There has been growing attention on the well-being of people with disabilities. The purpose of this study was twofold: (1) to investigate the associations between individuals’ socio-demographic and psychological characteristics and clothing expenditure, and (2) to examine the moderated mediation effect of self-efficacy and acceptance of disability on the association between dependency on others and happiness among people with visual impairment. This study was based on secondary analysis of data from the second wave of the 6th Panel Survey of Employment for the Disabled collected by the Employment Development Institute. The results of this study showed that average monthly expenditure on clothing was positively associated with self-efficacy, happiness, and acceptance of disability, while being negatively associated with dependency on others. The results also confirmed that self-efficacy mediated the association between dependency on others and happiness. A conditional direct effect of dependency on others on happiness was found, in which negative associations were significant among people with visual impairment who had low and mean levels of acceptance of disability (but not high levels). In addition, there was a significant conditional indirect effect, in which the indirect and negative effect of dependency on others on happiness via self-efficacy was significant for those with low and average levels of acceptance of disability. These findings support the importance of enhancing the independence and acceptance of disability among people with visual impairment, which ultimately contributes to their happiness.