Similarities and differences between standard of living and level of living in Family Finance Management?

Similarities:
1. Both standard of living and level of living are measures of the quality of life of individuals or families.
2. Both factors are influenced by factors such as income, expenses, savings, and debt.
3. Both standard of living and level of living can be improved through effective financial management and planning.

Differences:
1. Standard of living refers to the overall quality of life, including material possessions, access to services, and overall well-being, while level of living specifically refers to the financial resources available to individuals or families.
2. Standard of living is a more subjective measure that takes into account factors such as happiness, health, and social relationships, while level of living is a more objective measure based on financial resources.
3. Standard of living can be influenced by factors such as education, employment opportunities, and social support, while level of living is primarily influenced by income, expenses, and financial decisions.