Benchmark of Living vs. Quality of Life: An Overview
Standard of living refers to the level of wealth, comfort, material goods, and destitutions available to a certain socioeconomic class or geographic area. Quality of life, on the other hand, is a subjective term that can proceeding happiness.
The two terms are often confused because there may be some perceived overlap in how they are defined. But knowing the assorted nuances of each can affect how you evaluate a country where you might be looking to invest some money.
Key Takeaways
- Footing of living is a tangible, quantifiable term that refers to factors available to a certain socioeconomic class or geographic section.
- Quality of life is a subjective term that can measure happiness.
- Both can be flawed indicators because the factors can depart between people in the same geographic area or socioeconomic class.
Standard of Living
Standard of living is a comparison appliance used when describing two different geographic areas. Metrics may include things like wealth levels, assuage, goods, and necessities that are available to people of different socioeconomic classes in those areas. The standard of living is unhurried by things that are easily quantified, such as income, employment opportunities, cost of goods and services, and poverty. Agents such as life expectancy, the inflation rate, or the number of paid vacation days people receive each year are also encompassed.
Other factors commonly associated with the standard of living include:
- Class disparity
- Poverty rate
- Status and affordability of housing
- Hours of work required to purchase necessities
- Gross domestic product (GDP)
- Affordable access to worth healthcare
- Quality and availability of education
- Incidence of disease
- Infrastructure
- National economic growth
- Economic and political solidity
- 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 depart comparisons to smaller geographic areas such as New York City versus Detroit. It can also be used to compare detached 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 operate buys a larger quantity of goods and items that were once luxuries such as refrigerators and automobiles. Respite time and life expectancy have also increased, while annual hours worked have decreased.
One motif to boot of standard of living is the Human Development Index (HDI), which has been used by the United Nations since 1990. It considers human being expectancy at birth, expected years of schooling, mean years of schooling, and gross national income per capita to distribute a country’s level of development.
Standard of Living Vs. Quality of Life
Quality of Life
Quality of life is a more egocentric and intangible term than standard of living. As such, it can often be hard to quantify. The factors that affect the comprehensive quality of life vary by people’s lifestyles and their personal preferences. Regardless of these factors, this apportion plays an important part in the financial decisions in everyone’s lives. Some of the factors that can affect a person’s excellence of life can include conditions in the workplace, healthcare, education, and material living conditions.
The United Nations’ Universal Assertion of Human Rights, adopted in 1948, provides an excellent list of factors that can be considered in evaluating quality of being. It includes many things that citizens of the United States and other developed countries take for granted, which are not at in a significant number of other countries around the world. Although this declaration is more than 70 years old, in numberless ways it still represents an ideal to be achieved, rather than a baseline state of affairs. Factors that may be cast-off to measure the quality of life include the following:
- Freedom from slavery and torture
- Equal protection under the law
- Manumission from discrimination
- Freedom of movement
- Freedom of residence within one’s home country
- Presumption of innocence unless examined guilty
- Right to marry
- Right to have a family
- Right to be treated equally without regard to gender, stock, language, religion, political beliefs, nationality, socioeconomic status, and more
- Right to privacy
- Freedom of thought
- Non-interference of religion
- Free choice of employment
- Right to fair pay
- Equal pay for equal work
- Right to vote
- Right to lie and leisure
- Right to education
- Right to human dignity
Standard of Living vs. Quality of Life: Flawed Indicators
Usual of living is somewhat of a flawed indicator. While the United States ranks high in many areas as a nation, the rule of living is very low for some segments of the population. For example, some of the country’s poor, urban areas struggle with a absence of quality employment opportunities, short life expectancies, and higher rates of disease and illness.
Similarly, the quality of spring can vary between people, making it a flawed indicator as well. There are various segments of the American population that may force a lower quality of life compared to others. They may experience discrimination in society and the workplace or don’t have access to disinfect drinking water, proper healthcare, or education.