Introduction Since primitive times, happiness has been regarded as the ultimate goal of human life (Aristotle & Irwin, 2000). Although happiness or well being is an abstract concept, however with happiness and well being as principal theme, a plethora of literature has been produced in academic domain since earliest times. Researchers and scholars have made an attempt to crystallize appropriate definition and identify various aspects of happiness and well being. Numerous studies have been carried out to decipher factors which can play significant role in the attainment of well being. Many theoretical and scientific measures have been envisaged and proposed for effective realization of happiness. However, despite the mounting research interest in the area of happiness, and improvement in the well established indicators of well being, statistics indicate relatively stable levels of happiness over time, at least since the 1950s (Easterbrook, 2003). In fact psychological problems such as depression continue to rise as a major concern of attention worldwide (Seligman, 1992). Escalation in the psychological problems has been clearly evident especially among the youth of our nation. Youth is seen as a transition period of active personality growth. For females, it is an interface of strenuous transition from adolescence to womanhood. This is one stage that perhaps needs maximum attention, since a successful progression may enable them to be healthy and productive in life thereafter. Despite being a substantial and significant part of our society, this group as efficient unit in society has been neglected so far (Kumari, Singh & Dubey, 1990). In recent times there has been increase in the awareness and emphasis on the issues related to women at the level of formulation of government policies as well as in the field of mental health and research. With the growing emphasis on the girl education, there have been lesser dropout from schools and colleges, and more girls are now getting opportunity to complete their education. Though this is a good change in society, but completing education itself poses several stressors on the young women or 'female youth'. In general, College students can be represented by the notion of 'young people' or 'youth' when referring to individuals aged between 12 and 24 years (Rutter and Smith 1995). In the present scenario of youth, findings,