Strokes can have devastating effects on the everyday functioning and well-being of afflicted individuals. A key factor that may influence outcome following a stroke is the level of self-efficacy that stroke survivors have in their ability to function in daily life. The present research was designed to address this proposition by exploring the relationship between self-efficacy in psychological, social, and instrumental aspects of daily living and the well-being of stroke survivors. The initial phase of the research (Studies 1 to 3) involved the construction and validation of a measure of self-efficacy in daily living that comprised two subscales, one of self-efficacy in psychosocial functioning and the other of self-efficacy in activities of daily living. Using this measure, Study 4 then explored the association between self-efficacy and the three components of well-being (life satisfaction, positive affect, and negative affect) in a group of stroke survivors (n = 80). Results revealed that self-efficacy in psychosocial functioning was related to all components of well-being, even when relevant demographic variables and level of physical functioning were controlled. Further analysis revealed that this relationship persisted when a proxy for actual performance in daily tasks was entered as a possible mediator. In brief, higher levels of self-efficacy in the ability to perform daily tasks in the psychosocial domain predicted higher levels of well-being. In contrast, self-efficacy in activities of daily living was only related to positive affect and was not associated with negative affect nor was it related to life satisfaction once physical functioning and relevant demographic variables were controlled. Interestingly, socio-economic status was unrelated to positive affect but was moderately to highly correlated with life satisfaction (r = .38) and negative affect (r = -.76) suggesting that the detrimental impact of limited financial resources on the life satisfaction and negative affectivity of stroke survivors may have eroded any possible beneficial effects of self-efficacy in performing the instrumental activities of daily living.