The study examined effects of perceived long-term stress on health and memory functioning in middle-aged individuals (40–60 years). Participants in the Betula study (Nilsson et al., 1997) describing themselves as being stressed in general over three measurement occasions (10 years in total) were compared with a matched (sex and education) group (n = 98) reporting no stress. The results revealed a higher incidence of depressive symptoms, flus, and not-healthy-ratings over time for the stress group. In addition, the stress group provided more negative subjective memory ratings, whereas time-related change in memory performance, indicative of a high degree of cognitive stability, did not differ from that of controls. Degree of perceived stress is discussed as a factor underlying variations in regard to the outcome of studies of perceived stress.