A key strand in the Western literature on working‐class masculinities focuses on whether young men are capable of the feminized performances apparently required of them in new service economies. However, the wider literature on processes of neoliberalization – emphasizing the ‘hollowing out’ of labour markets, the cultural devaluation of lower‐skilled forms of employment, and the pathologization of working‐class lives – would suggest that it is as much a classed as a gendered transformation that is demanded of young men leaving school with few qualifications. This dimension of neoliberalization is highlighted by ethnographic data exploring the experiences and subjectivities of young workers in St Petersburg, Russia, where traditional forms of manual labour have not given way to ‘feminized’ work, but have become materially and symbolically impoverished, and are perceived as incapable of supporting the wider transition into adult independence. In this context, young workers attempt to emulate new forms of ‘successful masculinity’ connected with novel service sector professions and the emergent higher education system, despite the unlikelihood of overcoming a range of structural and cultural barriers. These acquiescent, individualized responses indicate that, while ways of being a man are apparently being liberated from old constraints amongst the more privileged, neoliberalization narrows the range of subject positions available to working‐class young men.