AbstractThe growth of non‐standard employment has emerged as a crucial factor that contributes to delays and difficulties in young people's transitions to adulthood. Previous studies have demonstrated the importance of multidimensional measures of precariousness. This paper aims to investigate the phenomenon of precariousness holistically, using an original database of respondents in Spain from 20 to 34 years of age. Using a mixed‐methods approach, we explore young people's understandings of precariousness and examine its key determinants and consequences. The findings illustrate the multidimensional nature of feelings of precariousness, with economic insecurity and work conditions being core elements. Our results point to precarity stemming from a combination of inextricably intertwined objective and subjective components, as well as work and economic dimensions.