The aim of this paper was to explore both direct and indirect associations between subjective and relative economic well-being, materialism and SWB of young adults of the post-transformation generation. In particular, the moderating role of materialism on the relationship between subjective and relative assessment and SWB was explored. The study was conducted on a group of 207 evening/weekend students, from public and private Warsaw colleges and universities. Correlational design was used and hierarchical regression analysis and moderation analysis using Hayes Model macro # 1 were done. The study’s results indicate that young people’s well-being is positively associated with their material situation assessment (subjective and relative) and negatively with materialism. The study’s results also show that a high level of materialism weakens or eliminates the relationship between subjective and relative assessment of one’s material situation and SWB.