This article presents the results of a large-scale study of the relationship between materialism and well-being by examining the moderating role of religiosity. By confining the present study to a sample of young consumers drawn from Malaysia--a country of diverse subcultures who share similar cultural values (collectivistic), we attempt to validate findings of previous research that may reflect the influence of age, country, culture, subculture, and the variety of measures of religiosity, materialism and well-being. This study finds that having strong religious orientations makes Muslim youths happier, whereas such a relationship does not hold for their Buddhist counterparts. The present study also finds no relationship between materialism and well-being among youths in either religious subculture, but finds that religiosity has a significant negative effect on the well-being of Muslims who have strong materialistic values as their Buddhist counterparts who hold equally strong materialistic orientations.