This paper discusses the relative well-being of three generations: baby boomers (born 1946 to 1964), generation X (born 1965 to 1980) and millennials (born 1981 to 1996). Drawing on the OECD well-being framework, the paper examines income and wealth, housing, working conditions, health, education, environmental quality, social connections, safety and inequality. These domains of well-being are examined principally with respect to national averages in the 1970s, 1990s and 2010s. The paper also references lower income groups, and males and females, where data are readily available. To round off this discussion, the paper discusses some of the unprecedented global, and national, changes that we are currently experiencing in Australia and their potential impacts on well-being. The findings are mixed. Relative to the earlier generations, millennials score highly on some well-being criteria and poorly on others. The final parts of the paper address possible causes of these well-being findings and some public policy responses, including well-being budgets and improved governance.