Ifac have published their 2026 report, showing that the rules and regulations associated with agriculture are the biggest headache for farmers today, and only slightly over half of farmers have identified someone to take over the business.

However, despite all of this, 61% of farmers are positive about the future, a full 10% higher than in 2025 and the highest percentage of positivity in five years.

40% of the 1,000 farmers surveyed do not have a will, and 40% do not have a successor despite a renewed focus on succession planning within the sector.

The figures are stark, particularly when we learn that just under 6% of farms are operated by someone under the age of 35, and the average age of an Irish farmer is 59.

Pension planning is a huge area of concern for the sector as a whole, as 25% don’t have a private pension plan, and about a third don’t understand the auto enrolment pension scheme.

A third are unsure, or not confident, that their pension is sufficient and 70% do not prepare budgets.

With these figures, it is perhaps unsurprising that 93% of farmers would encourage someone who is interested in farming, to pursue an agricultural qualification.

A huge proportion (83%) of beef farmers declared that the sector would be fairly unviable without subsidies, and 1 in 6 would leave the sector altogether if subsidies were removed or reduced.

Meanwhile, 72% of sheep farmers saying that they felt their business would be equally unviable without subsidies.

The report reflects the views of over a thousand Irish farmers, with Ifac CEO John Donoghue noting that farming in Ireland is ‘increasingly difficult and complex.’ 

‘There are many challenges in producing great food, managing red tape, and staying in good financial shape. Our report confirms that despite the challenges, Irish farmers remain resilient and confident about the future.’

However, with regards to the poor financial planning at play by farmers, he advocated for the company’s services.

‘The fact that 70% of farmers don’t prepare budgets is a major risk to individual farms and the sector. This financial planning gap is leaving farmers unnecessarily exposed. For those not budgeting and actively managing finances, now is the time to start, and we can help.’