I am a girl from a very poor family of country side in China, but I never felt I was a lower class. I went to top university in China and also went to top university(one of HYPS) in US. I always believe the hardship from my childhood is my wealth: I never look down people who is poor, I never squander money but I am generous and optimistic since I have already experienced such bad situations how worse things could be ?
But at the same time if money allows your children's reasonable material request should be met since no one enjoys hardship. But never let the famous brands spoil your kids, let them know what their personality such as loving , caring , giving , helpful is more important than anything else.