Our results suggest that volunteer labor is positively correlated with both indicators of well-being. We concentrate on formal volunteering for religious groups and organizations and employ a second stage least squares regression framework to address reverse causation, self-selection and omitted variable bias. Results indicate that religious volunteering has a substantial, causal effect on happiness but not on health. We review the literature investigating the causes of well-being premiums among volunteers and hypothesize that volunteering might increase happiness by reducing people's concerns for status.