Todays Guardian has an article by Shaikh Abdul Hakim Murad exploring Islam's standpoint regarding money:
"O you who believe! Let not your wealth nor your children distract you from remembrance of Allah. Those who do so, they are the losers. (63:9)
This verse in the Qur'an is an invitation for humanity to make a relatively small effort in this world, in return for the eternal reward of the hereafter. It is a call to save ourselves from becoming fixated on our wealth and on providing our children with the latest gadget and games, which ultimately are mere distractions from our remembrance of the creator.
But humans are short-termist; we think primarily of our pleasures now rather than the harmony and serenity of the world to come. Chapter 102 of the Qur'an says that we are distracted by competing in worldly increase, until we finally end up in our graves where we will be questioned about our excesses.
Does this mean that it is wrong to own things? Of course not, as money and offspring can be positive things in the life of a believer, and we do of course have basic needs which need to be met. But we must remember that the pleasures of consumption are quickly gone, while lasting benefit comes only from using our wealth to uphold the rights of others; namely the orphan, the traveller, and the needy. Wealth is thus truly ours only once it has been given away."
You can read the whole article here.