Abstract

This paper is an empirical analysis of how culture, specifically tradition, affects well-being, i.e., happiness, life satisfaction, and financial satisfaction, along with socioeconomic factors in East Asia. Ordered probit regression model results show that women have higher happiness and satisfaction levels than men even in Confucian cultures in which men generally receive more favourable conditions than women. Additionally, marital status or the impact of religion had strong and positive effects on happiness and sometimes on life satisfaction but not on financial satisfaction. Interestingly, tradition has a statistically significant and important effect on both life and financial satisfaction. Finally, the results show that individuals who value tradition greater also have higher levels of financial satisfaction.