While Europe is slowly recovering from the economic recession, its effects on labour markets are still visible. The number of jobless families has increased and previous research has shown that unemployment can affect the well-being of both parents and their children. In this study we explored the links between parental unemployment and youth life satisfaction by considering the potential moderating roles played by satisfaction with family life and perceived family wealth. We used descriptive statistics, correlations, simple moderation and moderated moderation models of regression on data from a representative sample of 3937 Portuguese students (M age = 13.9 years; SD ± 1.7; 48 % boys). Results showed that the negative effects of parental unemployment on youth life satisfaction were moderated by youth perceived satisfaction with family life but not by perceived wealth. This suggested that during family unemployment, young people satisfied with their family life are less vulnerable to the negative effects of parental unemployment on their life satisfaction. The relationship between parental unemployment and youth well-being requires further research, especially during periods of labour market crisis.