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This brief paper provides insight into the situation of young Australians who are not fully engaged in study or work and their experience of personal and financial stress, their disappointments, and their participation in society and satisfaction with life. It draws on the Australian Bureau of Statistics (ABS) 2002 General Social Survey to examine these issues as well as health, family relationships, engagement with wider social networks, educational opportunities and outcomes, employment and other work, financial resources, living arrangements, personal safety, computer usage and access to transport. Some information on young people’s satisfaction with aspects of their life is taken from the 2004 Household, Income and Labour Dynamics in Australia (HILDA) survey. The findings reveal that this group of young people experience more financial and personal stress and lower levels of participation and integration with civil society, and that they are less satisfied with their lives. Also, youth engagement in learning and work is classified by: (1) geography, with young people in the capital cities being more likely to be working or learning full-time; (2) household and social-economic status, with young people in households with a weekly income below $350 being far less likely to be in full-time learning or work; and (3) educational attainment, with early school leavers being more likely not to be in full-time work or learning.