Standard of living vs. Quality of life

Standard of living and quality of life are often referred to in discussions about the economic and social well-being of countries and their residents. But what is the difference between the two? The definitions of these terms can be difficult to tease apart and may overlap in some areas, depending on whom you ask. But the difference between the two is more than just semantics; in fact, knowing the difference between the two can affect how you evaluate a country where you might be looking to invest some money.
The main difference between standard of living and quality of life is that the former is more objective, while the latter is more subjective. Standard of living factors, like gross domestic product, poverty rate and environmental quality, can all be measured and defined with numbers, while quality of life factors like equal protection of the law, freedom from discrimination, and freedom of religion are more difficult to measure and are particularly qualitative. Both indicators are flawed, but they can help us get a general picture of what life is like in a particular location at a particular time.

Factors that may be used to measure quality of life include the following:

• freedom from slavery and torture

• equal protection of the law
• freedom from discrimination
• freedom of movement
• freedom of residence within one's home country
• presumption of innocence unless proved guilty
• right to marry
• right to have a family
• right to be treated equally without regard to gender, race, language, religion, political beliefs, nationality, socioeconomic status and more
• right to privacy
• freedom of thought
• freedom of religion
• free choice of employment
• right to fair pay
• equal pay for equal work
• right to vote
• right to rest and leisure
• right to education
• right to human dignity