This chapter discusses different approaches to evaluate the life situation of young persons. It argues that inequalities are important when they impact on life conduct, relationships and the practices that people value. Thus the notion of well-being provides a core dimension in assessing the life situation. The paper juxtaposes two approaches to well-being: a hedonic view on subjective well-being and a eudemonic view focusing on the genuine opportunities of persons to secure valuable functioning. Discussing the potentials and pitfalls of these two approaches, the chapter argues in favour of a eudemonic conception of well-being based on Martha Nussbaum’s Capabilities Approach.