It actually says the love of money is the root of all kinds of evil. I've known rich and poor people alike to have an overabundance of the love of money, and it shows in the way they live. Money = material things. If you love your lambo more than you love your wife, you're in love with money. You won't treat wife with the respect she deserves.

Christians are to work for a living. 2 Thessalonians 3:6-12 encourages us to not be idle, to work and be productive, going so far as to not associate with those who idle. If a man won't work, he shouldn't eat.

Therefore, yes, we need money. Work provides us with a means to make a living. And money is good. Loving it more than people is not.