Video: Understanding the Economy

Thursday 22 March 2012, 10:23

Bridget Osborne Bridget Osborne

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Not surprisingly perhaps, there's been a huge shift in people's interest in the state of the economy. Far more people now say they are interested than was the case prior to the 2008 financial crisis, and far greater numbers say they follow news about the economy daily.

But a very large minority of the audience - nearly half - say they still don't understand it. That despite repeated explanations and backgrounders and the spelling out of acronyms by broadcasters.

Professor Stephen Schifferes also told the BBC journalists at this CoJo Wednesday event that the audience wants to hear more about how changes in the global economy will affect their personal finances, and less about the stock market.

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    Comment number 1.

    Good bit of research from a former BBC business journalist who knows a thing or two about recessions. Steve has been around the economic block more than a few times.

    However, what he doesn't point out is that a lot of financial journalists have lost their jobs in the recession, which means that it is much harder for those who still have a job to cover the crisis adequately.

    Is the public ill-served? Absolutely. What can editors and journalists do about it? Tough question. Deadlines still have to be met, but the same journalists now have to do twice the work in half the time.

    No wonder the public is complaining that they don't understand what is going on. Neither do many financial journalists. They don't have the time to get their heads around complex economic situations. Something has to give and it is the public that ultimately suffers.

 
 

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