Figures from a recently-published report from consumer advice website uSwitch.com have revealed that more than 16 million people expect to experience a wage freeze this year.
Of those who do feel they will see their pay increased, more than nine million believe the rise will be lower than the current rate of inflation.
Ann Robinson, director of consumer policy at uSwitch.com, said: "This will do nothing to improve consumer confidence – a key factor if the economy is to claw its way out of recession.
"Consumers have little scope for reducing their own budget deficits unless they work harder to strip down their essential bills to the bare minimum, rather than continue to plug the hole by borrowing."
Concerns about low pay and rising inflation could lead a number of people to seek out new ways of increasing their income.
Those who have invested in a property could realise the potential of their assets with a financial scheme such as equity release.
