The aim of the study is to explore the way Greek junior high school students perceive school climate as a protective factor against the adversities due to the ongoing economic recession. The randomly selected sample consisted of 746 students from junior high schools (Gymnasia) in the broader area of Athens. The California School Climate Survey (2009), the Questionnaire of Subjective Well-Being/Youth Form (Grob et al., 1991) and the Economic Crisis Difficulties Questionnaire ( LSP, 2011 ) were used for data collection. The findings indicated the existence of statistically significant relations between the effects of economic recession, subjective well-being and school climate. School climate moderated the interaction between economic recession and students’ subjective well-being. Results provide a better understanding of adolescents’ needs during unsettling times contributing to the development of effective evidence-based intervention programs in school communities.