Owners put their horses first as economic situation bites
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Equine and human wellbeing is being put under pressure by the financial situation – but owners are putting their horses first.
These are findings from nationwide surveys conducted by SEIB Insurance Brokers to determine how the cost-of-living crisis is affecting livery yard owners and clients. More than 1,400 people responded to the questionnaires, which asked how costs are increasing and the impact this is having.
“The surveys found the significant increase in costs is biting but at present people are ultimately putting their horses first while making personal sacrifices,” an SEIB spokesman said. “Many yard owners are anxious about having to increase their livery fees on the back of surging fuel, maintenance and staffing costs as they know their already cash-stretched clients cannot afford to pay more.”
The survey found that so far, just under 40% of respondents’ livery fees had increased recently, although charges had risen by £5 to £30 per month for 20%, and over £30 for the rest. Of the respondents, 44% said they have taken measures such as turning heating down at home and cutting back on socialising to pay the bills.
“Having established that many people are facing increased costs, are these sustainable long-term?” asked SEIB’s Georgina Dewar. “What impact will this have on mental health?”
Many respondents said they are competing less but some are decreasing the frequency of physio, saddle-fitting and farrier appointments.
Of the 280 yard owners who responded to their survey, a fifth had not yet increased livery prices, although many planned to.
“The market won’t accept the type of price increases yards need to stay profitable,” one said.
“It’s such a worry for the whole industry as those on low to medium income will be priced out of the industry and it will become elitist.”
Many owners did not feel clients are aware of running costs, and the effects of wasting bedding or leaving lights on, and believe working together could help keep livery prices down.
“Inflation and the cost-of living crises are taking their toll on the work-life balance and the mental health of yard owners,” the SEIB spokesman said. “The survey found that half of yard owners have reduced their staff hours and taken on more tasks themselves to cope.”
Riders Minds mental health expert Sylvia Bruce said poor work-life balance can affect mental health, adding: “The cumulative effect of overworking, business stress and lack or loss of disposable income spirals and has a detrimental effect on lifestyle, life enjoyment and ability to socialise, leaving livery yard owners vulnerable to deteriorating mental health.”
SEIB CEO Suzy Middleton said having found out what the issues are, the company is keen to raise awareness and start the debate.
“Livery yards are such a big part of the equine industry, they make horse ownership accessible to so many people who otherwise wouldn’t be in a position to have a horse of their own,” she said. “At SEIB, we are determined to do our best to support increasing accessibility to equestrianism.
“Our team has close relationships with other equestrian businesses and we are working with them to see if we can offer our customers ways to benefit from savings on feed, bedding and supplements in the always costly winter.”
You might also be interested in:
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