The U.S. Chamber Foundation’s report, Skill Savings Accounts: A Public-Private Financing Approach for Upskilling and Reskilling in a Dynamic Economy, addresses the critical need for upskilling and reskilling in the U.S. workforce, given rapid technological changes and an evolving economy.
This report introduces Skill Savings Accounts (SSAs) as a flexible financial tool akin to Health Savings Accounts, allowing workers and employers to contribute funds specifically for skill development. These accounts prioritize skills-based learning over traditional degree pathways, and are designed to be portable, worker-centric, and easily adaptable for a range of training needs.
The report argues that SSAs could be transformative for supporting ongoing workforce competitiveness and economic resilience, especially for lower-wage and frontline workers. For successful implementation, it recommends that SSAs integrate digital and financial technologies, align with public-private policy support, and provide tax incentives. As a modern approach to workforce investment, SSAs aim to bridge existing gaps in skill financing and promote economic mobility for American workers.
