A recent study by AgriFintech ReFarm Fund, who provide finance & expertise to de-risk transition to regenerative & renewable approaches to make farming environmentally positive and more profitable, has confirmed that many UK Farmers are struggling with financial viability, and this is taking a personal toll on their physical and mental health.
The research showed that 53% were confident about their finances, but 47% said their farm’s finances were average or in a poor state. Some 38% say they have considered getting out of farming altogether. Key motivators for this were not being able to make a living (47%), physically farming has become too much (47%) and the impact on their mental health (42%).
The research amongst 100 UK farmers was undertaken in January 2023 by ReFarm Fund, a new AgriFintec which provides finance & expertise to de-risk transition to regenerative & renewable approaches, through a finance and land management platform which quantifies progress & certifies environmental impact.
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.”
ReFarm Fund are working within Barclay’s Rise, the home of Fintech to rethink the traditional approach to farming finance. They are currently undertaking further benchmarking amongst UK farmers and welcome farmers currently in transition or seeking to change the way they farm to get in touch.