There is rapidly growing evidence that relational goods have a great impact on subjective well-being. One might wonder why individuals and their policy makers do not pay more attention to strategies strengthening relational capital such as socializing with friends at the expense of strategies promoting income or economic growth. One reason might be that people are loss averse, and that their preferences are biased towards a status quo. Research using experimenatal and market data has repeatedly identified loss aversion for decision utility, but far less is known about loss aversion and experienced utility (which can be proxied by subjective well-being data.) The longitudinal analysis shows that there is likely loss aversion in experienced utility as well.