Red tape, input costs and the weather rank highest in the challenges facing Irish farmers, according to the latest report from farming, food and agribusiness specialist professional services firm Ifac.
60% of farmers named rules and regulations as their top concern with farmers becoming more frustrated due to the increasing amount of bureaucracy involved in running a farm business on top of fundamental changes to farming practices
This is followed closely by input prices (54%) and the weather (48%).
But today's report also shows that 51% of farmers are positive about the future - an improvement on last year's 46% but below the optimism levels of 56% in 2023.
Ifac said that for the fourth year in a row, input prices are a big concern with one in two farmers saying that the issue is their biggest financial challenge.
Today's report also point to other gaps in farmers' financial planning and knowledge including the fact that one in three do not know if their pension will provide sufficient income in retirement.
The report noted that 39% of tillage farmers have no private pension in place, compared with 22% of all farmers.
Ifac also found that 40% of farmers are not familiar with the upcoming Auto-enrolment Pension Scheme and 32% of farmer employers are unaware.
"This whole area is a red flag for the sector especially as pensions play an important role in personal security later in life and serve as a practical tool for managing farm succession," Ifac warned.
On succession, the report's findings show that it is an ongoing challenge for the industry, even though slightly more families are starting to tackle succession planning.
The report shows that 23% say the biggest barrier to succession and securing the future of their farm is that the lifestyle does not appeal to the next generation.
Ifac says that one in three farmers have chosen a successor however this leaves one in five with no successor at all and a lot of farms in limbo.
65% of farmers are also unaware of the Succession Planning Advice Grant to help with the legal, accounting and advisory costs of succession planning.
On the environment, 56% of farmers cite renewable energy technology as the most significant technology on farms, benefitting the environment.
One in five farmers say they currently need additional slurry and soiled water storage but are not likely to act until the Nitrates Derogation picture is clearer for the longer-term.
John Donoghue, Chief executive of Ifac, the farming industry is changing fast and with this change comes added pressures for Irish farmers.
"While there are still many known unknowns that will greatly impact the sector such as the future of Nitrates Derogation, better information about farm performance and cash flow can relieve some of the pressure on farmers," Mr Donoghue said.
"Farming is one of the toughest businesses to be in and farmers need to be highly skilled in so many areas, including managing finances," he stated.
He said that Ifac can help farmers developing a financial plan for the farm and the succession plan when it is needed.
"Our report also once again highlights the extraordinary resilience of Irish farmers, despite the challenges. I hope our report is a valuable tool for farmers and it is essential reading for anyone with an interest in Irish agriculture," he added.
