Research from uSwitch.com also revealed that only 3.3% of Brits are expecting a pay rise exceeding the rate of inflation.
While some 54% of those expecting a pay freeze will have to severely rein in their spending to cope, two in 10 will look to increase their hours or take a second job.
A worrying 15% have no idea how they'll cope with frozen pay.
Meanwhile two out of three people have suffered a pay freeze in recent years while 15% have seen their pay frozen for at least 3 years.
To make matters worse, cash-strapped consumers have seen rail fares increase by up to 11% and energy bills rocket by 21% in the last year.
Three quarters of people are worried about the rising cost of living and uSwitch said further pay freezes will be a major concern for the quarter of consumers (23%) who are already worried about their current level of debt.
Michael Ossei, personal finance expert at uSwitch.com, said: "After a difficult 2011 which saw the cost of living rocket, savings rates stuck at rock bottom and pay frozen, Brits are preparing themselves for another tough year.
“While the cost of living continues to rise, pay isn't keeping up, which means that workers are seeing their disposable income drain away. Further pay freezes in 2012 could push many consumers over the edge.”
