This is a term used in the field of education, the acronym stands for; Not in Education, Employment or Training but young people have started to use it as a term for bums/layabouts with no future.
Another acronym from sociologists... NEET stands for 'Not in Education, Employment or Training'. I'm not sure, yet, whether it has any global significance or derogatory overtones. However, like chav, it seems to be particularly applicable to a social under-class lacking drive, motivation or ambition. I part this is due to poverty and lack of opportunity. But this burgeoning classification will soon become the darling of right-wingers.
An acronym -'Not in Education, Employment or Training'. Todays use usually goes with that the person is still living off their parents income (living ith them is not a requirement, just makes it better). Thus is epically funny.
Mum: "Go get a job you neet!"
Dude: "Neet? Pfft hahah! A neet!"
Son: "Shaddup"