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