Money is not the root of all happiness, rather health is the root of all happiness. You have money but your body health is sick then what will you do with so much money if you have cancer. So if you can live in a miserable condition in health and sound mind then here is your greatest happiness, you notice that you keep your family in peace even in this normal situation but what would you do if you were sick? That is why money should never be identified as the key to happiness, basic needs including health are the most important to survive in life. Because if you can't meet the basic needs then you are failing because the most goals for the basics are possible if you live in good health.
Just as health is considered as the root of all happiness, similarly money creates happiness and peace in life. Money is one of the most important resources in human life without which it is not possible to live peacefully in this world. As you mentioned basic needs including health are most important for survival. Yes, money is needed to meet these basic needs. For example, by basic needs we mean food, clothing and shelter. And to buy these things, i.e. to buy food, to buy clothes and even to build houses, people need money.
So no matter what stage of life you are in you need to feel the importance of money in every moment. People in the world live most helplessly without money. Being happy without money I think is just the same comforting phrase. It is impossible to be happy in life without money.