The study conducted by the authors reveals that modernization of a way of life is linked to positiveness and vagueness of ethnic identity. The level of modernization of a way of life is negatively linked to the values of traditionalism and conservatism and positively - to the values of hedonism and affective autonomy. At the same time the values of traditionalism and conservatism are negatively linked to the level of life satisfaction. The level of modernization of a way of life is also linked to the values of harmony, but the direction of the link may vary in cultures with different levels of modernization.