Poor mental health in youth has been consistently shown to be rising over the past 20 years. While it is well established that mental health status is associated with social conditions, population-level perspectives make it difficult to identify the complex ways social and structural conditions impact on mental health. Based on longitudinal (mixed method) data, this exploratory longitudinal study aims to study how the life circumstances of education, work and financial situation are related to mental health in young Australians (aged 20-22). Findings show that the combination of study, work and financial hardship can be regarded as a stressor contributing to poor mental health, particularly if experienced over several years, and that those in the middle socio-economic bracket have the worst mental health outcomes. This research has implications for welfare policies and the responsibilities of educational institutions for the welfare of young people.