The meaning people attribute to working is a multidimensional construct, accounting for personal values, expectations, beliefs and attitudes towards work, which originates and develops because of life cycle experiences. The main aim of this paper is to contribute to the investigation of the 'meaning of working' by focusing on the causal relationships between the core components of the construct in a sample of young people -- namely the "Millennials" -- who have not yet entered the labour market. Participants, 466 high school and 357 university students, selected from different educational domains, were invited to fill in a questionnaire encompassing the central variables of the 'meaning of working' protocol (that is, work centrality, work goals, valued working outcomes and societal norms about work). Results showed a direct relationship between work centrality and valued working outcomes, and a partial mediation effect of work goals and societal norms about work, in the relationship with work centrality. The results raise several research questions which need to be answered by further investigation, both as regards the current evolution of the construct of the meaning of working and as regards its measurement. The results can also be useful in helping to plan tailor-made vocational guidance programmes as well as organizational training and development interventions targeted on the specific features of this new workforce.