Couple Causes Controversy Asking For Cash as Wedding Gifts For Home Down Payment
Inflation has been rising across the U.S., making goals like homeownership difficult for many working-class families.
It has even made some go as far as requesting cash assistance toward a down payment to purchase a home, as opposed to a traditional wedding gift.
That’s exactly what newlyweds Alexa and Silvio Tellez did to receive $30,000 in cash gifts from family and friends, according to the Financial Times.
The couple from Saint James, New York, wrote on their wedding registry:
“We hope you can join us in celebrating our marriage! If you feel inclined to give a gift, we are working so hard to save for our first home and any contribution–cash preferred—towards that will always be sincerely appreciated.”
Alexa, a bank analyst, and Silvio, an architect, were in the midst of house hunting while trying to sustain enough funds for a mortgage loan.
Deputy Editor Esther Lee of The Knot told Financial Times, “With everything that we’ve experienced when it comes to inflation and the housing market, people are really reflecting on how they want to use their registry.”
Some who shared their views on Twitter, supported the idea to help those who are in need of financial assistance.
Honestly…materialism is dwindling down because the price of necessities is going up.
So I’d put in 200 for a new couples house as opposed to buying a 200 stand mixer any day. https://t.co/oImnIggjBH
— Nick Cannon’s 47th Child 👶🏿 (@T_G_I_Ferb) September 25, 2022
Experts project these growing debt concerns of inflation will continue to increase in 2023. According to a U.S. Treasury report, the nation’s gross national debt has surpassed $31 trillion. If unaddressed, some believe the debt could ultimately imperil the U.S. economy.
In order to combat this issue, the Federal Reserve has raised interest rates, making the price to borrow money more expensive from financial institutions. Congress has also placed a cap on the U.S. government’s ability to borrow money.
These actions certainly make it extremely challenging for working-class families that are unable to access close-net resources like the Tellezes.
Were the Tellezes wrong in asking for cash?