As psychological research on socioeconomic status (SES) continues to expand, greater attention should be devoted to the influence of social mobility and the dynamic and malleable aspects of SES on people's lives. Status-based identity describes how people's socioeconomic circumstances relate to their broader sense of self and the meaning that they make of their own SES. Such an approach allows for complex study of the challenges and consequences of a change in SES. Research related to status-based identity suggests that although social mobility is often considered a signifier of reduced inequality, upward social mobility may also exacerbate other forms of inequality by instigating a destabilizing sense of status uncertainty that impairs motivation and well-being for class migrants.