Standards of Living vs. Quality of life

Understanding the difference between Standards of Living vs. Quality of Life

Standards of Living: is generally referred "to the level of wealth, comfort, material goods and necessities available to a certain socioeconomic class, in a certain geographic area."  (Investopedia.com). This is the general perception of Standards of Living but it is NOT the same things as Quality of Life. Standard of Living also does not fluctuate solely on income (just because your income decreases it does not mean your standard of living has decreased). Basically, Standard of Living is recognized as more objectively rather than subjective.

Factors of Standards of Living include (Common Perception):
-Total Income
-Class
-Safety
-Education
-Environmental Quality

Quality of Life: The United Nations' Universal Declaration of Human Rights defines Quality of Life as the availability to particular fundamental rights and freedom in which most developed countries take for granted. Unlike Standards of living where it is objective, Quality of life is based subjectively because the 'quality' of life cannot be measured (Qualitative).

Factors of Quality of Life include:
-Equal Rights
-Freedom from discrimination
-Freedom of Thought
-Right to Education
-Right to human dignity