Vojko Vučković, Tanja Kajtna, Klemen Širok
Background: University students experience increased psychological distress during academic transitions, yet modifiable lifestyle determinants of their subjective well-being remain incompletely understood within integrated analytical frameworks. Methods: A cross-sectional survey (N = 194 undergraduates; 52.6% women; M age = 21.9 years) used validated instruments: the Satisfaction with Life Scale (SWLS), Perceived Stress Scale (PSS-10), Body Appreciation Scale-2 Short Form (BAS-2SF), Brief Resilience Scale (BRS), International Physical Activity Questionnaire Short Form (IPAQ-SF), and single-item measures of financial security and screen time. Physical activity (PA) was log-transformed (MET_log). Multiple simultaneous regression and structural equation modelling (SEM) were conducted. Results: Perceived stress was the strongest negative predictor of life satisfaction (B = −0.561, p < 0.001), while financial security was a significant positive predictor (B = +0.171, p = 0.023). SEM showed that body appreciation was associated with life satisfaction primarily through lower perceived stress (indirect effect = 0.107; consistent with indirect-only association pattern), while PA showed a significant direct association with life satisfaction (β = +0.143, p = 0.030), independent of the stress pathway. The indirect effect of PA via stress was not significant in the SEM. Model fit was acceptable (CFI = 0.951; RMSEA = 0.067). Conclusions: Perceived stress was statistically associated with the relationship between body appreciation and subjective well-being, while PA showed a direct statistical association with well-being that was independent of the stress pathway. Given the cross-sectional nature of this study, these findings suggest that university health promotion programmes may consider integrating positive body image and stress management components alongside PA promotion to support student psychological well-being.