Three hundred and eighty-six unemployed adults were administered surveys measuring well-being, the latent (social support, activity, collective purpose, time structure, status) and manifest (financial strain) benefits of employment, and neuroticism. Participants were divided into three groups: 142 'young' (18-24.9 years), 125 'middle-aged' (25-34.9) and 119 'mature-aged' unemployed (aged 35-55 years). It was hypothesised that age and gender effects would be found for well-being, that these would be associated with differences in access to the latent and manifest benefits of employment, and the manifest and latent benefits would interact in predicting well-being. No gender main effects were found. The young unemployed reported higher well-being, more social support, and higher status than the mature group, and less time structure and higher status than the middle-aged group. No differences were identified between the middle-aged and mature unemployed. Neuroticism was the most important individual predictor of well-being for all age groups, but particularly for the mature group. Financial strain was a significant predictor in the young and middle-aged groups, and the social support by financial strain interaction was a significant predictor in the young group. Results are discussed in the context of specific models of unemployment and well-being.