The paper looks at the problem of ethnic self-consciousness of Armenians at personality (the ethnic self-image) and group (the "we"-conception of a whole ethnos) levels, describing findings of an empirical study of Armenian ethnic self-consciousness aimed at discovering congruence between two substructures of the ethnic "we"-conception - the real and the ideal "We". It has been discovered that modern-day Armenians are generally displeased with their collective psychological image.