Standard of Living VS Quality of Life | Differences between Standard of Living and Quality of Life

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Standard of Living VS Quality of Life | Differences between Standard of Living and Quality of Life

What are the factors that improve the quality of your life? And how are they different from the factors that improve the standard of living?
This video covers a detailed discussion on the major differences between Standard of Living and Quality of Life.

Standard of living is a tangible, quantifiable term that refers to factors available to a certain socioeconomic class or geographic area.
Quality of life is a subjective term that can measure happiness.
Both can be flawed indicators because the factors can vary between people in the same geographic area or socioeconomic class.

Standard of living refers to the level of wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can measure happiness.

The two terms are often confused because there may be some perceived overlap in how they are defined. But knowing the different nuances of each can affect how you evaluate a country where you might be looking to invest some money.

Standard of Living
Standard of living is a comparison tool used when describing two different geographic areas. Metrics may include things like wealth levels, comfort, goods, and necessities that are available to people of different socioeconomic classes in those areas. The standard of living is measured by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Factors such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also included.

Other factors commonly associated with the standard of living include:

Class disparity
Poverty rate
Quality and affordability of housing
Hours of work required to purchase necessities
Gross domestic product (GDP)
Affordable access to quality healthcare
Quality and availability of education
Incidence of disease
Infrastructure
National economic growth
Economic and political stability
Political and religious freedom
Environmental quality
Climate
Safety
The standard of living in the United States may be compared to that of Canada. It may also draw comparisons to smaller geographic areas such as New York City versus Detroit. It can also be used to compare distinct points in time. For example, the standard of living in the U.S. is considered to have greatly improved compared to a century ago. Now, the same amount of work buys a larger quantity of goods and items that were once luxuries such as refrigerators and automobiles. Leisure time and life expectancy have also increased, while annual hours worked have decreased.

One measure of standard of living is the Human Development Index (HDI), which has been used by the United Nations since 1990. It considers life expectancy at birth, adult literacy rates, and per capita GDP to measure a country's level of development.1

Quality of Life
Quality of life is a more subjective and intangible term than standard of living. As such, it can often be hard to quantify. The factors that affect the overall quality of life vary by people's lifestyles and their personal preferences. Regardless of these factors, this measure plays an important part in the financial decisions in everyone's lives. Some of the factors that can affect a person's quality of life can include conditions in the workplace, healthcare, education, and material living conditions.

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