Moral clarity and purpose gives meaning to your life, which is necessary condition for pure well-being.
Yes, moral clarity and purpose gives meaning to your life, which in other words, can be described as the "hope" that keeps you going in your life. If you do not know the purpose of why you are living, and are not clear about it, then it will hinder you, or be "the biggest threat" to your well-being. In other words, that "hope" is God, Himself. He gives us the reason to live :)
Moral clarity is that state of mind in which we know what is right and wrong based on our own internal moral compass. That compass is calibrated by the sum of our life experiences for good and for ill. It is what we use to navigate by. Without purpose, while we may have direction, we have no goal to strive for. We should not strive for transient things, but for things that will last, such as our relationships that encourage and uplift others. To snip out a quote of Theodore Roosevelt's in his Man In the Arena, we should "to spend ourselves in worthy cause", whatever that cause may be. I would offer that for further insight, that you read The Man in the Arena. I found it of great worth in my career in law enforcement and as a personal scale against which to measure how I am living life. My personal moral clarity and purpose are derived from my faith in God and His word. Others derive their moral clarity and purpose from other sources. It is my personal opinion that true moral clarity and purpose can only come from God. I am not assailing other beliefs or philosophies, just stating where mine comes from.
If you are not clear on morality and have no idea what your purpose is in this world then you will have no guidance and will go about making irrational decisions that will cause more harm than good. It is up to you make to create meaning to your life.