In the Australian education system, there are substantial class inequalities in educational outcomes and transitions. These inequalities persist despite increased choice and individual opportunity for young people. This article explores high school students’ experiences of class in a social context they largely believe to be a meritocracy. Specifically, it asks: how does class shape young people’s thinking and decision-making about their post-school futures? I use Bourdieu’s ‘habitus’ as a frame to understand the role of class in young people’s lives, stressing its generative and heterogeneous aspects. Drawing on qualitative-led mixed methods research, this article argues that young people have internalised the ‘doxa’ of meritocracy, agency and ambition, conceiving of themselves as individual agents in this context. However, risk and security, opportunities and constraints, are not distributed equally in a class-stratified society. Young people from working-class backgrounds more commonly imagine insecure, uncertain futures.