living standards vs standard of life

living standards and standard of life both are nouns.

Word	Noun	Adjective	Verb	Adverb
living standards	Yes	No	No	No
standard of life	Yes	No	No	No

As nouns, living standards and standard of life are synonyms defined as:

living standards and standard of life: a level of material comfort in terms of goods and services available to someone or some group

Other synonyms of living standards include standard of living.

living standards (noun)	standard of life (noun)
a level of material comfort in terms of goods and services available to someone or some group	a level of material comfort in terms of goods and services available to someone or some group