Galway Bay fm newsroom - A new report has found that farmers across Galway are facing an uncertain future.
That's according to the 'Irish Farm Report 2019'.
The IFAC report includes the views of over 2 thousand farmers nationwide - and a detailed analysis of trends from over 21 thousand farm financial accounts.
It found that some 45 percent of Galway farmers survyed do not have a clear succession plan in place.
Over half said their business is not viable enough to encourage the next generation to take it on.
While almost a third of Galway farmers were revealed to have no pension plan in place for themselves or their spouse.
Meanwhile, 85 percent of those surveyed have an off-farm source of income coming into the household.
Over 60 percent of Galway farmers also said they depend exclusively on family members to help on the farm.
Nationally, the report found that profit for the average dairy and beef farmers fell sharply last year - while feed costs rose significantly due to adverse weather conditions.
It found that generally, while Irish farmers remain broadly optimistic about the future, there are many serious challenges in the sector.
The full report is available at www.ifac.ie.
