To explain the standard of life, clarity on the standard of living is required.
Standard of Living:
Standard of living is the level of luxury, comfort, necessities and material goods that a particular socioeconomic class in a given geographical area can afford. The referred geographic area is often a country. Standard of living is, usually, measured in gross or in a group of people. It is calculated while including factors like income, quality of employment, availability of jobs, class inequality, the rate of poverty, quality of housing, affordability of housing, etc.
One of the critical factors is the number of hours that is required to work for the purchase of necessities, gross domestic products, inflation rate, amount of leisure time taken every year, access to quality healthcare (affordable or free), availability of education, quality of education, life expectancy, rate of disease-occurrence, cost of goods and services, national economic growth, infrastructure, financial stability, political stability, political freedom, religious freedom, quality of the environment, climate and overall safety.
At the same time, the standard of living is very closely linked to the quality of life. There is a purpose for which I am writing this post. If you want to know more, stay tuned.