The higher the standard of living, the more expensive it is to maintain. Society and the government establish the standard of living, and people may strive to achieve it even if they cannot afford it. As the standard of living increases, so does the cost of maintaining it. Technological advancements have added to the rising cost of living.
The relationship between the standard of living and the cost of living is that the higher the standard of living, the more expensive it will cost people to maintain it, or even to live up to the standard. The standard of living is artificial and is predetermined or established by the authorities or the government as a measure of living well. Setting a standard of living allows the government to assess its development targets and periodically assess the percentage of the population that meets the target. Society also contributes to the establishment of a standard of living through their lifestyle choices and their unquestioning acceptance of the artificial standards to which they adhere.
In this sense, the more comforts, services, goods and other types of possessions people have, the more they will strive to achieve those objects, even when they do not have the income to finance them. This type of mentality is intensified in part by the availability of credit in various forms to facilitate the attainment of such a lifestyle. The relationship between the standard of living and the cost of living can be seen when people choose to spend money they do not have to achieve or maintain a standard of living to which they believe they are entitled.
Another connection between the standard of living and the cost of living is that as the standard of living increases, the associated cost of maintaining it also increases, even if the income to maintain the increased expectations does not increase adequately. Sometimes the expectations of a required standard of living trap people in a vicious cycle from which they may feel powerless to break free. For example, the more money an individual earns, the higher the expectations of the standard of living in relation to her financial status. This drives the cost of living for these people even higher, which means they have to earn more money to keep up with the standard.
The comparison of the cost and the standard of living in the past further illustrates the relationship between the standard of living and the cost of living. In the past, before the advent of many technological gadgets and labor-saving gadgets, the standard of living was quite simple, and the cost of living was also really affordable. At that time, the main desires were good housing, food, clothing, and medical care. With the advent of technology, people must consider additions to the accepted standard of living that often include telephones, the Internet, heating and cooling, vehicles and cooking, education, entertainment, and vacations. All of these requirements add up and contribute to the rising cost of living.
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