PurposeThis study aims to analyse how people's perceived employability was affected during the coronavirus disease 2019 (COVID-19) pandemic. This study explores individuals' perceived financial threat, age and work situation as factors that shape perceived employability.Design/methodology/approachData were collected via a survey at three different times between October 2020 and May 2021, which were chosen to reflect the evolution of the pandemic. The participants (n = 124) reported participants' perceived employability and financial threat during the pandemic in Portugal. Perceived employability is a multidimensional concept, as this includes the following scales: employment protective behaviour, employment risk, job-seeking behaviour, self-control and self-learning.FindingsParticipants' overall perceived employability failed to record significant variance over the period under analysis. Nevertheless, perceived employment protective behaviour decreased the most, especially in the case of young adults (aged 18 to 24). Individuals' perceived financial threat varied according to the external context, being lower during the last moment of data collection, which corresponded to the less-socially and economically restrictive period. Employees with the most stable work condition, i.e. with a permanent employment contract, were those who felt less financially threatened when compared to other respondents. A negative relationship between perceived employability and perceived financial threat was identified during the third moment of data collection.Originality/valueThe research informs about how individuals perceive themselves in a highly unpredictable and unstable context. The longitudinal approach shows how the external context affected people's perceived employability and financial threat throughout the pandemic.