In developing countries, the personal well-being index plays an important role in assessing the quality of life in the country. This applies to all categories of citizens, regardless of their social status and the income level. The personal well-being index indicates the comfort of living conditions in a particular country, as well as the psychological state of the individual. However, not all countries are able to ensure an adequate well-being level. The purpose of our research is to measure the well-being level of Russian students, as well as to assess its dependence on the economic component. We have conducted an empirical study, which is a survey of 700 bachelor students of the first and fourth years of study in various specialties. The results of the study showed that the majority of the respondents have an average level of well-being and believe that the financial component can increase this indicator. We have also singled out the problems that negatively affect the well-being level. They are low wages, the inability of students to combine work and study, as well as insufficient financial support from universities. The research and its results may be relevant for other surveys or for comparing statistical data of different years.