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"standard of living" is a correct and standard phrase in written English
It refers to the level of material comfort and well-being enjoyed by a person, group, or society. Here are two examples of how it can be used in a sentence: 1. "Many people believe that the key to a happy life is to improve their standard of living by earning more money." 2. "The government has implemented policies to raise the standard of living for its citizens, including providing access to education and healthcare."
Dictionary
Standard of living
noun
A relative measure of the quality of life a person or group has.
Exact(60)
Standard of living may determine health, and education may determine both health and standard of living.
Will our standard of living fall?
And their standard of living.
"That was her standard of living.
Cumbria offers cheaper housing and a better standard of living.
The family enjoyed a good standard of living.
The dollar's value is connected to Americans' standard of living.
"They wanted to know what was my standard of living.
Our standard of living.
Creates a higher standard of living.
It doesn't improve our standard of living.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com