Survey: Young farmers optimistic despite concerns
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Financial health and succession are the two biggest concerns weighing on some of the state’s farmers and agribusiness owners, according to a new Indiana Farm Bureau survey. A trend also emerged showing younger farmers are more optimistic about their business prospects.
The bureau conducted the survey over two weeks in August to hear how its members in production agriculture or who own an agribusiness on how they can better serve them in programming and services.
Of those surveyed, 27% said their business is doing slightly or much better compared to the last five years with 30% projecting the next five to spell more success.
Farmers under 35 believe their farm would be passed down with 37% being very or extremely confident in that future. On the flip side, those who fall in the 51- to 75-year-old age group are considered the most pessimistic with 37% thinking the business won’t continue or has a slight chance another generation will continue their operation.
“It isn’t surprising that full-time farmers are more confident in passing down their operation,” INFB Chief Economist Todd Davis said in a news release. “This reflects the strong ag sector profitability in 2022. Part-time farmers rely less on farm income to fund family living so they do not see as much of the strong sector return that a full-time farmer would see, which may contribute to why those members have some doubt in passing down the business to the next generation.”
The survey also found that 60% of respondents under 50 and 35% over 65 don’t have succession plans.
The fall survey was the second assessment this year, and Indiana Farm Bureau intends to make it a bi-annual habit. It said in the data will assist future programs and what to prioritize.