It really depends on what age you are talking about. 

For example, if we are talking about four year olds, there are lots of advantages and disadvantages to that age. 
The good: 
Lots of play time. 
Lack of responsibility in most areas of life 
Life is much simpler. 
Frequent napping (I appreciate the ability to do this as I get older) 
and a host of other things 
The Bad: 
Everything is at the whim of others. 
Don't get to make decisions that impact you life in major ways. 
Being oblivious to certain things in the adult world that could put you in harms way. 

Being 14 is much different, as is 24, or 34, or 54. As time wears on, we gain more knowledge and experience. It is what we do with that knowledge and experience that shows maturity and shapes the future to some extent. Remember, at a very young age, the future of our lives is shaped by others. We must go to school, to teach us the habit of being in one place for about 8 hours each day (like a job). As we get older, we gain opportunities to do what we want, when we want. From vacations, to retirement.
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Advantages : young people are energetic and can do anything they wanted ! They are able to do any kinda work . They have the ability of changing this world . They also have ability of making our country a developed one . They can give new innovations to the world . Youth I s the time where you can plan for future . If once this youth is gone how can u decide u your future ? This is the time to learn something.teenagers can learn something even faster.youth has very less responsibilities
Disadvantages : young people don't have maturity . That is the age where they commit a lotta mistakes . They learn from those mistakes though. They don't seem to listen to their parent , or they don't tend to take any advises . They completely live in an illusion all world . 
Oh , was it ? Did it helped u ?
the other answer mentions what a youth feels when they are young. u have given the opinion of an old person about a young person. this is what i meant
Oh ! It's ok :)
actually that person wanted in the point of view of a child's !
Sir can u pleasee tell me two moral stories in Hindi ?