The economic crisis of 2008 resulted in rising levels of unemployment, which were accompanied by protests in many countries. This led to a scientific debate on the influence of grievances on political participation. Previous studies have shown that individual affectedness leads to ‘exiting’, whereas in times of crisis grievances lead to increased political participation. What all these studies have in common is that they solely investigate actual deprivation. The present study adds a new aspect and examines if the individual risk perception of becoming deprived influences political participation. Does the individual risk perception of becoming deprived influence political participation and, if so, does this depend on the economic context? Based on grievance theory and using data from the European Social Survey and the World Bank, this study shows that the personal risk of becoming deprived increases the likelihood of participation. However, the participation-enhancing effect of one’s own risk perception is diminished when individuals live in an economically weak country and thus see no chance of improvement. This underlines that context plays a role and that economically deteriorating situations in the country can reduce participation rates.Supplementary InformationThe online version contains supplementary material available at 10.1057/s41269-023-00301-x.