Politics entails personal costs and benefits, which may differ for youth from different sociocultural backgrounds. The at‐stake hypothesis proposes that politically marginalized youth experience greater costs (e.g., stress, conflict) and benefits (e.g., empowerment) related to politics, whereas the at‐risk hypothesis proposes that politically marginalized youth experience greater costs but lower benefits. In Study 1, we examined the factor structure of a new political costs and benefits measure among youth (N = 1,056, Mage = 15.91 years) and tested mental health and demographic correlates. Consistent with the at‐stake hypothesis, marginalized youth experienced greater political costs and benefits than non‐marginalized youth, although findings were nuanced. In Study 2, a sub‐sample of participants (N = 191, Mage = 16.05 years) were recontacted from Study 1 to provide written explanations for why specific findings emerged. Adolescents' reasons indicated that laws and policies disproportionately affect youth from marginalized populations, thus producing both negative and positive political experiences