The study examines the question of how personal self-esteem, collective self-esteem and readiness for selfimprovement are linked to satisfaction with life in women from countries differing with regard to level of collectivism. Our study participants were Polish (less collectivistic) and Indian (more collectivistic) female students. The obtained results indicate that personal self-esteem plays a very important role in satisfaction with life of women from the two countries. However, collective self-esteem is not directly related to satisfaction with life among women from the two cultures analyzed. Structural Equation Modeling showed that: a) in the Indian group readiness for self-improvement is more important for satisfaction with life than in the Polish group and it is significantly related to satisfaction with life through collectivistic self-esteem, b) the direct influence of both personal and collective self-esteem on satisfaction with life is more significant in the Polish group than in the Indian group.