This article examines the subjective perceptions of life chances among Lithuanian youth (aged 18–35) within the framework of the European Pillar of Social Rights (EPSR). It explores key dimensions such as education and employment opportunities, housing conditions, financial independence, and overall well‐being. The research builds on Weber’s (1994) concept of life chances and integrates theoretical perspectives from life course theory, employment security, socioeconomic stratification, and intergenerational mobility. Using data from a nationally representative 2023 survey (𝑁 = 1209), we construct life chances indexes to assess variations across sociodemographic groups, including differences in age, gender, education, regional disparities, and employment status. The findings reveal significant inequalities in youth life opportunities, highlighting the impact of economic stability, family background, and institutional support. While financial security and stable employment emerge as central concerns, the study also shows that political and geopolitical factors play a less significant role in young people’s perceptions of their prospects. These insights contribute to ongoing discussions on social inequality and stratification, as well as youth policy, and offer recommendations for enhancing the implementation of the EPSR at national and regional levels. By identifying key determinants of youth life chances, the study informs policies aimed at reducing social inequalities, improving access to education and employment, and fostering economic and social inclusion.