The average worker will have lost more than £6,000 in real terms under the coalition by 2015, according to Labour.
The Opposition claims they will be £6,660 poorer by the time of the next election, with incomes £1,520 lower in real terms compared to 2010.
Shadow Treasury minister Chris Leslie says the amount of money lost is enough to pay for the average family weekly shop for a year and a half.
Labour is accusing David Cameron of presiding over a record 35 consecutive months of falling real wages, with spending power down in every month during his time in power.
Its analysis suggests Labour's James Callaghan is the only other PM on record to have overseen more than a year of constantly falling real wages.
Real wages fell for 17 consecutive months under Mr Callaghan - less than half the total period of consecutive real wage decreases under the current Government.
As the wider economy continues to recover and the Tories reap the benefits, Labour is battling to make the cost of living a key election battleground.
Its figures are based on forecasts by the Office for Budget Responsibility and figures from the Office for National Statistics.
At loggerheads: David Cameron and Ed Miliband Further analysis of figures from the House of Commons library also suggest that by 2015, workers will have seen their spending power fall more than in any other G7 country since 2010.
Labour's study also revealed a regional disparity, with workers in Yorkshire and the Humber, Wales, the North West and the South West of England seeing the biggest real wage drops.
Real wages are now 8.1% lower in Yorkshire and the Humber, compared to a 5.5% decrease in the South East, the figures showed.
Mr Leslie, shadow financial secretary to the Treasury, said: "David Cameron will go down in history as a disastrous Prime Minister for people's living standards.
"He is totally out of touch, his economic policies have failed and the result is working families are massively out of pocket."
"Far from never having it so good, many working people have never had it so bad. Prices have risen faster than wages in 36 out of the 37 months since David Cameron has been in Downing Street. This is the worst performance of any Prime Minister on record."
Mr Leslie claimed Labour would reverse the cut in the top rate of tax, introduce a new 10p tax rate, take steps to tackle high energy bills and protect tax credits for working families.
Coalition figures blamed the Opposition for driving the economy into the ground when they were in power, which had driven up the cost of living as a result.
They highlighted low interest rates and Government moves to slash income tax for millions, reform welfare to ensure it pays to work and increase the state pension.
Government whip and Lib Dem Mark Hunter said: "The reason the cost of living is high is because Labour crashed the economy. For them to criticise the coalition for cleaning up their mess is utterly hypocritical.
Conservative Business Minister Matthew Hancock added: "Today's squeeze on living standards is a direct result of Labour's disastrous economic policy that got us into this mess.
"If they were in government now, Labour would make hard-working people worse off. Their plan for more borrowing and more debt ... would mean soaring mortgage rates and higher bills."
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