Background It is well known that Swedish-speaking adults in Finland have higher life expectancy and better health than their Finnish-speaking counterparts. Among young people, similar comparisons have been scarce. The present paper aims to compare the health of Swedish-speaking and Finnish-speaking schoolchildren. Methods Survey data from 1997, representing children at grades 8 and 9 of compulsory school in a bilingual region, are analysed with the help of logistic regression models. Self-rated health as well as objective measures of health are explored. Results We find that Swedish-speaking schoolchildren are healthier than Finnish-speaking ones in terms of objective measures of health, whereas there is no difference between language groups in terms of self-assessed health. Self-rated health seems to reflect well-being in a very broad context rather than objective health from a medical perspective. Risk factors and health behaviours being equal, both language groups consequently assess their health in a similar manner. Conclusions Policy makers should be careful when advocating the health needs of schoolchildren based on survey results concerned with self-assessed health measures, particularly when they are concerned with targeting measures towards specific subgroups of the population. Self-rated health is obviously not well suited for reflecting overall and specific needs of medical assistance and expertise for schoolchildren.