This is how an 11 years young girl, Odelia, answer the question.
"There are many reasons to why money is important. These are three reasons why money is important.

Number one, you can buy things that benefit you in life, for example, water, food and clothes. 

Number two, you can buy transportation, like a car or a motorbike.

Number three, you can also buy stuff that aren't really necessary but you like it like dogs, cats, hamsters and etc. 
Money can really be beneficial to our well being."

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This is a cute one. Feivel is only 4 years old and his answer is simple; "Good". Enjoy:)