Research by recruitment specialists Reed found that despite years of stagnating pay and high inflation, 70% of workers would consider a career change for something they really wanted to do even if it meant taking a salary cut.

The report, which surveyed Brits’ attitudes towards pay and reward at work, found that only 34% felt their salary reflected their true value to their company, while 33% felt discouraged from asking for a performance related pay rise.

Only a fifth of people thought their pay kept pace with inflation.

Interestingly, 60% said they would ask for a pay rise if they found someone doing the same job was being paid more, while 25% said they would work harder.

The survey also found that 58% would not want to find out their colleagues’ salaries even if they could. 90% also said they would not lie about their salary when looking for a new job, while 93% would never lie to family or friends about their pay.

James Reed, chairman of Reed, said: “With salaries in the UK continuing to flatline, at best, it’s more important than ever to take control of your career. It also makes sense – if you really want to earn more – to concentrate on developing your mindset since this both predicts and drives your success.”

The survey found that 43% of Brits rated job satisfaction as the most important factor in their job. Prestige (0.28%), brand (0.76%) and location (5.67%) all scored poorly and even the team ethic and the people you work with scored low (11.82%).

This comes as data collated by the House of Commons showed that wages in Britain have seen one of the largest falls in the European Union during the past few years.

The report showed average hourly wages have fallen 5.5% since mid-2010, adjusted for inflation.

That is the fourth-worst decline among the 27 EU nations. By contrast, German hourly wages rose by 2.7% over the same period.

Across the European Union as a whole, average wages fell 0.7%.