Objective Our study seeks to understand the role of perceived economic stress of the Great Recession on political participation among blacks, whites, and Latinos. Methods We use the 2012 Collaborative Multi‐Racial Political Study and negative binomial regression to examine the impact of financial hardship on black, Hispanic, and white political participation. Results We find that political participation among whites is unaffected by the Great Recession and is largely motivated by political interest. Blacks are mobilized by financial hardship even after controlling for political enthusiasm and linked fate. Hispanics have the lowest level of political participation. Conclusion Overall, we conclude that the Great Recession did affect political behavior but differently across race and ethnic groups; specifically, Hispanics were least likely to politically engage if they experienced negative consequences of the Great Recession.