Meaning of the word "living standards" in English

What does "living standards" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

living standards

US /ˈlɪvɪŋ ˈstændərdz/
UK /ˈlɪvɪŋ ˈstændədz/

Plural Noun

the degree of wealth and material comfort available to a person or community

Example:
The country has seen a significant improvement in living standards over the past decade.
Higher wages can lead to improved living standards for many families.