Which factor is primarily considered when determining one’s standard of living?

Income level is primarily considered when determining one’s standard of living because it directly affects an individual's purchasing power and access to essential goods and services. A higher income level typically allows for better housing, healthcare, education, and overall quality of life. It influences how much an individual can afford to spend on necessities, discretionary items, and savings, all of which contribute to a higher standard of living.

While job security, work-life balance, and community engagement are important factors that can enhance one's quality of life, they ultimately depend on the financial resources available to an individual. For instance, someone with a stable job and great work-life balance may still struggle to maintain a decent standard of living if their income level is low. Therefore, while these other factors play supportive roles, it is income level that fundamentally shapes the capacity to enjoy a higher standard of living.