Nate Thompson had spent 10 years operating heavy equipment. “having a degree opens a lot of possibilities.”Thompson, a father of three children, could only dream about going back to college.

Due to the economic downturn, many Americans are unable to afford the education needed for advancement in their careers.

However, the jobs that drive economic growth require educated workers. According to the Organization for Economic Co-operation and Development (OECD), the U.S. ranks tenth for young adults who have a college degree.

American businesses might struggle on the global market if they don’t improve their foreign education. A study shows that 16 million Americans require post-secondary education to stay competitive in America’s market. Adult workers are a valuable resource that can be used to meet this demand. Employees can benefit from financial assistance for higher and continuing education.

“I had been thinking about going to college for years,”Thompson. “When the LiLA program came around, I had no other excuse.”

Council for Adult and Experimental Learning created the LiLA, which is a Lifelong Learning Account. It functions in the same manner as a 401k for college. Employers match employees’ contributions. Employees contribute funds. LiLA funds may also receive additional funds from donations, state and federal tax credits, as well as other sources, such as donations.

LiLAs can be used to pay for tuition fees, books, training, and supplies. Part-time classes are available for employees who can’t afford to attend school.

What is the result? Employees are provided with the education and skills they need to enhance their job prospects, performance, and salaries. Employers get highly skilled workers that help them remain competitive in the global marketplace.

American policymakers must ensure that every American has access to voluntary, tax-free LiLAs. LiLAs will not only improve American lives but also contribute to the strength of the U.S. economic system.

Thompson used his LiLA account for community college enrollment. He is currently working towards a mechanical engineering associate’s degree. He will be able to move into management with his degree.

“Someone who goes to school and works full-time shows a lot of tenacity,”Thompson. “It helps me compete. I have the training -; and also the dedication -; that someone else might not.”

To learn more about Lifelong Learning Accounts and how to advocate for them, visit lifelonglearningaccounts.org.