Thousands of farmers have not made a will
Cash flow and mental struggles revealed in new report
‘Tech is playing an increasing role’
FARMERS say they are not making enough money to support their families, a new report has revealed.
The survey of 1,700 farmers found that nine in ten beef farmers and a quarter of dairy farmers feel like they are not making enough money.
And surprisingly, 40% of farmers admitted they do not have a will in place, while less than a quarter (24%) have declared who will inherit the farm should they die.
According to the Irish Farm Report for 2021 by Ifac – the farming, food and agribusiness services firm – for a third year in a row, farmers of all ages are putting off succession plans as many are not optimistic about the future, with almost a third (31%) saying their farm is not viable enough.
Three out of five (58%) don’t complete any budgets or cash flows. Of those who employ nonfamily farm labour, only 21% have written contracts of employment in place and just 17% have an employee handbook.
Speaking about the publication of the report, the CEO of Ifac John Donoghue, said: ‘Despite almost a third of Irish farmers saying they want to remain involved in the farm after retirement, for the third year in a row our survey shows that farmers are slow to act in relation to succession planning – something necessary to ensure the long-term sustainability of rural Ireland.’
He added the findings of the report ‘shine a stark light’ on the community disengagement and social isolation that many farmers are feeling across the country.
Three in four (75%) farmers said that the pandemic has negatively impacted their social life and 42% said they don’t know who to call for support.
Almost one-third (31%) of farmers are risking burnout by not taking a holiday for a least a week in the last three years or more
Mr Donoghue said: ‘There is still a lot of uncertainty about the future of farming.’
He added that ‘concerns about the cost of Covid, the impact of Brexit on the wider economy, and the costs associated with tackling climate change weigh heavily on the minds of Irish farmers’.
However, he said there is some positivity as 81% of farmers said that they will still be farming in three years’ time.
The report also highlighted the increasing role of technology in farming, with 70% of farmers saying they want online buying and selling in the marts to continue after the pandemic.
Seven out of eight (86%) farmers say that broadband is essential, which makes the rollout of rural broadband an urgent requirement for essential business tasks such as banking. Technology has found its place out in the farm as well with 52% of those surveyed saying they use herd and breeding software on their farms.
Speaking on the publication of the report, Agriculture Minister Charlie McConalogue said: ‘It is heartening to see almost three out of five farmers have a positive outlook on the sector and how technology is playing an increasing role on Irish farms.’