We explore period, cohort and age effects on political engagement of Swiss residents from 1999 to 2020. A particular focus lies on the impact of the successive crises democratic societies have faced in recent years, such as the economic and debt crisis, refugee crisis, climate change, terrorist attacks or COVID-19 pandemic. We review the literature on the potential of such large-scale external events for both politicization and depoliticization. We then draw several hypotheses, which we test empirically. We consider several dimensions of political engagement (interest in politics, party identification, participation in popular votes, political discussions, and political trust), and seek to explain their variation over time, using data from the Swiss Household Panel. Our results suggest that “troubled times” have little effect on political engagement overall, but that crises stimulate political discussions and trust in government in the short term. We further find increasing levels of political trust in the longer run, which might reflect a cumulative effect of the various crises. In contrast, we find steadily declining levels of traditional forms of political engagement, namely party identification and participation in popular votes, as well as interest in politics. For cohorts, we find a U-shaped association between generations and political engagement. An exception to this pattern is political trust, where we observe a small but steady increase from older to newer generations. For age, we observed a monotonic increase of political engagement with age for all indicators. Again, trust in government somewhat deviates from other forms of political engagement, as it first decreases in the younger age groups and then increases from the age of 40 onwards. In conclusion, we discuss some implications of these complex patterns of results for the future of democratic systems.