In this paper, the author analyzes the impact of economic indicators such as consumption expenditure and income on subjective well-being, using the Survey on Satisfaction and Quality of Life released by the Cabinet Office. Known as the Easterlin Paradox, even if a country's economic indicators, such as GDP per capita, increase, it does not mean that the average level of happiness of the people increases along with it. However, such theories as the relative income hypothesis indicate that income influences life satisfaction at the individual level. In this paper, the author analyzes subjective well-being and economic indicators at the individual level. Results indicate that the magnitude of the correlations among these variables differs by age. In the younger working-age group, increase in consumption, as well as in income, has positive effects on overall life satisfaction more significantly than in the retired group. This is because consumption of the younger group is lower than the desired level due to budget constraints. For those in their 50s, job satisfaction tends to be more significant. For the retired generation, subjective satisfaction with everyday matters such as housing, health, and social activity is more significant than economic conditions.