The material well-being and peace of mind that individuals or groups earnestly desire and seek to attain, to maintain if attained, to preserve if threatened, and to regain if lost.

Standard of Living

Explanation:

Generally speaking, we can say that the standard of living is a reflection of the financial security we have in the present, results from the choices we made in the past. Similarly, our future living standards will be impacted by the choices we are making today. The concept of standard of living refers to the material well-being and peace of mind that individuals or groups sincerely desire and seek to achieve, maintain if they are reached, preserve if threatened and recover if lost.

Knowing your standard of living is essential to maintaining or improving it. This is the first step so that you can look for the necessary means to preserve or upgrade your quality of life.