BlackRock has dubbed the savings account the 'RISA – The Retirement ISA', after finding almost two in five (39%) ISA holders intending to use it to fund life after work.
Alex Hoctor-Duncan, savings and investments expert at BlackRock, said: "Our BlackRock Investor Pulse survey has revealed that Briton's rely heavily on ISA products to help save and fund their retirement, with almost two in five (39%) ISA holders intending to use their ISA to do just so.

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"ISAs are simple, accessible and tax efficient savings vehicles and their increasing popularity shows that Britons are willing and capable of saving into products they understand."
He said it was worrying to discover that nearly seven in ten (68%) ISA holders looking to retire in the next decade (55-64 year olds) were only saving into cash ISAs.
He said: "This means that their cash savings have been victims of inflation during recent years.
"The current low inflation levels should not lull people into a fall sense of security. Cash has lost almost 30 per cent of its real value in the past 10 years because of inflation. Even if a saver has been quite nimble in chasing the best deposit and cash ISA rates, they would still have made a loss in real terms of 6 per cent.
"The changes that the Government introduced, allowing savers and investors to merge cash and stocks and shares ISAs to a limit of £15,000, should be celebrated. However, nearly half of ISA holders (45%) said they would hold more cash as a result. Britons need to make use of their ability to build their savings and allocate to stocks and shares and not to use cash as a safety blanket, because it won't keep them warm later in life."