Based on the Psychology of Working Theory, this study examined the influence of contextual factors and psychosocial resources on school‐to‐work transition. Data were collected from 781 senior university students in Türkiye, and the relationships between economic constraints, marginalization, general self‐efficacy, career adaptability, perceived future employability, and future decent work were examined. According to the results, economic constraints and marginalization negatively predicted perceived future employability and future decent work. Marginalization significantly predicted general self‐efficacy and career adaptability, whereas economic constraints were not associated with two psychosocial resources. General self‐efficacy significantly predicted career adaptability, while it was not related to perceived future employability and future decent work. Career adaptability significantly predicted perceived future employability but not future decent work. Lastly, perceived future employability significantly predicted future decent work. The findings revealed the significant influence of contextual factors on the school‐to‐work transition. Implications and suggestions for future research directions were also discussed.