Vulnerability is a term often discussed in relation to the movement and settlement of refugees. In policies and practices of reception, vulnerability is used as a tool to direct services and aid toward ‘vulnerable refugees’ but also to justify increasingly hostile migration policies toward those who are not deemed ‘vulnerable enough’. Yet, as a concept a systematic definition of vulnerability is missing and multiple understandings are often implicitly employed in scientific literature and policies. Thus, the objective of the current study was to explore how vulnerability, articulated as an embedded, multi-layered and dynamic analytical concept, may aid our understanding of the lived experiences of a group of potentially ‘vulnerable’ migrants, based on contextual conditions. Specifically, the talk will examine how conditions of structural, situational and experiential vulnerability may affect the subjective future imaginaries of young adults (18-30) who obtained refugee status in Luxembourg but still live in ‘temporary’ reception centres. Data were drawn from 15 in-depth semi-structured interviews conducted in the context of the H2020 project MIMY and were analysed by means of qualitative content analysis. The results suggest that limited future educational and employment opportunities promote the structural vulnerability of this group, yet different levels of awareness and types of reactions to these limitations emerged. Moreover, episodes of discrimination, even if sporadic, can create conditions of situational vulnerability which strongly affected their future imaginaries. Finally, looking at the future some participants reported conditions of experiential vulnerability accompanied by feelings of uncertainty and difficulties in picturing their future. In conclusion, despite subjective differences in experiences and reactions, the precarious and disadvantageous position young refugees hold in the country, combined with their isolation in reception centres, promoted the vulnerability of this group and did have ...