The present study examined the relations between personal values, value congruence, interpersonal relationships and subjective well‐being in psychology/education and business students from Argentina (N = 275), Bulgaria (N = 182) and Finland (N = 148). Regression analyses showed, first, that there were no direct relations between higher order value priorities and life satisfaction (LS), positive affect (PA) or negative affect (NA). Second, objective value‐congruence (VC)—the similarity between individual and group values—was positively related to LS and PA, and negatively related to NA. Most importantly, the effects of VC on LS, NA and PA were partially mediated by good interpersonal relationships. Our results show that interpersonal relationships are facilitated by sharing values similar to those of one's fellow students. More generally, personal values per se appear not to be associated with subjective well‐being, more important is how these values fit into the social context. Copyright © 2014 John Wiley & Sons, Ltd.