Focusing on mobilizations around work, this article sheds light on generational identity as it emerges in activists involved in labor struggles in Italy in the past few years. Do Italian “millennial” activists perceive themselves as part of the same political generation? What are its main traits? And are the contextual elements that define it linked more to socioeconomic context or to experiences of collective action? The analysis shows a clear self-identification of Italian millennials, in the context of labor struggles, as “the precarious generation”: a generation mostly affected by the socioeconomic conditions of the past few years, with the explosion of labor precarity, of the economic crisis, and more generally, of neoliberal policies. While this shared identity refers to a specific socioeconomic context, there is a difference related to the experience of political mobilization: Activists are rather pessimistic when focusing on the youngest component of their generation, usually described as more individualist, due to their lack of exposure to intense waves of political mobilization. The contribution explores the multidimensional nature of generational identity and its asymmetric nature: If both the socioeconomic context and the experience of political socialization play a role in shaping a political generation, these dynamics do not always go hand in hand, and activists tend to actively work to reconcile the different dimensions of their generational identity into a coherent narrative.