Running head: MATERIALISTIC VALUE COMPONENTS AND SUBJECTIVE WELL-BEING The Componential Nature of Materialistic Values and Subjective Well-Being:

Previous research shows that endorsing high materialistic values is associated with lowered subjective well-being (e.g., Burroughs & Rindfleisch, 2002; Kasser & Ahuvia, 2002). Yet, few studies have compared economically and culturally different countries, and none have examined components of materialistic values separately. The present study examines endorsement of three materialism components proposed by Richins and Dawson (1992) among student populations in Croatia, Germany, and the UK, and also assesses them as predictors of subjective well-being (SWB). A componential analysis offered superior prediction of SWB than overall materialistic value endorsement, and a major finding was that the happiness component- the belief that possessions and money are an important path to personal happiness- is the only dimension of materialism that explains most of the variance in subjective well-being, across all three countries