We compared Future Discounting (FD, preference for smaller, sooner rewards over larger, later ones) by 160 Brazilian youth (16–30 years old; 71 women and 89 men). University students and slum-dwelling (favela) youth were compared. Participants completed a monetary FD task, a scale of youngsters′ view of their neighborhood, and self-reported exposure to violence (EV). Favela youth discounted the future more than students; favela men more than women. However, university women discounted more than men, an unexpected result. Predicted differences in the participants′ view of their neighborhood between the two groups were observed. The interaction context × EV scores was a significant predictor of FD. These youth have apparently adjusted trade-offs between the short and long term in a context-sensitive, adaptive manner.