Stakes are critical to any story, because without stakes, why should readers care about what's going on?
Storytelling problems often appear in one of three areas—lack of goals, conflicts, or stakes. There’s a reason these three things make up the holy trinity of good storytelling. They work best when balanced, holding up the story like a three-legged stool. Weaken any one leg, and the stool (and story) collapses.
Goals drive the plot, conflicts create the suspense, but the stakes make readers emotionally invest in the story. Stakes make them care about the characters and their dreams, and makes them worry they won’t overcome their problems and succeed.