Children's risk preferences vary across sexes, social contexts, and cultures.

People exhibit more risk-prone behaviors when together with peers than when in private. The interplay of social context effects and other variables that alter human risk preferences (i.e., age, sex, or culture) remains poorly understood. Here, we explored risk preferences among Namibian Hai||om and Ovambo children (N = 144; Age = 6-10 years). Participants chose between risky and safe options in private or during peer presence. In a third condition, children collaborated with peers before their risk preferences were assessed in those peers' presence. Children from both societies were risk-averse, but Hai||om children showed greater risk aversion than their Ovambo counterparts. Across cultures and ages, boys were less averse to risks than girls. This effect was most pronounced during peer presence, whereas collaboration did not additionally affect risk preferences. These results suggest a dynamic interplay of individual, social, and cultural factors shaping children's risk preferences.