The economic restructuring and the new economic conditions that arose out of the waves of globalisation has resulted in significant impacts on the labour markets, which in turn have led to social transformation. The characteristics of the new economic structure and the changes in demand for labour are important in the dispersal of the benefits of competitiveness among the different social groups. Several issues that shape the labour markets, such as education, gender, division of labour and the social organisation of work, are important in redefining the impacts of economic restructuring on the income and well‐being of the different social groups. The aim of this paper is to discuss the role of social capital in the adaptation of individuals to the conditions imposed by the recent economic changes and restructuring while also revealing other impacts of this process on the people. In order to find out to what extent social capital contributes to the challenges posed by the ongoing economic transformation and the continuing economic crisis on the people and households, an empirical work based in Izmir (Turkey) is presented in this paper.