From Longman Dictionary of Contemporary Englishliving standardˈliving ˌstandard noun [countable usually plural] PEthe level of comfort and the amount of money that people have SYN standard of living Living standards have improved over the last century. rising living standards There’s been a decline in the living standards of old people.
Examples from the Corpus
living standard• a decline in the country's living standardsFrom Longman Business Dictionaryliving standardˈliving ˌstandard noun [countable usually plural]ECONOMICS another name for STANDARD OF LIVINGimprovements in living standards 