks and credit unions
This finding highlights the importance of giving parents and caregivers the tools they need to confidently discuss financial topics. Providing opportunities for adults to expand their financial knowledge—at worksites, through parent-teacher groups, or family services—could create a greater long-term impact than classroom efforts alone.
Misunderstanding the Importance of Education Despite data indicating that college graduates earn nearly twice as much over a lifetime as high school graduates, 70% of students believe the increase in earnings is less than 25%. The actual benefit was correctly identified by only 28%. Confusion about interest rates also persists. Despite the fact that the average annual percentage rate (APR) of credit cards is approximately three times higher than that of federal student loans, nearly one quarter of students correctly identified federal student loans as having the lowest rates. Students’ Top Financial Concerns When questioned about their primary concerns regarding money: 73% worry about repaying or avoiding debt in college
63 percent worry about being able to afford a home in the future. 38% worry about earning enough income
36% want to learn how to manage credit
28% are concerned with cutting costs. Only 20% expressed concern about their spending habits
The tendency to underestimate the impact of impulsive spending, a common cause of adult financial instability, may be reflected in this final data point. Engagment Positive Signs Encouragingly, the application process continues to prompt meaningful family conversations. This year, nearly 75% of students reported that the scholarship survey prompted them to discuss personal finance and student loans with their parents. This backs up what we’ve seen in previous years: students are eager to learn and first turn to their families for direction. When parents and guardians don’t have all the answers, students often turn to friends or online sources (11%) to fill the gap.
Continuing Forward Money Fit by DRS is dedicated to enhancing students’ financial literacy and assisting them in making educated choices regarding credit, debt, and budgeting. The findings of this year’s scholarship underline the significance of maintaining investments in financial education, particularly through family-centered methods.