A new study by AgriFintech ReFarm Fund, which provides finance and expertise to help growers transition to regenerative and renewable farming, has indicated that many UK farmers are struggling with financial viability, which is taking a toll on their physical and mental health.
Of the 100 farmers asked, 53% said that they were confident about their finances but 47% said their finances were average or in a poor state. 38% admitted to considering leaving the industry, with the key motivators being unable to make a living (47%), farming becoming too much for them physically (47%) and the impact on their mental health (42%).
The study was undertaken in January this year. ReFarm Fund founder Omaid Hiwaizi said: “Farmers are the backbone of our food supply chain, but many, other than the largest industrial farmers, are finding it more and more difficult to keep going. This not surprisingly affects their mental health, and many are considering getting out.
“ReFarm Fund has been created to give farmers a positive way forward by accelerating the rate at which farmers move towards environmentally positive and more profitable farming, with the support of transition capital, expertise and other services.”
The company is currently working within Barclay’s Rise to rethink farming finance and is undertaking benchmarking amongst UK farmers. To find out more go to www.refarm.fund