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To study the reasons of the low academic performance of students in Spain, authorities must consider emotional dimensions, such as well-being, which directly affect their learning achievement. Furthermore, it would be interesting to compare Spanish students with students from Finland, which stand out in international rankings. We analyze how to promote students’ well-being in Spain as a mechanism to enhance their academic achievement. Using data from PISA 2018, four indicators are used to measure well-being according to variables describing the students’ context. By means of econometric techniques, interval multiobjective linear programming problems are formulated for Spain and Finland and solved through a new methodological scheme proposed in this paper, assuring the generation of possibly and necessarily efficient solutions in interval multiobjective linear programming. The purpose is to determine which aspects would allow the best possible well-being to be reached. We found several differences between the students achieving optimal compromise levels in each country, and we analyzed how the improvement of one indicator might affect the remaining aspects of well-being. Spanish students can further enhance their well-being compared to Finnish students. Furthermore, the lowest improvement rate is associated with the bullying index, especially in Finland, highlighting the need to promote anti-bullying measures.