We examined relations of 10 personal values to life satisfaction (LS) and depressive affect (DEP) in representative samples from 32/25 countries (N = 121 495). We tested hypotheses both for direct relations and cross-level moderation of relations by Cultural Egalitarianism. We based hypotheses on the growth versus selfprotection orientation and person-focus versus social-focus motivations that underlie values. As predicted, openness to change values (growth/person) correlated positively with subjective well-being (SWB: higher LS, lower DEP) and conservation values (self-protection/social) correlated negatively with SWB. The combination of underlying motivations also explained more complex direct relations of self-transcendence and self-enhancement values with SWB. We combined an analysis of the environmental context in societies low versus high in Cultural Egalitarianism with the implications of pursuing person-focused versus social-focused values to predict how Cultural Egalitarianism moderates value-SWB relations. As predicted, under low versus high Cultural Egalitarianism, (i) openness to change values related more positively to SWB, (ii) conservation values more negatively, (iii) self-enhancement values less negatively and (iv) self-transcendence values less positively. Culture moderated value-SWB relations more weakly for DEP than for LS. Culture moderated value-LS relations more strongly than the socio-economic context did. This study demonstrates how the cultural context shapes individual-level associations between values and SWB.

We investigate the impact of the global financial crisis (GFC) on the personal values of youth and young adults (age 16–35 years) from 16 European countries. Using time series cross-sectional data from seven waves (2002–2014) of the European Social Survey, we examined (1) whether the GFC led to value shifts between cohorts of young people and (2) whether welfare state provision moderate the expected value shifts. Multilevel analyses showed that, following the GFC, the importance of security, tradition, benevolence, and, to a lesser extent, conformity values increased. In contrast, hedonism, self-direction, and stimulation values decreased. In line with our moderation hypothesis, power, and, to a lesser extent, achievement values increased following the GFC in countries low on welfare expenditures but decreased in countries high on welfare expenditures. Contrary to expectations, increases in tradition and benevolence values were more pronounced in high-welfare countries.

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