AbstractThis paper reflects on the enduring significance of austerity and its multifaceted influence on society. It emphasises the stark contrast between the promise of future prosperity, used to justify spending cuts and tax increases in the aftermath of the 2008 crash and recession, and the long‐lasting ramifications of these measures in terms of increasing poverty and growing inequality. Drawing from studies in this Themed Section of The Geographical Journal, as well as my own research on the impact of austerity on care workers, the paper elucidates how fiscal consolidation has further dismantled social safety nets and reduced the accessibility of institutions and places that have traditionally nurtured and supported emotional and physical wellbeing. This negatively affects individuals' quality of life, as well as their opportunities for growth and fulfilment. It also risks the prospects of future generations as the institutional and personal legacies of austerity intertwine with ongoing policy developments. Against this backdrop, there are, however, efforts to envision and enact alternative futures. Glimpses of hope are found in collective action and imaginative practices that challenge exclusionary systems, thereby helping to reconfigure the landscape of post‐welfare states. These glimpses of an alternative future, rooted in compassion and solidarity, foster a nuanced understanding of futurity and ignite prefigurative politics. The paper therefore discusses contrasting visions of austerity's future, building from alternative ways of organising lives and nurturing transformative imaginaries in the aftermath of austerity.