This paper investigates the impact of the COVID-19 pandemic on risk and time preferences. We use a longitudinal dataset from a survey of cab drivers in Lima (Peru) conducted before and nearly a year after the pandemic onset. We find a significant increase in risk tolerance and patience. The magnitude of the effect increases with age and becomes substantially larger for individuals 50 years and older. Our findings suggest that the pandemic could influence individuals’ behaviour and socioeconomic outcomes via another channel, namely changes in economic preferences.