Elder Dallin H. Oaks of the Quorum of the Twelve Apostles described the relationship between materialism and spirituality:
“Materialism, which gives priority to material needs and objects, is obviously the opposite of spirituality. The Savior taught that we should not lay up ‘treasures upon earth, where moth and rust doth corrupt, and where thieves break through and steal’ (Matthew 6:19). We should lay up treasures in heaven: ‘For where your treasure is, there will your heart be also’ (Matthew 6:21). …
“There is nothing inherently evil about money. The Good Samaritan used the same coinage to serve his fellowman that Judas used to betray the Master. It is ‘the love of money [which] is the root of all evil’ (1 Timothy 6:10; italics added). The critical difference is the degree of spirituality we exercise in viewing, evaluating, and managing the things of this world and our experiences in it.
“If allowed to become an object of worship or priority, money can make us selfish and prideful, ‘puffed up in the vain things of the world’ (Alma 5:37). In contrast, if used for fulfilling our legal obligations and for paying our tithes and offerings, money can demonstrate integrity and develop unselfishness. The spiritually enlightened use of property can help prepare us for the higher law of a celestial glory” (in Conference Report, Oct. 1985, 78; or Ensign, Nov. 1985, 62–63).