The article is devoted to the study of the level of happiness, welfare and quality of life of young people. The theoretical approaches to the “quality of life”, “welfare” and “happiness” concepts are examined. The infl uencing factors like the feeling of happiness, the quality of life of young people and the dependence of the young people well-being level from economic indicators are singled out. Methods for young people life quality studying include a number of author’s questionnaires — two questionnaires were developed: for working youth and for university students. Analysis of the factors shaping the quality of life, well-being and happiness of the modern young generation made it possible to specify the notion of “happiness”, “quality of life” and “well-being” and defi ne how the feeling of happiness and wellbeing aff ects the performance indicators and the potential of young people.