I completely disagree with the statement that spending money on lifetime experiences are much worth than material possessions. Property stays with you forever and in worst case scenarios, it can be used during financial crises, whereas, experiences, can only teach you some valuable lessons but can not help you in the time of need.
I personally believe that, possessions such land, jewels, or house will be give you financial stability. You can give a secured life for your family, your own house and movable property like cars, which makes your travel easy and time efficient also you can visit anywhere with your family and friends and enjoy your time with them. Investing in immovable properties is always good in long run. When you reach a stage in life where you can not earn your livelihood, these belongings will give way to lead an financially independant and stable life.
People judge you with certain social norms, one of the criteria is property possessions which decides your social status and achievement in the community. To lead a comfortable life and being able to help the community is something that everyone wishes for and to attain that possessions are necessary.
In contrast, new life experiences gained with money can give you temporary happiness but not in long run. The moments spent are more cherished when you are young and do not have to worry about anything, once you grow older, these experiences vanishes and your priority changes.
In conclusion , material possessions provides more sense of accomplishment in life , whereas, life experiences adds color to it but not security and stability to it. Experiences are for short period, which can not decide the quality of life for us.