The purpose of the study was to explore the relationships between materialistic and non-materialistic aspirations and well-being (cognitive, emotional, and social well-being). The novelty of this study is that besides examining the relationships between the importance of materialistic and non-materialistic aspirations and well-being, it also tested the relationships between the attainment of materialistic and non-materialistic goals and different aspects of well-being. The findings of the study indicate that both attaching importance to non-materialistic aspirations and their attainment are linked with well-being (emotional, cognitive and social well-being). The relationship between the attainment of materialistic aspirations and well-being is complex; the attainment of financial success fosters well-being (cognitive, emotional and social well-being) and the attainment of popularity inhibits well-being. However, the relationship between the attachment of importance to materialistic aspirations and well-being is insignificant.