Using Lie's classification of irreducible contact transformations in thecomplex plane, we show thata third-order scalar ordinary differential equation (ODE)admits an irreducible contact symmetry algebra if and only if it is transformableto q(3)=0 via a local contact transformation. This result coupled with the classification of third-order ODEs with respect to point symmetriesprovide an explanation of symmetry breaking for third-order ODEs. Indeed, ingeneral, the point symmetry algebra of a third-order ODE is not asubalgebra of the seven-dimensional point symmetry algebra of q(3)=0.However, the contact symmetry algebra of any third-order ODE, except forthird-order linear ODEs with four- and five-dimensional pointsymmetry algebras, is shown to be a subalgebra of the ten-dimensional contact symmetryalgebra of q(3)==0. We also show that a fourth-orderscalar ODE cannot admit an irreducible contact symmetry algebra. Furthermore, weclassify completely scalar nth-order (n≥5) ODEs which admitnontrivial contact symmetry algebras.