what is the distiction, if any between \"quality of life\" and \"standard of living\"? Solution Standard of Living - Refers to the level of wealth, assets and material goods available with to a certain class in society. Factors that determine the standard of living includes income, employment, house, access to education and healthcare. Quality of Life - is subjective from person to person and depends on how good a person manages his life, chores and personal and professional life. A professional working at niche position in a MNC will have good standard of living but due to high work pressure may have bad quality if life..