Surveys conducted between 1957 and 1978 indicate a decline in reported levels of happiness from the 1950s to the early 1970s, followed by a gradual rebound. The pattern is different for certain subgroups of the population. Those in the bottom quartile in family income showed little decline in happiness during the initial period and a steeper rise during the 1970s. A similar pattern was observed for those age 65 and older. Further analysis of the differences among age groups suggests that cohort effects dominate true age effects, and that the period effect observed prior to the 1970s was greater among young people than among older people. These patterns are interpreted as evidence of a possible shift away from materialistic values during the 1960s. The magnitude of the trend, however, is very small.