Older people are less prepared for retirement shocks such as ill-health, relationship woes, or urgent financial support needs from their wider family, according to new research.

Pensions consultant Barnett Waddingham said that's because older savers have a self-interested approach to retirement planning.

Its research showed that just a fifth of all savers in the UK (19%) had fully considered getting a serious illness in their retirement plan, but considerably more younger savers. A quarter of under-50s (25%) had prepared, compared to around a sixth (16%) of over-50s.

According to the study, close to half (43%) of the older age group had “thought about” getting a serious illness but not included it in their retirement planning, while almost a third (32%) had not considered it at all.

Less than a fifth (17%) of all respondents said they had considered the possibility of having to go into care in their retirement planning, made up of 14% of over-50s, and 22% of under-50s. Two out of five (39%) of over-50s had thought about it but not included it in their planning, while 35% hadn't considered it at all.

Most people who are married or in civil partnerships had also not adequately planned for changes to their marital status. Less than a fifth (18%) of married people had fully planned for the possibility of becoming widowed, while 40% had considered it but not planned for it, and 31% had not considered it at all.

A fifth (21%) of parents had fully planned for their children needing urgent financial support during their retirement, but once again that was driven by the under-50s at 30%, and was true of just 16% of parents over 50. In the other direction, 12% of British employees had planned for their parents needing urgent financial support while they’re retired, including a fifth (20%) of those under-50, and just 7% of over-50s.

The discrepancy between the age groups can be explained by older savers having a self-interested approach to retirement planning, focused on personal income and spending rather than that of one’s relationship or wider family, said Barnett Waddingham.

Almost a third of British employees mostly thought about their own personal income and spending when planning for retirement. Over-50s were more likely to think about themselves first; 25% predominantly planned for themselves, compared to 29% of under-50s.

Mark Futcher, head of DC at Barnett Waddingham, said: “Poor planning is almost as bad as not saving. Both risk retirees being left high and dry later in life. The evidence shows we’re at risk of waving goodbye to a lost generation of retirees, cut adrift by insufficient planning, a myopic attitude to the harsh realities of financial shocks, and an unwillingness or inability to ask for help.”

He called on the industry to engage and educate people urgently, especially those in their 50s and older. He said: “It’s not just about instilling in them the importance of planning, but about making sure they have the necessary tools to do so and a true understanding of the hurdles ahead and their familial financial ecosystem.”

• Barnett Waddingham commissioned Censuswide to survey 5,032 UK employees and self-employed people aged 18+, at least 3,000 of which are over 50 and all of whom plan to retire in their lifetime. An additional 548 respondents who didn’t plan to retire were asked why not.