["Review of Development Economics, Volume 30, Issue 2, Page 894-928, May 2026. ", "\nABSTRACT\nThis study examines the relationship between household income and subjective well‐being (SWB) in Afghanistan, emphasizing how fear of insecurity and experiences of violence moderate this association. Drawing on a comprehensive nationwide survey conducted by the Asia Foundation from 2016 to 2021 across 34 provinces, we analyze repeated cross‐sectional survey data from over 62,000 respondents using ordered logit regressions. Our findings reveal a positive link between income and SWB, but this relationship weakens significantly in the presence of insecurity and violence, particularly for higher income individuals. These results highlight the complex interplay of economic resources and security threats in shaping well‐being in a conflict‐affected context. The study underscores the need for policies that address both economic and security challenges to enhance Afghan lives, contributing new insights to the literature on SWB in unstable environments. The main results are robust to a variety of sensitivity checks and alternative estimation methods.\n"]