Many upper-middle-class professionals families are suddenly downwardly mobile. For years, they used rising family wealth to help foot the bill for college, down payments for houses and start-up cash for children’s careers. But pay cuts, layoffs and the decade long flat lining of the stock market mean many families can no longer help their children.This comes as young adults could use a financial helping hand more than ever. The unemployment rate for workers ages 16 to 29 was 15.2% in March, the highest rate since 1948, according to the Bureau of Labor Statistics.
By Mary Pilon, April 5,2010 WSJ
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