Social Values and Subjective Socioeconomic Status Matter for Happiness in Korea

Politics around the world has become polarized over values and perceptions of equality and fairness. How are values and subjective socioeconomic status related to happiness? This paper uses national survey data of 15,148 Korean adults to see how an individual’s emphasis on social values, such as freedom, rule of order, social responsibility for individual wellbeing, and equality are related to happiness. We also explore whether and how subjective socioeconomic status affects this relationship. Lastly, the paper will explore how an individual’s evaluations of various aspects of the local community (human capital, economy, social, environment, infrastructure, local services) shape happiness. Path analysis results show that an individual’s emphasis on freedom, order, and social responsibility for individual wellbeing have a positive relationship with happiness, but not equality. Having a low subjective socioeconomic status dampens the positive effect of freedom and order on happiness, but does not matter for the effects of social responsibility and equality on happiness. In terms of community evaluations, economic factors had the largest positive effect on happiness. Overall, low subjective socioeconomic status, freedom, and order were the strongest predictors of happiness. Social values and subjective socioeconomic status matter for happiness.