Miranda Reiter, Ph.D., CFP®, and her research team recently received a $111,417 grant to support their ongoing research
Personal Financial Planning (PFP) assistant professor Miranda Reiter, Ph.D., CFP®, was recently awarded a grant in the amount of $111,417 from the National Endowment for Financial Education (NEFE).
Reiter, who is the principal investigator of a multi-university research team, says the grant will support the ongoing research she is conducting alongside her team. Her team of co-investigators includes Dr. Kimberly Watkins (University of Alabama), Dr. Kenneth White (University of Georgia), Dr. Jesse Jurgenson (University of Alabama), and Dr. Megan McCoy (Kansas State University).
“For decades, NEFE has championed effective financial education and supports scholars who are conducting research in this domain,” Reiter explained. “This grant supports a research project entitled, ‘An Examination of the Klontz Money Script Inventory (KMSI-R): Relationship to Financial Literacy and Cross-Racial Validity'.”
Used by financial professionals and therapists to determine consumers' deep-seated and often unconscious money beliefs, the KMSI-R measures four core beliefs: money status, money avoidance, money vigilance, and money worship.
“Our research study explores the connections among money beliefs, financial literacy, and financial self-efficacy,” Reiter said. “The goals are to (a) examine which money scripts are most at risk for lower literacy and self-efficacy to allow practitioners to intervene, (b) assess the KMSI-R's validity on non-White samples, (c) and suggest measurement improvement.”
With these research goals in place, Reiter and her team aim to create a robust, methodologically sound roadmap for identifying, testing, and reporting on the cross-racial validity of the Klontz Money Script Inventory-Revised, laying the groundwork for testing additional measures critical to the financial planning research field.
Findings from this project will impact various constituents. It will assist financial educators in their programming, development, and application of money scripts to address financial well-being among diverse populations. As Reiter explains, interventions using culturally responsive validated assessments can increase program effectiveness. For practitioners, findings will aid in providing a valid and reliable money belief assessment that will be useful with a multicultural client base.
For scholars, Reiter and her team's dual-pronged research objectives will make important contributions to the financial planning field of study and is the first of its kind to investigate the cultural competency of the KMSI-R, while investigating its connection to financial literacy and financial self-efficacy.
As a scholar who researches issues related to diversity, race, and gender in financial planning and consumer finance, this grant allows me to investigate a topic which is exciting, important, and aligns with my research agenda,” Reiter said. “With the support of NEFE, my team and I can conduct a large-scale primary research project that is crucial to the field of financial planning and financial therapy. I am thankful for NEFE's support of this research. I look forward to carrying out our investigation and disseminating our findings.”