<p>This study investigates the relationship between subjective well-being and inequality, with particular attention to the role of social connectedness and generational differences. Using Korean data from the 2015 Social Well-Being Survey in Asia (<i>N</i> = 1,626), we develop and introduce a new measure of inequality discontent, defined as the product of perceived discrimination and experienced unfairness based on their socioeconomic status across five domains. Social connectedness encompasses received support from kin and non-kin, neighborhood intimacy, and generalized trust. The findings show that discontent is negatively associated with subjective well-being among Koreans. Results further indicate that social connectedness operates both as a mediator and a moderator in this relationship. Importantly, notable generational differences emerge: among Millennials, social connectedness moderates the effect of discontent, whereas among Generation X and Baby Boomers, it mediates the association. Although social connectedness plays distinct roles across generational groups, it remains a critical factor in the relationship between perceived inequality and well-being. Given the adverse association between inequality and well-being, and the persistent challenges in addressing inequality directly, policy efforts should prioritize fostering social inclusion and cohesion. By taking social and generational context into account, this study advances our understanding of how social connectedness operates through differential pathways from subjective inequality to well-being.</p>