Objective: The sandwich generation represents adults, often in midlife, who care for both children and ageing parents/relatives. While the stress they experience has received some attention, little research has investigated the subjective well-being (SWB) of this population. This study examined the relationship between perceived stress and SWB and the moderating effect of coping style. Methods: Ninety-three participants (80 women), aged 23–63 years, completed an online survey measuring perceived stress, coping strategies, life satisfaction and positive and negative affect. Results: Stress was negatively associated with SWB. While emotion- and problem-focused coping were directly associated with SWB outcomes, the only moderating effect found was for avoidance-focused coping (AFC). Specifically, AFC was associated with higher positive affect for those reporting lower stress. Conclusion: This study highlights the need to recognise the distinct circumstances that exist for the sandwich generation. Limitations and suggestions for future research are discussed.