Business Reporting Future
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Transcript of Business Reporting Future
Business Journalism
Mark TatgeOhio UniversityE.W. Scripps School of Journalism
Today's topics
Current environment – poses unique opportunity for teaching business reporting – demands never been higher.Challenges schools face teaching business reporting at university level.Recommendations for what to do at your university.
U.S. Economy faces its biggest challenges in 60Years. As educators this presents us with a unique opportunity.
Few Jobs – for college graduates
Almost 2 million college graduates are unemployed Employers say they will hire 22 percent fewer graduating seniors than last year.
Parent's retirement vanish
Unemployment keeps rising
Great Depression fears
Government bailouts
Housing Prices
Housing Prices 1890- 2000
Housing prices since 2000
Foreclosures skyrocket
Homelessness on the rise
Public demands for financial information has never been greater. WHY?
Economy - but other reasons ….
Other forces at work: Deregulation of banking, financial services.Growth of self-directed investing.Aging population. Changes in health benefitsPressure to save for retirementDownsizing, Job losses, Uncertainty
Biggest challenge?
Economy isn’t biggest challenge to teaching biz journalism. Rather - It is financial literacy – both among students and faculty.Lack of knowledge about the basics of banking, basics of budgeting, money, credit & debtStudies show our college students are much like the rest of the population – woefully unprepared.
Research shows:
41% of Americans give themselves a grade of C, D or F on their knowledge of personal finance
57% don’t have a budget 26% don’t know if their mortgage is fixed or
adjustable rate. 28% of homeowners don’t know the terms of
their mortgage – surprised by the payment. 64% haven’t pulled a free credit report or know
their credit score. Source: Harris Interactive, 2009 poll
Learning about business
If parents are financial literate, kids are, too.37% said learned about financial topics from their parents. Higher income families, higher literacy.Best students have parents who work in financially-related disciplines.So how do university faculty stack up?
Source: Harris Interactive, 2009 poll
Review of j-schools shows:Most teach no business journalism classes.Most surveyed are interested in adding business journalism, but have yet to do it.Few faculty teaching business journalism have either worked as business journalists or had formal training.Business journalism remains an elective, not a required course.Faculty similar to population at large when it comes to literacy.
Source: E. W. Scripps Journalism School report
Recommendations
Require ALL students to take a basic business journalism class.Develop business-related courses in your communications programs. Examples: Intro to business, financial statements for dummies or business literacy.Hire people who are literate in business. This doesn’t man hiring business professors.Cross train other faculty.Integrate business into your program.
Final Note: Biz Journalism is also about having some fun …
http://www.youtube.com/watch?v=F1GUoQpkr0s