what are two reasons why the media can damage confidence in providers by highlighting their faults?
1.they can sensationalise issues and 2. it doesnt always tell full story- might have own political agenda
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what are 2 reasons why media safeguards financial stability by reporting on weaknesses?
1. without media to report on misselling and bad practices, it may not come to light and 2. it can act as a watchdog holding sector to account
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what are 2 examples of broadcast media?
television and radio
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what are 2 examples of print media?
newspapers and journals
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what are 3 other media sources?
websites, blogs and social media
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how can a media source be biased?
the stance they have depends on their political, economic or social agenda and on characteristics of target audience. put forq
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what is a conservative media source?
it doesnt question underlying financial and economic model, but considers changes within model. considers overall impact of issues rather than how they affect individuals
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each broadsheet newspaper has its own political agenda. explain
directly express support for a particular political party- their financial reportings affect these leanings
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what are the 2 main types of financial articles published in broadsheet newspapers?
macroeconomics reporting on company results and personal finance articles aimed at indivdiuals on higer incomes
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what are 2 examples of middle market press?
daily mail and daily express
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what is another name for tabloid press?
"red-top" tabloids e.g. the sun and daily mirror
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what are 3 examples of specialist financial magazines?
money week, money wise and money observer
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what is teh radio 4 programme which offers advice on wide range of personal finance issues?
money box
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what percentage of social media firms use facebook for customer services, PR and recruitment?
28%
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what percentage of businesses used LinkedIN?
43%
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what is perilous debt?
a situation in which someone's spending more than half of income on debt repayments
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what is media bias?
reports are often subjective rather than objective. a subjective report is comosed from POV of journalist and aims to persuade people of validity of this- doesnt offer other side of argument
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how does the media bias arise?
because journalists believe they're reflecting values and perceptions of target readers, getting readers attention by taking particular stance
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what is omission bias
when media company leaves out a story that doesnt suit its agenda, which is embarrassing to it or undermines point of view
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what were banks criticised for during financial crisis?
lending too easily/ irresponsibly
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what was one of the reasons the PPI scandal arose?
it was sold as a condition of being granted a loan
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what did libor scandal include?
involved manipulation of interest rates that banks pay when they borrow from and lend to each other. known as market rigging
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how can media act as watchdog?
because of their large audiences, theyre in a good position to fight a consumer battle. its also in their commercial interests to champion against big business and political leaders, because scandal sells papers and gets traffic to website
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how can reporters ensure ethnic bias is prevented?
ensuring that the editorial and reporting team is ethnically and culturally diverse
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how can reporters ensure expert bias is prevented?
using interviews with two or more people from different sides of debate so different views are represented
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how can reporters ensure a conflict of interest is avoided?
use reports from neutral organisations that arent funded by industry theyre investigating
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Other cards in this set
Card 2
Front
what are 2 reasons why media safeguards financial stability by reporting on weaknesses?
Back
1. without media to report on misselling and bad practices, it may not come to light and 2. it can act as a watchdog holding sector to account
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