Income, Values and Subjective Wellbeing in Europe: Results from the EVS 1999-2017 Data

The basic idea is to view the effects of objective and subjective modernisation on subjective wellbeing (SWB). Objective modernisation refers to the nation’s socio-economic development, indicated by GDP, absolute and relative income, and income inequality. Subjective modernisation refers to people’s modernisation values including work and social values. Modernisation values used are (post-)materialism and gender-role and leisure time values. Work and social values pertain to work ethos and intrinsic or extrinsic work orientations
and to trust in other people and the importance of family and friends and how leisure time is valued. The EVS data used cover a period of 20 years. A multi-level regression model has been estimated with modernisation
indicators on country and individual level and controls for gender, age, personal income, health and health behaviour (sports). The story found is clear. The findings illustrate the strong effects of absolute and relative income for people’s happiness, but, allegedly, more interesting are the strong effects of work and social values on SWB and the smaller but significant effects of all modernisation values which appear rather stable over time. People who hold strong social values gain in happiness because they engage more in social networks and relationships.