High input costs and variable seasonal and market conditions have been causing financial stress for farmers who have been reaching out to the Rural Financial Counselling Service NSW (RFCS NSW) for assistance.
“Financial stress is where you don’t have enough funds to cover expenses and debts and your current or future finances are in a precarious situation causing physical, emotional, or mental strain and anxiety,” says CEO of RFCS NSW, Craig Hough.
“The causes of financial stress often depend on the area where a farm is located, what commodity the farm is producing and how the farm is managed. For example, in cropping we’ve seen dry conditions in some regions and lower prices from higher global production. For some farmers this has caused financial stress, particularly those with significant debt. For farmers experiencing financial stress in the horticulture, livestock and dairy sectors their causes are different,” says Craig.
RFCS NSW is urging farmers to understand and analyse their causes of financial stress and identify actions that address those causes. This is best done with assistance from a professional service like RFCS NSW.
“RFCS NSW believes that a successful, financially self-sufficient business requires a balance between four key pillars including the business, the business owner, the family and the business support network. Our Rural Financial Counsellors aim to help farmers define what success is to them and build the necessary skills and relationships to achieve it.” he says.
RFCS NSW provides free, confidential financial counselling services to farmers. Our mission is to support farmers in achieving their personal and financial goals through expert advice and assistance.
“Farmers need to be aware that they don’t need to face financial stress alone, there are numerous resources and support systems available to help them navigate any challenges that they are facing”, says Craig.
Farmers experiencing financial stress or seeking to create a management plan are encouraged to contact their local Rural Financial Counsellors on 1800 319 458 for personalised assistance and support.
ENDS
RFCS NSW Media Enquires
Stakeholder and Communications Manager: Kate Anderson
Email: Kate.anderson@rfcsnsw.com.au Mob: 0487731788
