The impact of families’ lifestyle and cultural orientation on young people’s cultural knowledge and interactions is determined by subjective and objective factors of well-being. In addition, cultural priciples such as family attitudes, intergenerational dialogue, shared commitments, passing down values, traditions, customs, and patterns of cooperation are important for creating the conditions for economic success. The effect of culture on economic performance may be perceived on the fact that a family is the basic unit of the country’s economy and each family is the economic mainstay of its members. The aim of the research is to carry out qualitative data analysis on the impact of socially and economically most pressing issues on families, their well-being and lifestyles, cultural socialisation and participation. The empirical data have been obtained from 10 family case studies and intergenerational semi-structured in-depth interviews in urban, semi-urban, and rural areas of Latvia. The research has been carried out in the framework of the project “Cultural Heritage and Identities of Europe’s Future (CHIEF) supported by the EU Research and Innovation programme Horizon 2020 and conducted across nine countries.