This study investigates life purposes and values of higher education students in the Netherlands and Finland (nDutch = 663, nFin = 846). The theoretical framework is built on the conceptualization of life purpose by Damon et al., as well as Schwartz’s values model. The study adopted a convergent mixed methods design analysing qualitative and quantitative survey data. The content of students’ life purposes was explored with qualitative content analysis, followed by a statistical analysis of values measured with Short Schwartz’s Value Survey (SSVS) and examination of the alignment of purpose content and values. In both countries students studying in generalist higher education institutions identified happiness as their most important (content of) life purpose, indicating a prevalence of hedonistic values. Students at a university with a specific emphasis on moral and values education expressed universalism, benevolence and self-direction as their purpose content, and also reported these as their values. We conclude that the model by Schwartz offers a valuable analytical tool for studying the content of life purposes. We also discuss the implications of our findings for developing moral and value education in the context of higher education. ; Peer reviewed